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%

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%

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). 

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The Week’s Featured Properties

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:

BBBB: Still on my list!

If you don’t already receive my weekly digest for BBBB:

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Sell Your Home Faster For More $$$ With Compass Concierge