Hello BBBB Friends:
What a crazy week! While temperatures outside have been ice cold, the real estate market has been as hot as it can be with the limited number of properties for sale. As of this morning, there are only 129 active single-family listings in the Heights*. We haven’t seen levels this low at any time in the past ten years. It’s been a slugfest among buyers for homes, especially for those that just listed this week. A couple of fun facts:
- Not surprising: Of 24 new listings in the past week, 7 (29%) are already under contract. In 2021, 36% of new listings were under contract within the first 7 days.
- Very surprising: Of 32 new contracts executed this week, 12 (37.5%) went straight to Pending status meaning the buyers waived the option period. While these buyers may still do inspections, they have lost the right to terminate the contract during an option period and automatically receive their earnest money back. I don’t have a comparison number for this statistic, but no-option contracts are not very common.
- A little irritating: The list prices for several new listings this week were substantially under market. Pricing a listing at or slightly below market is a smart strategy. Seriously underpricing a listing creates confusion, gives buyers unrealistic expectations, and, may not be in the seller’s best interest.
I have selected 5 new listings to feature for you today. There were no price changes or final sales among homes that are Still on My List. Keep scrolling down to see which homes are probably now out of reach.
HEIGHTS REAL ESTATE MARKET UPDATE-DECEMBER 2021
Key findings for the Heights:
- In December, the number of active single-family listings in the Heights declined 39% over the previous December and sales were down almost 9%. However, for all of 2021, sales were up a whopping 20%
- Year-over-year average sales prices in December increased only 1%. However, for all of 2021, single-family home prices increased 7.3%. That seems huge until you compare it to Houston as a whole which experienced a 16% increase in single-family home prices in 2021.
- For homes that sold in December, 22% went under contract within the first seven days and 48% sold during the first 30 days on market. The average ‘Close to List Price Ratios’ for these sales were101% and 99% respectively.
- Decembers’ award for highest over-list price sale goes to 701 E 18th St, a cute 2/2 historic bungalow on a 4850 sq ft lot. It sold for $602,000, 12.5% over list price.
HEIGHTS* KEY MARKET INDICATORS
| SINGLE-FAMILY HOMES | DEC 2021 | DEC 2020 | CHANGE |
| ACTIVE LISTINGS | 157 | 259 | -39.4% |
| SALES | 104 | 114 | -8.8% |
| AVG SALES PRICE | $749,894 | $741,595 | 1.1% |
| MEDIAN SALES PRICE | $659,000 | $643,013 | 2.5% |
| AVG DAYS ON MARKET | 69 | 92 | -25.0% |
| MEDIAN DAYS ON MARKET | 33 | 45 | –26.7% |
| CLOSE PRICE TO LIST PRICE RATIO | 98.7% | 98.2% | 0.5% |
SOLD TO LIST PRICE RATIO ANALYSIS-NOVEMBER 2021
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 104 | 22 | 28 | 54 |
| AVERAGE SALES PRICE/LIST PRICE RATIO (SP/LP) | 98.4% | 101.2% | 97.7% | 97.6% |
| SP/LP RANGE | 84.1-112.5% | 96.9-112.5% | 91.6-101.0% | 84.1-112.2% |
Have a great week and,
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.
*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
1126 E 14th St: $479,000
- Norhill Historic District
- Craftsman bungalow c.1926
- 2/1, 1080 sq ft on 5200 sq ft lot
- Gas log fireplace
- Updated kitchen and bath
- Nice back yard space
- Driveway access with auto-gate to 1 car detached garage
- Curbed street provides additional parking
- Zoned to Browning Elementary
The good news, 14th Street is a nice, wide street. Bad news, it’s a busy street.
******
513 Cordell: $520,000
- Brooke Smith
- Craftsman bungalow c. 1916
- 2/2/1, 1535 sq ft on 5000 sq ft lot
- Renovated in 2013
- Side yard for fenced green space
- Side-street driveway access to 1 car carport
- Parking pad for additional parking
- Minimum lot size on this and surrounding blocks ✅
- Zoned to Browning Elementary
Great restaurants in Brooke Smith include Pinkerton’s BBQ and Hughie’s Heights offering Vietnamese fusion fare.
******
1430 Studewood: $545,000
- Norhill Historic District
- Craftsman bungalow c. 1930
- 2/2, 1398 sq ft on 5000 sq ft lot
- Updated kitchen and baths
- Back deck and covered patio plus green space
- Driveway access with auto-gate to 1 car detached garage
- Zoned to Field Elementary
Busy street but great central location and just 2 blocks from public transportation. Also steps from Pure Barre, one of my favorite workout spots.
******
823 E 27th St: $935,000
- Sunset Heights
- Bungalow c.1940
- 3/2, 2131 sq ft on 6000 sq ft lot
- Remodeled and expanded in 2012
- Vaulted and coffered ceilings
- Covered back porch and small yard
- Garage APT (506 sq ft, 1 bedroom with full bath & kitchen)
- Driveway access with auto-gate to over-sized 2 car detached garage
- Parking pad in front
- Zoned to Field Elementary
Great curb appeal. Easy access to 610 and I-45. Close to the new Houston Farmer’s Market that is being developed into a retail and foodie destination including 2 restaurant offerings from James Beard award winner Chris Shepherd.
******
529 W 18th St: $1,600,000
- Houston Heights
- Prairie style home built 1994
- 3/3, 3644 sq ft on a 9825 sq ft lot
- Kitchen and baths updated in 2011
- Chefs kitchen with tons of storage
- Huge wrap-around back porch
- POOL
- Flagstone back deck plus pet patch
- Alley access to 2 car detached garage
- Additional pad parking in front
- Zoned to Helms Elementary
Walkable location with easy access to the Hike and Bike Trail and all of the restaurants and amenities on 19th, 20th and Shepherd.
******
This Week’s Price Reductions & Status Updates
NO PRICE CHANGES THIS WEEK
OPTION PENDING
1113 Ashland: $450,000
- Heights West Historic District
- Craftsman bungalow c. 1925
- 2/1, 818 sq ft on 3300 sq ft lot
- Original List Price: $450,000
- Days on Market: 2
******
OPTION PENDING
1131 Winston: $650,000
- Norhill Historic District
- Craftsman Bungalow c. 1925
- 2/2, 1386 sq ft on 5000 sq ft lot
- Original List Price: $650,000
- Days on Market: 39
******
OPTION PENDING
125 North St: $689,000
- Germantown Historic District
- English cottage c. 1920
- 3/4/1, 2642 sq ft on 5000 sq ft lot
- Original List Price: $710,000
- Days on Market: 118
******
OPTION PENDING
200 E 26th St: $785,000
- Sunset Heights
- Pediment bungalow c. 1920
- 3/2, 1827 sq ft on 6000 sq ft lot
- Original List Price: $785,000
- Days on Market: 5
******
OPTION PENDING
333 W 16th St: $825,000
- Houston Heights
- Greek Revival c. 2012 by Sullivan Builders
- 3/2/1, 2338 sq ft on 3400 sq ft lot
- Original List Price: $825,000
- Days on Market: 6
******
OPTION PENDING
2411 Arlington: $850,000
- Sunset Heights
- Craftsman-inspired 2-story c. 2013 by Sirius Homes
- 4/3, 2688 sq ft on 3357 sq ft lot
- Original List Price: $850,000
- Days on Market: 6
******
OPTION PENDING
1226 Nicholson: $999,000
- Houston Heights
- Craftsman-inspired 2-story c. 2022 by Eaton Construction
- 4/3/1, 2925 sq ft on 3300 sq ft lot
- Original List Price: $999,000
- Days on Market: 7
******
Going, Going Gone!
NO SALES TO REPORT THIS WEEK
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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