Hello BBBB Friends:
Single-family home inventory dropped again this week and will most likely continue to do so until next year. In spite of a low number of new listings, I do have four new listings to share with you today, including one of my favorite Heights residences, 205 Bayland! 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
Before we get into November stats, here is a quick rundown on the week.
While the FED hiked rates another half point (even while inflation is coming down and there are numerous indicators that price hikes are halting), mortgage applications to purchase a home rose 4% for the week, but are still 38% lower than a year ago. Mortgage applications to refinance a home loan rose 3% last week from the previous week but were still 85% lower than the same week one year ago. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) did increase ever so slightly last week to 6.42% from 6.41%. Interest rates slid Tuesday after the release of the November consumer price index. (Source: CNBC)
Here’s another fun fact: At the end of June, total US home mortgage debt was 15% higher than at the end of 2007….. but total home equity was 131% higher, according to Urban Institute data. (NYT)
Key findings for the Heights for November:
- November sales dropped 44% year-over-year, but compared to this October, the number of sales remained relatively level (only a 2% drop). On a year-to-date basis, sales are off by 25% from record-breaking 2021. In comparison to 2019, which was our last “normal” year, sales are only off 2%.
- The low number of sales makes it difficult to evaluate monthly average and median sales swings. In November, the average sales price increased by 22%, with an increase in the median sales price of 17%. However, the ratio of million-dollar-plus homes also increased to 34% from 14%. We will have a better sense of true increases in sales prices when we finish out the year in December. It will be interesting to compare the first 6 months of the year before interest rates doubled with the second half.
- Of homes sold in November, 31% were on the market for less than 7 days. ‘Close to List Price Ratio’ for these sales held at 100%. For all sales, the median days on market was 24 days with a median ‘Close to List Price Ratio of 99% and a range of 78-112%.
- November’s highest over-list price sale award goes to a gorgeous modern Greek Revival with a pool and lovely landscaping. It sold for 12% ($114,500) over the list price.
*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 | NOV 2022 | NOV 2021 | CHANGE | OCT 2022 | CHANGE | |
| ACTIVE LISTINGS | 209 | 199 | 5% | 206 | 2% | |
| SALES | 50 | 90 | -44% | 51 | -2% | |
| AVG SALES PRICE | $903,913 | $738,611 | 22% | 721,894 | 25% | |
| MEDIAN SALES PRICE | $747,000 | $655,000 | 14% | 649,900 | 15% | |
| AVG DAYS ON MARKET | 35 | 45 | -22% | 41 | -15% | |
| MEDIAN DAYS ON MARKET | 24 | 29 | -17% | 25 | -4% | |
| CLOSE PRICE-TO-LIST PRICE RATIO | 99% | 98% | 1% | 98% | 1% |
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-NOV 2022
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 50 | 16 | 22 | 12 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 99% | 100% | 97% | 96% |
| SP/LP RANGE | 78-112% | 98-112% | 90-103% | 78-100% |
Source: HAR
NOTE: BBBB will be taking a break through the end of the year. Wishing you an abundance of health, wealth, and happiness in the new year.
See you in 2023!
Becky
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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
4021 Norhill: $499,000
- Norhill Historic District
- Pediment Bungalow, c. 1928
- 2/1, 1088 sq ft on a 5000 sq ft lot
- Kitchen & bath updates
- Charming original details, such as a telephone sconce
- Rebuilt gas fireplace
- Original floors in great condition
- French doors lead to a back deck and lovely landscaped yard with mature trees
- Driveway access to oversized 1-car detached garage
- Curbed street
- Zoned to Browning Elementary
This home overlooks the Norhill esplanade. The view out the front door sets this bungalow apart.
******
922 Adele: $849,900
- Sunset Heights
- Modern Craftsman, c. 2014 by Southern Green
- 4/3, 2446 sq ft on a 3600 sq ft lot
- Updates include new exterior paint
- Kitchen has a plumbed commercial Keurig! ☕
- Study or 4th bedroom down w/access to a full bath
- Open game room or second living area upstairs
- Large front porch overlooks a fenced front yard w/attractive landscaping and a small green space
- POOL and patio
- Alley access to 2-car attached garage
- Zoned to Field Elementary
Just four blocks away, you’ll find the Houston Farmer’s Market, the oldest farmer’s market in the city, which has been in continuous operation since 1941. The original footprint of the market was half its current size of 18 acres. In the last few years, the market has seen an incredible makeover, becoming home to three eateries (including Underbelly Burger) and R-C Ranch Butcher Shop, which serves waygu meat from its own farm in Brazoria County. The website highlights each of the vendors at the market, one I noted has been operating at the market for 59 years!
******
919 Ashland #A: $949,888
- Houston Heights
- Modern Craftsman, c. 2003 by Ostlindt Thomas
- 3/2/1, 2232 sq ft on a 4422 sq ft lot
- Updated kitchen and baths
- 2 Living areas
- Small, turfed yard between house and garage
- Garage APT (Built 2019, 729 sq ft, one bedroom, full kitchen, and bath)
- Alley access to 2-car detached garage
- Parking pad in front
- Zoned to Love Elementary
Located just three blocks from the Hike and Bike Trail and an easy stroll to MKT and Heights Merchantile, with lots of shopping and dining options.
******
205 Bayland: $3,495,000
- Woodland Heights Historic District
- Prairie style, c. 1910
- 3/4/2, 6317 sq ft on a 20,657 sq ft lot
- Renovated 2017
- Huge chef’s kitchen with striking marble waterfall island
- Basement wine cellar
- Wrap-around porches
- Large lawns front and back
- Garage APT (912 sq ft, unfinished)
- Driveway access from side street to 3-car detached garage
- Curbed street
- Zoned to Travis Elementary
Original home of William A Wilson, the founder of Woodland Heights. Restored in 2007 with a complete interior remodel in 2017, which included taking in a guest bedroom to create the most amazing master closet ever! Another favorite feature is the basement (yes, a true basement) that boasts seated dining for 10, a lounge area, and climate controlled wine cellar.
******
This Week’s Price Reductions & Status Updates
PRICE REDUCED
801 Archer: $799,000 was $825,000
- Brooke Smith
- Prairie influences, c. 2022 by Invision Homes
- 4/3, 2900 sq ft on a 4000 sq ft lot
- High ceilings, wide plank engineered hardwood flooring
- Wine room
- Island kitchen with Thermador appliances
- Full bath downstairs
- Open game room/2nd living area upstairs
- Front and side yards provide fenced green space
- Gated access to 2-car attached/detached garage (entry from side street)
- Additional driveway parking
- Zoned to Browning Elementary
The dining room features a glass wall looking into the walk-in wine room.❣️
******
OPTION PENDING
644 Oxford: $879,900
- Lower Houston Heights
- Contemporary/modern, c. 2017 by Gotham Development
- 3/3/1, 2734 sq ft on an 1817 sq ft lot
- Original List Price: $879,900
- Days on Market: 27
******
OPTION PENDING
1501 Rutland: $935,000
- Houston Heights
- New Orleans inspired, c. 2011, by Distinctive Living
- 4/2/1, 2397 sq ft on 3300 sq ft lot
- Original List Price: $950,000
- Days on Market: 54
******
OPTION PENDING
721 Tulane: $949,500
- Tulane Trails
- Greek Revival, c. 2018 by Sullivan Brothers
- 4/3, 2204 sq ft on a 3300 sq ft lot
- Original List Price: $949,500
- Days on Market: 13
******
Going, Going, Gone!
SOLD
- Houston Heights
- Modern farmhouse c. 2022 by Ansari Homes
- 4/4, 3600 sq ft on 5280 sq ft lot
- Price at Time of Contract: $1,599,000
- List to Sell Ratio: 94%
- Original List Price: $1,697,000
- Days on Market: 265
- Seller Repairs: $1,800
- Title Paid By: Seller
SOLD
325 W 17th St: $1,600,000
- Houston Heights
- Modern Farmhouse c. 2021, by IBuild Concepts
- 4/4, 3819 sq ft on 6600 sq ft lot
- Price at Time of Contract: $1,699,000
- List to Sell Ratio: 94%
- Original List Price: $1,945,000
- Days on Market: 35
- Title Paid By: Seller
*****
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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