Expensive homes on the market still have a niche

Business is steady for those looking to sell or buy a home in the $500,000-to-$1 million price range in the Clear Lake area, but things are a bit tougher for those more expensive than that.
Faye Williams, a Realtor with Coldwell Banker in Clear Lake, said there are currently 42 homes on the market in the Clear Lake area in the $500,000-to-$1 million price range, the average price being $732,390.
Based on rate of sales in the previous 12 months, it would take slightly more than 16 months to deplete that inventory, Williams said.
But for homes over $1 million, only six properties in the Clear Lake area sold in the previous year, for an average of $1.46 million. There are currently 22 houses for sale between $1 million and $5 million, for an average of $1.69 million.
“In other words, when you list a high-dollar house, you know right away it probably won’t sell in 60 days,” Williams said.
Dan McCarver with Prudential Gary Greene specializes in selling homes in Bay Oaks, a master-planned golf community. He said there are currently 29 homes for sale in Bay Oaks, and of those, only three are priced at more than $1 million.

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