Hello BBBB Friends:
With the weather warming up a bit, today is a great day to visit open houses. Four of the five new listings I’m going to share with you will be open today! 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
The average interest rate on a fixed-rate 30-year mortgage was 6.33% as of Thursday, a 0.15 percentage point decrease from the week prior, but nearly three percentage points higher than the rate one year ago. The average 30-year fixed mortgage rate peaked at 7.08% in late October/early November 2022….now over 10% off these highs. (Barrons)
The Fed is still signaling additional interest rate increases; however, there is a lot of good news for the economy, including:
- The consumer price index decreased by 0.1% on a monthly basis, lowering the inflation rate to 6.5% compared to December 2021. This represents the 6th monthly decline in inflation. It was 9.1% in June, so inflation is down 28.5% off its high. The 10-year Treasury note is around 3.5….down from 3.879 at the end of December.
- The US federal budget deficit fell to $1.4 trillion for the 2022 calendar year, down from $2.8 trillion a year ago, as pandemic emergency spending slowed, the economy reopened, and tax revenue rose, according to the Treasury Department. (CBO)
We are still compiling numbers for the year 2022, but here is a tidbit for you: In the Heights, while 66% of homes sold in the second quarter sold for the asking price or higher, only 34% of homes sold in the fourth quarter did the same. 😲
Key findings for the Heights for December:
- December sales dropped a whopping 51% year-over-year, but compared to this November, the number of sales remained relatively level (a 2% increase). On a year-to-date basis, sales are off by 29% from record-breaking 2021. In comparison to 2019, which was our last “normal” year, sales are only off by 5%.
- The low number of sales makes it difficult to evaluate monthly average and median sales swings. In December, the average and median sales prices increased by six and seven percent, respectively, year-over-year. Compared to November 2022, average and median sales prices decreased by 12 and 7%, respectively. However, the ratio of million-dollar-plus homes also decreased to 22% from 34% last month.
- Of homes sold in December, only 20% were on the market for less than seven days. Compare this with last month, when 31% were on the market for less than seven days, and to March-July, which posted over 50% of purchases within seven days of listing.
- While there were fewer sales last month in the 0-7 day category, the ‘Close to List Price Ratio’ for these sales increased from 100% to 101%. The ‘Close to List Price Ratio’ for all December sales decreased from 99% to 98% with a range of 88-103%.
- Indicative of the slowdown in real estate, for all sales, the average days on market increased from 35 days in November to 54 days in December. Median days on market increased to 35 days from 24 days.
- December’s highest over-list price sale award goes to a beautiful brick American Four Square home with a pool and lovely landscaping. It sold for 3% ($33,000) over the list price.
HEIGHTS* KEY MARKET INDICATORS -SINGLE-FAMILY HOMES
| SINGLE-FAMILY HOMES | DEC 2022 | DEC 2021 | CHANGE | NOV 2022 | CHANGE | |
| ACTIVE LISTINGS | 176 | 157 | 12% | 210 | -16% | |
| SALES | 51 | 105 | -51% | 50 | 2% | |
| AVG SALES PRICE | $795,389 | $747,561 | 6% | $903,913 | -12% | |
| MEDIAN SALES PRICE | $698,000 | $650,000 | 7% | $747,000 | -7% | |
| AVG DAYS ON MARKET | 54 | 69 | -22% | 35 | 54% | |
| MEDIAN DAYS ON MARKET | 35 | 33 | 6% | 24 | 46% | |
| CLOSE PRICE-TO-LIST PRICE RATIO | 98% | 99% | -1% | 99% | –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-DEC 2022
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 51 | 10 | 19 | 22 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 98% | 101% | 98% | 96% |
| SP/LP RANGE | 88-103% | 96-103% | 93-103% | 88-100% |
Source: HAR
Let’s look at houses or talk about selling yours!
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
710 Ashland: $950,000
- Ashland Trails
- Greek Revival, c. 2017 by Sullivan Brothers
- 3/2/1, 2304 sq ft on a 3255 sq ft lot
- Double gallery porches, back balcony
- Island kitchen with brick backsplash & a Bertazonni range
- Custom wine storage
- Covered back porch and greenspace between house and garage
- Alley access to 2-car attached garage w/ EV charging station
- Solar panels
- Parking pads in front
- Zoned to Love Elementary
This is one of the larger floor plans offered by Sullivan Homes for Ashland and Tulane Trails. Upgrades to this home include solar panels, an EV charging station, and custom wine storage under the staircase. With easy access to the Hike and Bike Trail and a short distance to either MKT or Heights Mercantile, Trails homes are very popular.
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829 Arlington: $1,248,000
- Heights South Historic District
- 2-story farmhouse circa 1907
- 5/3/1, 3240 sq ft on a 6600 sq ft lot
- Lovely front flowerbeds outlined with brick walkways
- Kitchen and baths renovated 2019 (new Sub-Zero fridge-2021)
- 2 Primary suites (one on each floor)
- Upstairs open game room/sitting area
- Lap POOL
- Porte-cochere plus additional covered parking
- Converted 2-car garage currently used as craft/workout space
- Parking pad in front for one additional car
- Zoned to Harvard Elementary
Ideal location only 2-3 blocks from Harvard Elementary, Donovan Park, Heights Mercantile, plus restaurants along White Oak Blvd.
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1300 Harvard: $1,550,000
- Heights East Historic District
- Craftsman bungalow c. 1920
- 4/3, 3979 sq ft on 6600 sq ft lot
- Expanded/renovated in 2015
- Study/Home Office
- One bedroom down with access to full bath
- Primary plus two additional secondary bedrooms upstairs
- Open game room/sitting area up
- Side yard with bricked patio
- Side-street access to 2-car attached garage❤️☂️
- Curbed street provides additional parking
- Zoned to Harvard Elementary
This is a bungalow on steroids. Although the expansion took up the backyard, there is a lovely side yard.
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1306 Omar: $1,890,000
- Houston Heights
- Greek Revival, c. 2010 by BAS Concepts
- 5/3/1, 3980 sq ft on a 6250 sq ft lot
- Kitchen with double island/breakfast bar
- Front yard provides green space
- Formal living & dining plus family room
- Primary suite down + 4 secondary bedrooms up
- Study/home office up
- Covered back porch with outdoor kitchen
- POOL/spa with fire & water features
- Garage APT (484 sq ft, studio, powder bath only)
- Alley access to 2-car detached garage
- Parking pad in front for one car
- Zoned to Harvard Elementary
With a location one block from Studewood and three blocks from 11th Street, you could walk to a different restaurant every day, including Mastrantos, Shoku Ramen, Maison Pucha, Berryhill, Bella Green, Antidote, and the newly opened Gypsy Poet.
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1011 E 7th St: $1,999,999
- Norhill (south of 11th/not the historic district)
- Modern farmhouse, c. 2021 by Modern Bungalow
- 5/5, 4441 sq ft on a 6600 sq ft lot
- Office or 6th bedroom down with access to full bath
- Chef’s kitchen with Wolf & Sub-Zero appliances
- Open game room/additional sitting room up
- Primary suite with vaulted ceiling, fireplace, and huge closet
- Guest suite with kitchenette & full bath (inside the house)
- Backyard: covered porch and patio, POOL/spa with water features, small grassy area
- Gated driveway access 2-car attached garage
- Curbed street
- Zoned to Travis Elementary
This beautiful house has had a lot of personal touches added to it by way of paint and wallpaper. It is simple and inexpensive to repaint the walls before you move in if you decide these colors aren’t to your liking.
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This Week’s Price Reductions & Status Updates
PRICE REDUCED
1708 Ashland: $869,000 was $889,000
- Bell Heights
- New Orleans inspired, c. 2015, by Rohe & Wright
- 3/3/1, 2453 sq ft on 1696 sq ft lot
- Gated community – lock & leave
- 2nd & 3rd floor balconies
- Primary + 1 secondary bedroom on 3rd floor
- 1st-floor guest suite
- Outdoor community spaces
- Gated access to 2-car attached garage
- Curbed street
- Zoned to Helms Elementary
One of the twenty single-family homes in the gated community of Bell Heights. Owners have access to the Bell Tower rooftop amenities, including a plunge pool, putting green, outdoor kitchen, lounge & sun terrace. There is also a fitness center. Only two streets away from the Historic Heights Shopping District and one block from the Hike & Bike Trail.
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PRICE REDUCED
614 W 18th St: $925,000 was $939,000
- Houston Heights
- Greek Revival, c. 2014 by Southland Homes
- 3/2/1, 2432 sq ft on a 3,275 sq ft lot
- Double gallery front porches
- Home office/study
- Primary bedroom with tray ceilings
- Plantation shutters throughout
- Unfinished quarters above the garage (400 sq ft)
- Covered porch plus bricked patio between house & garage
- Alley access to 2-car detached garage
- Parking pads in front
- Zoned to Helms Elementary
Location is the compelling factor for this home. Walk to the Historic Heights Shopping District as well as restaurants on Shepherd. Also, it’s just one block off the Hike and Bike Trail.
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OPTION PENDING
922 Adele: $849,900
- Sunset Heights
- Modern Craftsman, c. 2014 by Southern Green
- 4/3, 2446 sq ft on a 3600 sq ft lot
- Original List Price: $849,900
- Days on Market: 25
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PENDING
1644 Columbia: $1,199,900
- Heights East Historic District
- Craftsman bungalow c 1920
- 4/3, 3732 sq ft on 6600 sq ft lot
- Original List Price: 1,350,000
- Days on Market: 119
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Going, Going, Gone!
SOLD
721 Tulane: $920,000
- Tulane Trails
- Greek Revival, c. 2018 by Sullivan Brothers
- 4/3, 2204 sq ft on a 3300 sq ft lot
- Price at Time of Contract: $949,500
- List to Sell Ratio: 97%
- Original List Price: $949,500
- Days on Market: 13
- Title Paid By: Seller
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SOLD
1534 Rutland: $1,005,000
- Houston Heights
- Greek Revival, c. 2000 by Antebellum Homes
- 3/2/1, 3373 sq ft on a 4837 sq ft lot
- Price at Time of Contract: $1,025,000
- List to Sell Ratio: 98%
- Original List Price: $1,025,000
- Days on Market: 8
- 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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