For the first time since I have been working in the area (since 1997) the West U area (77005) has slipped into a BUYER'S market in today's weighted average market condition calculation. I remember well the days of multiple offers on day 1 for new listings and the stress involved in just trying to put an A property under contract due to such high demand and competition to buy.
Although I represent buyers only and have longed for the day that buyers have more leverage, I feel wistful and a little sad that this great neighborhood has now joined the Afton Oaks area (77027) as a buyer's market in the weighted average. Since so many sales take place in the high-end (800K+) in these zip codes the inventory is stacking up and dragging the average down. Another factor is that builders are not buying land for new construction (no financing available) so the small, older homes are also languishing on the market.
I hope West U gets well soon.
http://www.westurealestate.com/marketWatchAllAreasSummary.htm