Hello BBBB Friends:
While the summer has heated up, the housing market has started to cool off a bit. Interest rate increases, inflation, and fears of a recession have many buyers sitting on the fence or taking a break. Low inventory will continue to keep prices at a high level; however, we are seeing fewer multiple offer situations and crazy over-list price offers. Buyers waving inspections, offering free lease-backs, and other incentives may be behind us.
I have a short list of 4 new listings to share 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 – JUNE 2022
Key findings for the Heights:
- In June, the number of active single-family listings in the Heights declined 23.5% over the previous June in spite of a small surge in inventory in late June. Currently, we are at two months of single-family home inventory on hand. A balanced market is considered to be five months of inventory, so we are still very much in a seller’s market.
- Between May and June of this year, sales decreased 34%, wiping out all of the gains made so far this year. On a year-to-date basis, sales are down 7%.
- Price increases slowed down in June, but they were still up an average of 15% over June of last year.
- For homes that sold in June, 55% went under contract within the first seven days on the market. The median ‘Close to List Price Ratio’ for these sales was 102.5%. The median ‘Close to List Price Ratio’ for all sales last month was 100%.
- June’s highest over-list price sale award goes to a Victorian-style home in the Houston Heights. It sold for 25% over the list price, which calculates to a whopping $235,000 premium. I’m speechless.
*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 | JUNE 2022 | JUNE 2021 | CHANGE |
| ACTIVE LISTINGS | 189 | 247 | -23.5% |
| SALES | 91 | 133 | -31.6% |
| AVG SALES PRICE | $844,889 | $728,768 | 15.9% |
| MEDIAN SALES PRICE | $705,000 | $641,000 | 10.0% |
| AVG DAYS ON MARKET | 35 | 59 | -40.7% |
| MEDIAN DAYS ON MARKET | 7 | 8 | -12.5% |
| CLOSE PRICE TO LIST PRICE RATIO | 100.6% | 100.0% | 0.6% |
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-JUNE 2022
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 91 | 49 | 24 | 18 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 100.6% | 104.1% | 98.8% | 98.1% |
| SP/LP RANGE | 88.7-125.4% | 96.0-125.4% | 92.7-107.3% | 88.7-101.6% |
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.
*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
1031 W Melwood: $625,000
- Norhill Historic District
- Pediment bungalow c. 1928
- 2/2, 1350 sq ft on 5000 sq ft lot
- Kitchen and bath updates
- Small backyard area with patio, fire pit, and artificial turf
- Large front and back yards with mature trees
- Driveway access with auto-gate to 2-car detached “garport”
- Curbed street
- Zoned to Browning Elementary
The current sellers renovated the backyard, creating a lovely entertainment space with a fire pit and patio. The “garport” provides additional covered entertainment space.
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3535 Oak Ridge: $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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1117 Nicholson: $839,000
- Houston Heights
- Greek Revival c. 2012 by Heights Homes
- 3/2/1, 2124 sq ft on 3175 sq ft lot
- Double gallery front porches
- Formal study with custom stained built-in shelves
- Covered back porch plus bricked patio w/water feature
- Garage APT( 420 sq ft, efficiency, full kitchen & bath)
- Alley access to 2-car detached garage
- Zoned to Love Elementary
Located on the Hike and Bike Trail. Great for people watching, not so much for extra parking. Parking pads across the street are public property (although the homeowners on that side of the street may see it differently! 😉)
******
706 Tulane: $949,950
- Houston Heights (Tulane Trails)
- Greek Revival c. 2015 by Sullivan Builders
- 3/2/1, 2304 sq ft on 3300 sq ft lot
- Double gallery front and back porches
- LEED-certified
- Study/home office
- Screened back porch
- Greenspace with artificial turf between house and garage
- Alley access to 2-car detached garage
- Gravel parking pads along the street
- Zoned to Love Elementary
Tulane Trails & Ashland Trails homes, built by Sullivan Builders between 2015 and 2019, have experienced significant appreciation since they were built, in part due to their location just steps from the Hike and Bike Trail with an easy walk or ride to MKT and Heights Mercantile.
This Week’s Price Reductions & Status Updates
PRICE REDUCED
1033 E 16th St: $674,000 was $695,000
- Norhill Historic District
- Pediment bungalow c. 1928
- 3/2, 1713 sq ft on a 5000 sq ft lot
- Renovated kitchen & baths
- New and refinished red oak flooring
- Additional living area
- Covered back porch and lots of green space
- Driveway parking (no garage)
- Curbed street provides additional parking
- Zoned to Field Elementary
Restaurants within walking distance include Pinkerton’s, Hughie’s, and Spanish Flowers not to mention a personal favorite, Shipley’s Donuts. 😋 Field Elementary is also just 2 blocks away.
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PRICE REDUCED
1030 Merrill: $1,449,000 was $1,475,000
- Norhill (South of Pecore/11th St)
- Craftsman bungalow c. 2014
- 4/4/1, 3391 sq ft on a 6000 sq ft lot
- All bedrooms up
- Gameroom w/ ensuite bath up
- Porte-cochere
- Covered back porch with summer kitchen
- Small back yard with skinny pool potential
- Garage APT (525 sq ft, 1 bedroom, full kitchen & bath)
- Driveway access with auto-gate to 2-car detached garage
- Curbed street
- Zoned to Travis Elementary
Recent construction replica Craftsman bungalow. Porte-cochere with beadboard ceiling and fan offers additional outside entertainment opportunities. Located across from Hogg Middle School.
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OPTION PENDING
833 E 23rd St: $759,000
- Sunset Heights
- Contemporary/Modern c 2015
- 3/3/1, 2770 sq ft on 3000 sq ft lot
- Original List Price: $759,000
- Days on Market: 21
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OPTION PENDING
1019 Euclid: $1,499,000
- Norhill (South of Pecore/11th St)
- Craftsman bungalow c. 2012 by Modern Bungalow
- 4/3/1, 3250 sq ft on a 5000 sq ft lot
- Original List Price: $1,550,000
- Days on Market: 20
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Going, Going Gone!
SOLD
823 E 25th: $700,000
- Sunset Heights
- Garage-front Victorian c. 2014
- 3/2/1, 2720 sq ft on 3000 sq ft lot
- Price at Time of Contract: $675,000
- List to Sell Ratio: 104%
- Original List Price: $675,000
- Days on Market: 5
- Seller Contribution to Buyer Closing Costs: $1,925
- Title Paid By: Seller
******
SOLD
814 Aurora: $730,000
- Sunset Heights
- Bungalow c. 1920
- 3/2, 1982 sq ft on a 6000 sq ft lot
- Price at Time of Contract: $750,000
- List to Sell Ratio: 97%
- Original List Price: $750,000
- Days on Market: 13
- Title Paid By: Seller
******
SOLD
1542 Nicholson: $745,160
- Houston Heights
- Queen Anne bungalow c. 1920
- 3/2, 1416 sq ft on 5280 sq ft lot
- Price at Time of Contract: $745,000
- List to Sell Ratio: 100%
- Original List Price: $745,000
- Days on Market: 11
- Title Paid By: Seller
******
SOLD
712 Tulane: $949,900
- Tulane Trails
- Greek Revival c. 2015 by Sullivan Builders
- 4/3, 2204 sq ft on a 3300 sq ft lot
- Price at Time of Contract: $949,900
- List to Sell Ratio: 100%
- Original List Price: $949,900
- Days on Market: 8
- Title Paid By: Seller
******
SOLD
335 W 27th St: $1,092,500
- Houston Heights
- Prairie-style c. 2016 by Frich Investments
- 4/4, 3254 sq ft on a 4094 sq ft lot
- Price at Time of Contract: $1,050,000
- List to Sell Ratio: 104%
- Original List Price: $1,050,000
- Days on Market: 4
- Title Paid By: Seller
******
SOLD
702 Harvard: $1,288,000
- Heights South Historic District
- Queen Anne bungalow circa 1920
- 3/2/1, 2352 sq ft on a 9900 sq ft lot
- Price at Time of Contract: $1,250,000
- List to Sell Ratio: 103%
- Original List Price: $1,250,000
- Days on Market: 5
- Title Paid By: Seller
******
SOLD
807 Wendel: $1,350,000
- Woodland Terrace
- Contemporary Craftsman c. 2020 by TBW Dev
- 4/4, 3493 sq ft on a 5000 sq ft lot
- Price at Time of Contract: $1,425,000
- List to Sell Ratio: 95%
- Original List Price: $1,425,000
- Days on Market: 15
- Title Paid By: Seller
******
SOLD
738 E 8th St: $1,365,000
- Houston Heights
- Modern farmhouse built 2019 by Ironstone Builders
- 4/4, 3779 sq ft on a 6250 sq ft lot
- Price at Time of Contract: $1,432,500
- List to Sell Ratio: 95%
- Original List Price: $1,499,900
- Days on Market: 109
- Seller Contribution to Buyer Closing Costs: $7,000
- 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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