Hello BBBB Friends:
This week, I’ve got a bumper crop of new listings to share with you, as well as a deep dive into the numbers. 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 – JULY 2022
Despite new listings reaching their highest level since Spring 2021, single-family home sales in the Heights declined for the fourth consecutive month in July. However, inventory is projected to continue its ascent, and interest rates are easing, which should bring buyers back into the market.
Key findings for the Heights:
- The number of active single-family listings continued to rise in July, up 5% over the previous month. However, inventory is still 27% lower than in July 2021. With 2 months of inventory on hand, it remains a seller’s market.
- Single-family home sales dropped 27%, with 70 units sold compared to 96 in July 2021. That is the lowest one-month sales volume since January 2022. On a year-to-date basis, the market is now trailing 2021’s record-setting pace by 10%.
- For homes that sold in July, 50% went under contract within the first seven days on the market. The median ‘Close to List Price Ratio’ for these sales was 102%. The median ‘Close to List Price Ratio’ for all sales last month was 100%.
- July’s highest over-list price sale award goes to an expanded Craftsman bungalow in the Heights South Historic District. It sold for 11% ($135,000) over the list price. The buyer paid for the owner’s title insurance policy as well.😮
*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.
HEIGHTS* KEY MARKET INDICATORS -SINGLE-FAMILY HOMES
| SINGLE-FAMILY HOMES | JULY 2022 | JULY 2021 | CHANGE |
| ACTIVE LISTINGS | 198 | 273 | -27.5% |
| SALES | 70 | 96 | -27.1% |
| AVG SALES PRICE | $898,150 | $772,374 | 16.3% |
| MEDIAN SALES PRICE | $790,500 | $632,500 | 25.0% |
| AVG DAYS ON MARKET | 27 | 39 | –30.8% |
| MEDIAN DAYS ON MARKET | 10 | 10 | 0.0% |
| CLOSE PRICE TO LIST PRICE RATIO | 100.0% | 100.0% | 0.0% |
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-JULY 2022
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 70 | 35 | 29 | 6 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 100.0% | 100.1% | 98.3% | 95.3% |
| SP/LP RANGE | 90.0-110.8% | 96.5-110.8% | 93.7-109.1% | 90.0-100.0% |
Source: HAR
Let’s go look at houses or talk about selling yours!!!
Becky
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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.Â
*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
1118 Key: $899,900
- Norhill Historic District
- Craftsman bungalow c. 1930
- 3/2/1, 1920 sq ft on 5000 sq ft lot
- Renovated/expanded in 2021/2022
- Open concept living/dining/kitchen
- Primary suite with spa shower added
- Lovely and green front, side and back yards
- Currently, street parking only
- Curbed street
- Zoned to Browning Elementary
This home’s unique, symmetrical triple-clipped-gable roof reveals that the building was constructed as a duplex in the early 20th century. Having fallen into disrepair, it was purchased in 2021, expanded, and given a new life as a single-family home.
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414 Cortlandt: $985,000
- Heights South Historic District
- Greek Revival c. 2004 by Ascent Homes
- 3/2/1, 2760 sq ft on 3960 sq ft lot
- Updated kitchen and primary bath
- All bedrooms up
- Formal living & dining rooms + family room
- Oversized laundry with sink & storage
- Covered back porch & small yard w/artificial turf
- Garage APT (440 sq ft, 1-bedroom, full kitchen & bath)
- Alley access to 2 car detached garage
- Parking pads in front
- Zoned to Harvard Elementary
One of a series of 3 Greek Revival-style homes by Ascent. Convenient location just a block and a half from restaurants on White Oak. Easy access to I-10.Â
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720 Ashland: $1,099,000
- Houston Heights (Ashland Trails)
- Greek Revival c. 2018 by Sullivan Homes
- 4/3/1, 3202 sq ft on 3255 sq ft lot
- LEED Certified
- Office/study
- All bedrooms up
- Primary bedroom w/balcony, three closets
- Garage APT (797 sq ft, efficiency, full kitchen & bath)
- Covered back porch plus small turfed greenspace
- Alley access to 3-car (tandem) attached garage
- Parking pad in front
- Zoned to Harvard Elementary
A skybridge connects the guest quarters to the main house and offers covered passage below. The guest quarters also have a private entrance. The house is conveniently located just steps from the Hike and Bike Trail, and from there, MKT, Heights Merchantile, and Donovan Park are just a few blocks away.
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1433 Waverly: $1,599,000
- Houston Heights
- Craftsman home c. 1926
- 3/3/1, 3071 sq ft on 7242 sq ft lot
- Updated/remodeled in 2020
- Formal living and dining rooms
- Family room w/ wall-to-wall sliding doors overlooking the pool
- All bedrooms with ensuite baths: 1 bedroom down, primary +1 bedroom up
- Flex room off the primary bedroom
- Open sitting area/game room up
- POOL/spa and covered patio
- Grassy side yard
- Garage APT (600 sq ft, efficiency, full kitchen & bath)
- Alley access to 2-car detached garageÂ
- Secure off-street parking and additional pad parking (10 spaces total!)
- Zoned to Love Elementary
This home was originally a traditional Craftsman 1-story bungalow. A second level was added in 2014. The garage apartment and pool were added in 2021.
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711 E 19th St: $1,795,000
- Bradshaw (Houston Heights)
- Modern Craftsman home c. 2009 by Newberry-Campa
- 4/3/1, 4200 sq ft on 7350 sq ft lot
- LEED Certified
- Family room with cathedral ceiling and stone fireplace
- Two additional family rooms/home offices
- Guest room w/full bath on the first floor
- Primary bedroom and two secondary bedrooms up
- Wine room w/500+ bottle capacity
- Exercise room and dry sauna
- Low maintenance courtyard w/ drought resistant plants
- The front yard provides greenspace
- Alley access to 2-car attached garageÂ
- Curbed street
- Zoned to Field Elementary
This home was designed in an L-shape with a courtyard and floor-to-ceiling sliding doors on two sides, opening the home to the outdoors for easy entertaining. A summer kitchen with w/pergola rounds out the back yard.
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808 Merrill: $2,295,000
- Woodland Heights
- Modern Craftsman home c. 2017 by Modern Bungalow
- 4/4/2, 4711 sq ft on 6975 sq ft lot
- High-end trim work and built-ins
- Chef’s kitchen with miles of counter space
- Study or 5th bedroom down w/ensuite bath
- Adorable breakfast nook with custom bench & cushions
- Huge 2nd-floor game room w/ kitchenette and half bath
- Media room on the second floor
- Back yard oasis with salt water POOL/spa, covered patio + artificial turf
- Porte cochere
- Driveway access w/auto gate to 2-car detached garageÂ
- Curbed street
- Zoned to Travis Elementary
Great location, just one long block from Travis Elementary. Travis has one of the coolest Spark Parks around with a rock wall, fitness center, spinning center, and dinosaur bones!
This Week’s Price Reductions & Status Updates
PRICE REDUCED
307 Archer: $489,990 was $499,900
- Brooke Smith
- Queen Anne bungalow c. 1930
- 2/1, 1347 sq ft on a 5000 sq ft lot
- Great curb appeal with landscaped front yard
- Updated kitchen and bath
- Pine hardwood flooring
- Study
- High ceilings
- Back deck and nice yard with greenspace and raised beds
- Secure driveway parking
- Zoned to Browning Elementary
The Brooke Smith neighborhood has an active neighborhood organization, the Montie Beach Civic Club, working to preserve the community through initiatives such as advocacy for park improvements and the establishment of minimum lot sizes. Montie Beach Park features a community center & lighted tennis courts, plus a playground & trails
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PRICE REDUCED
3535 Oak Ridge: $699,000 was $715,000
- Norhill (south of Pecore/11th St)
- Craftsman bungalow c. 1920
- 2/2, 1326 sq ft on 5600 sq ft lot
- Kitchen updates/renovated baths
- Office/flex space
- Small landscaped backyard with patio, and artificial turf
- Garage APT (864 sq ft, efficiency, full bath)
- Driveway access w/auto-gate to 2 car detached garage
- Curbed street
- Zoned to Travis Elementary
Charming bungalow located across from Hogg Middle School. Walking distance to restaurants on Studewood and 11th Streets, including Shakku Ramen, which is open 24/7 to answer those middle-of-the-night sushi cravings.
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PRICE REDUCED
1116 E 14th St: $949,989 was $999,989
- Norhill Historic District
- Craftsman bungalow c. 1924
- 4/3, 2298 sq ft on a 5200 sq ft lot
- Expanded/renovated in 2021/2022
- Cathedral ceilings in the living areas
- Quartz waterfall kitchen island with butcher block accent
- Wide plank white oak engineered flooring
- Primary suite up, 3 secondary bedrooms down
- Primary bath with marble floors/wall and open walk-in shower
- Green space is the front yard
- Driveway access to 1-car detached garage
- Curbed (but busy) street
- Zoned to Browning Elementary
Need more play space? Proctor Plaza Park is just a few blocks away.
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OPTION PENDING
2221 Gostick: $649,999
- Gostick (north of 20th, south of Sunset Heights)
- Cottage c. 1920
- 3/2, 2042 sq ft on 5728 sq ft lot
- Original List Price: $769,000
- Days on Market: 69
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PENDING
836 Alexander: $755,000
- Harding Heights
- Victorian style w/front loading garage c. 2014 by Bungalow Concepts
- 3/2/2, 2644 sq ft on a 2750 sq ft lot
- Original List Price: $755,000
- Days on Market: 3
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PENDING
540 W 26th St #A: $900,000
- Houston Heights
- Colonial Revival with front-loading garage c. 2020 by Titan Homes
- 3/3/1, 3191 sq ft on 3275 sq ft lot
- Original List Price: $900,0000
- Days on Market: 2
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OPTION PENDING
1030 Merrill: $1,399,999
- Norhill (South of Pecore/11th St)
- Craftsman bungalow c. 2014
- 4/4/1, 3391 sq ft on a 6000 sq ft lot
- Original List Price: $1,475,000
- Days on Market: 46
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PENDING
626 E 12 1/2 St: $1,850,000
- Houston Heights
- Modern Farmhouse c. 2022 by Woodrock Homes
- 4/4/1, 4309 sq ft on 6266 sq ft lot
- Original List Price: $1,850,000
- Days on Market: 11
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Going, Going Gone!
SOLD
4034 Oak Ridge: $678,425
- Norhill Historic District
- Bungalow c. 1930
- 2/1, 1130 sq ft on 5000 sq ft lot
- Price at Time of Contract: $650,000
- List to Sell Ratio: 104%
- Original List Price: $650,000
- Days on Market: 4
- Title Paid By: Seller
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1517 Alexander #B: $708,000
- Houston Heights
- Garage-front Neo-Classical c. 2018 by Loftech
- 3/2/1, 2386 sq ft on 2525 sq ft lot
- Price at Time of Contract: $714,900
- List to Sell Ratio: 99%
- Original List Price: $714,900
- Days on Market: 3
- Title Paid By: Seller
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SOLD
311 Cordell: $1,029,000
- Brooke Smith
- Queen Anne bungalow c. 1906
- 3/3/1, 3192 sq ft on 10,000 sq ft lot
- Price at Time of Contract: Â $1,029,000
- List to Sell Ratio: 94%
- Original List Price: Â $1,095,000
- Days on Market:Â 71
- Title Paid By: Seller
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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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