Things are moving fast in the River Oaks real estate market now. After a surprisingly nimble 2020, despite the yoke of Covid-19, this year has started like gangbusters (see last month’s report here). Here are some highlights so far:
- As of the Ides of March – i.e. March 15 – there have been 27 closed sales in River Oaks.
- Of those 27 sales, they break down like this:
- 30% were for lot value (and 75% of those were for custom new construction)
- 18% were new construction
- 15% were recent construction
- 18% were fixer-uppers
- 19% were move-in ready homes
- Lot sales totaled $32 million in sales volume. Of that, 80% of the sales volume was for custom new construction and 20% was for spec construction.
- Half of all purchases were paid for in cash or cash from trust funds.
- The median sales price was $3.6 million.
- We always track the demographics of River Oaks buyers and sellers. In the first two and a half months of 2021, 70% of the buyers came from the immediate area. Most of those were from the neighborhoods around River Oaks, but 30% of the total buyers were from within River Oaks itself.
- Attorneys were the leading category of buyer for the first time since 2019. So far in 2021 they lead with 20% of purchases.
- The younger generation are the leading buyers so far. Thirty-somethings make up more than 30% of the buyers.
- Total sales volume was $97 million through mid-March. Total annual sales in recent years have been typically around $270 million, so you can see that the pace in 2021 is much faster than usual.
- With an additional $65 million in the title company scheduled to close in the coming weeks, we are set for a bumper year.
