West End Real Estate may be looking up....

This week, I've been focusing on higher end properties on Galveston's Beach Communities. As of today, since September 1, 2009 (Just over 6 months of sales) 18 properties have changed hands over $500,000. Three properties were over $1,000,000. That's a pretty good volume with the economy being somewhat challenging. Remember, I think understatement is sometimes better. Granted, there are yet 63 properties on the market on the West End priced at $500,000 or greater, but that's just 18 months of stock at this rate. In the same period of 2007, 24 properties changed hands, over $500,000, 2 of which were over $1,000,000. Looking at what was on the market for sale, surprisingly there were again 63 unsold properties. In 2007 the average time on the market was 140 days, this year, 212 days. It's definately slower, but that may have something to do with the challenges of borrowing money and obtaining a mortgage. Two years ago you could virtually sign your name and buy a house. Today: not so easy. The lenders are trying desperately NOT to let you have access to money in spite of the government bailout.
In summary: sales aren't so bad in the higher range of beach houses. And that's better news than I'm hearing on the evening news.
More later. It's been a busy day.