Hello BBBB Friends:
For those who are celebrating today, Happy Easter and Happy Passover! Open houses were few and far between, so I hope everyone had an opportunity to just get out and enjoy the day. I am featuring three new listings this week, but be sure to keep scrolling down for price improvements, new contracts, and final sales for those homes that are Still on My List.
HEIGHTS REAL ESTATE MARKET UPDATE-MARCH 2022
Multiple offers on homes pushed pricing into record territory in the Heights. While new listings are coming online each week, demand is outpacing supply. We currently have only 1.2 months of inventory. Months of Inventory is a measure of how fast all the existing homes on the market would last, assuming a) no more listings are added and b) the rate at which homes sell is a constant figure based on the average of the last 12 months of sales.
Key findings for the Heights:
- In March, the number of active single-family listings in the Heights declined 29% over the previous March, and sales were down 32%. First-quarter sales, however, kept pace with last year.
- Buyers pushed pricing to even higher levels in March. The average price of a single-family home rose 16%, with median prices rising 9%.
- For homes that sold in March, 45% went under contract within the first seven days on the market. The median ‘Close to List Price Ratio’ for these sales was 101%.
- March’s highest over-list price sale award goes to 1119 E 16th St: a charming 2/2 plus garage apartment, Craftsman bungalow in the Norhill Historic District. It sold for $637,000, 8% over the list price.
HEIGHTS* KEY MARKET INDICATORS
| SINGLE-FAMILY HOMES | MAR 2022 | MAR 2021 | CHANGE |
| ACTIVE LISTINGS | 144 | 203 | -29.1% |
| SALES | 89 | 130 | -31.5% |
| AVG SALES PRICE | $787,134 | $678,737 | 16.0% |
| MEDIAN SALES PRICE | $670,000 | $616,500 | 8.7% |
| AVG DAYS ON MARKET | 60 | 89 | -32.6% |
| MEDIAN DAYS ON MARKET | 11 | 46 | -76.1% |
| CLOSE PRICE TO LIST PRICE RATIO | 100.0% | 99% | 1.0% |
Note: Median represents the “middle” number and better represents central tendency than average. For example, the median sales price is the figure at which half of the homes sold for more and half sold for less.
SOLD TO LIST PRICE RATIO ANALYSIS-MAR 2022
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 89 | 40 | 20 | 29 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 100.0% | 100.6% | 98.9% | 98.0% |
| SP/LP RANGE | 85.0-108.2% | 96.2-108.2% | 85.1-104.9% | 85.1-101.8% |
Source: HAR
Have a great week and,
Let’s go look at houses or talk about selling yours!!!
Becky
—
Information About Brokerage Services
TREC Consumer Protection Notice
Becky Davis
Compass Realty
832-628-8221
Thinking of selling? We can front the cost for painting, landscaping, upgrades, and more. No fees or interest, EVER! Click here for more information.
*Note: For purposes of BBBB, the “Heights” is defined as the area between I-10 and Loop 610 N and between Shepherd and I-45).
The Week’s Featured Properties
1040 Alexander: $698,000
- West Heights
- Cottage c. 1936
- 2/2, 1128 sq ft on 6000 sq ft lot
- Solid mahogany cabinets (painted) in the kitchen
- Mock fireplace
- Raised back deck & flagstone patio
- Large landscaped back yard
- Driveway parking with auto-gate
- Zoned to Love Elementary
This is my cutie-patootie pick of the week. Lovely curb appeal and move-in ready. The back yard is gorgeous too!
******
1633 Arlington: $1,225,000
- Heights East Historic District
- Queen Anne Bungalow c. 1920
- 4/3, 2555 sq ft on 6600 sq ft lot
- Period features include original pine flooring, transom windows, five-panel doors and pocket doors
- Primary bedroom + one secondary bedroom down
- Two secondary bedrooms up
- Game room and flex room down
- New HVAC systems
- Saltwater POOL and greenspace
- Garage APT (575 sq ft, one-bedroom, full kitchen & bath)
- Alley access to 2 car detached garage
- Curbed street plus front parking space
- Zoned to Field Elementary
This is arguably one of the nicest blocks in the Heights. Walk or ride your bike to the Heights esplanade, jogging trail, and 19th Street shopping and dining.
******
610 Peddie: $1,385,000
- Houston Heights
- Modern farmhouse c. 2018 by Modern Bungalow (MB)
- 4/4, 3465 sq ft on 6355 sq ft lot
- Classic MB trim with crown moldings, wainscoting, coffered and tray ceilings, and built-ins
- Study or 4th bedroom with full bath down
- Backyard with room for a pool
- Driveway access with auto-gate to 2-car detached garage
- Curbed street
- Zoned to Field Elementary
Peddie is a lovely street with both new construction and original bungalows. Field Elementary is within walking distance.
******
This Week’s Price Reductions & Status Updates
BACK ON MARKET
407 Enid: $639,000
- Brooke Smith
- Pediment bungalow c. 2014 by Wiseman Builders
- 3/2, 1650 sq ft on 5000 sq ft lot
- High ceilings with transoms and exposed beams
- Covered back porch plus small yard
- Driveway access with auto-gate to 1-car “garport”
- Minimum lot size this block ✔️
- Zoned to Browning Elementary
Recent construction plus bungalow charm. Just a block away from hot Shipley’s donuts! 😋
******
OPTION PENDING
727 Pecore: $650,000
- Woodland Heights
- Craftsman Bungalow c. 1920
- 3/1, 1242 sq ft on 5000 sq ft lot
- Original List Price: $650,000
- Days on Market: 8
******
OPTION PENDING
1105 W Cottage: $975,000
- Norhill Historic District
- 2-story brick Craftsman c. 1920
- 3/2/1, 2519 sq ft on 5000 sq ft lot
- Original List Price: $975,000
- Days on Market: 6
******
OPTION PENDING
102 Northwood: $1,000,000
- Woodland Heights Annex (north of Pecore)
- Farmhouse style c. 2016 by J Michael Homes
- 3/3, 2954 sq ft on 5000 sq ft lot
- Original List Price: $1,000,000
- Days on Market: 6
******
OPTION PENDING
1142 Arlington: $1,500,000
- Heights East Historic District
- Greek Revival c. 2005 by Allegro Builders
- 4/3/1, 3832 sq ft on 6600 sq ft lot
- Original List Price: $1,500,000
- Days on Market: 4
******
Going, Going Gone!
SOLD
202 Munford: $930,000
- Milroy Place
- Modified Craftsman bungalow c. 1920
- 4/3/1, 2705 sq ft on 5400 sq ft lot
- Price at Time of Contract: $899,000
- List to Sell Ratio: 103%
- Original List Price: $899,000
- Days on Market: 53
******
But wait, there’s more…
This is just the latest and greatest; however, there are still lots more on my list that you can check out here:
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