Hello BBBB Friends:
Either in spite of or because of the Fed’s bombshell increase in interest rates this week, it was a very busy week for real estate in the Heights. Although the number of new listings was up, so were new contracts, so the needle did not move on Months of Inventory, remaining 1.7 months. I am featuring six new listings this week in a nice range of price points. 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 – MAY 2022
While single-family home sales across the metroplex were basically flat, Heights sales were up slightly. The 2022 Housing Forecast released Monday by Realtor.com predicts a 6.7% drop in home sales by year-end. HAR CEO Bob Hale explains, “With the increase in borrowing costs and economic uncertainty looming, people are not in the same rush to move as they have been for the last two years.” However, inventory levels have a long way to go before we will see a balanced market, much less a buyer’s market.
Key findings for the Heights:
- In May, the number of active single-family listings in the Heights declined 25% over the previous May. However, sales increased by almost 2%. Year-to-date sales were tied with last year at the end of May. Even with a big week of sales this week, month-to-date sales slipped 8% compared to the prior year. We anticipate this trend will continue.
- Buyers pushed pricing to even higher levels in May. The average price and median price of a single-family home rose 18% & 20%, respectively.
- For homes that sold in May, 53% went under contract within the first seven days on the market. The median ‘Close to List Price Ratio’ for these sales was 103%. The median ‘Close to List Price Ratio’ for all sales last month was 100%.
- May’s highest over-list price sale award goes to a cutie-patootie 2/2 bungalow in Woodland Heights. It was 14% ($85,000) 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 | MAY 2022 | MAY 2021 | CHANGE |
| ACTIVE LISTINGS | 152 | 202 | -24.8% |
| SALES | 122 | 120 | 1.7% |
| AVG SALES PRICE | $859,900 | $729,477 | 17.9% |
| MEDIAN SALES PRICE | $743,750 | $621,500 | 19.7% |
| AVG DAYS ON MARKET | 34 | 63 | -46.0% |
| MEDIAN DAYS ON MARKET | 6 | 11 | -45.5% |
| CLOSE PRICE TO LIST PRICE RATIO | 100.0% | 100.0% | 0.0% |
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-MAY 2022
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 122 | 65 | 29 | 28 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 100.0% | 103.1% | 99.4% | 98.1% |
| SP/LP RANGE | 84.0-114.2% | 95.8-114.2% | 92.9-102.2% | 84.0-112.4% |
Source: HAR
PROTESTING YOUR PROPERTY TAX REPLAY
If you missed last week’s presentation, here is a link for replay. Please feel free to email me your questions.
Today we have much to celebrate: an end to slavery in Texas AND our fathers. Wishing you a safe and happy long weekend.
Let’s go look at houses or talk about selling yours!!!
Becky
—
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
326 W 27th St: $560,000
- Houston Heights
- Ranch-style c. 1953
- 2/2, 1278 sq ft on 6550 sq ft lot
- Expanded and updated in 2006
- Flex space off primary bedroom
- Back deck
- Large front and back yards with mature trees
- Driveway with auto-gate to 1-car detached garage
- Zoned to Helms Elementary
This is a lovely lot with many opportunities for future use: live now, expand or build later.
******
914 Rutland: $799,000
- Houston Heights
- Cottage c. 1910
- 3/2, 2082 sq ft on 5324 sq ft lot
- Kitchen and bath updates
- All bedrooms down
- Game room/office/flex space up
- Back yard with deck, patio, and artificial turf
- Climate-controlled bonus room in the garage
- Alley access to 2 car detached garage
- Front parking space
- Zoned to Harvard Elementary
The pictures really do not communicate the charm of this cottage! Great location, mere blocks from MKT, Heights Merchantile, and the Hike and Bike Trail.
******
2531 Nicholson: $899,000
- Houston Heights
- Modern Queen Anne c. 2002
- 3/2/1, 2666 sq ft on 4200 sq ft lot
- Updates include: remodeled kitchen area, renovated baths, carpets replaced with wood flooring
- All bedrooms up
- Large game room/flex space up
- Corner lot
- Fully-fenced front and side yards for greenspace
- Driveway access to 2-car attached garage
- Zoned to Helms Elementary
Nice curb appeal. Located at the north end of the Heights Hike and Bike Trail spur.
******
135 E 23rd St: $975,000
- Milroy Park
- Craftsman-style bungalow c 2012 by Rob Ryan Constr.
- 3/2/1, 2322 sq ft on 5200 sq ft lot
- First-floor primary suite
- Open game room/sitting room up
- Home office space up
- Dog run with synthetic grass
- Brick patio with gas fire-pit
- Driveway access with autogate to 2-car attached garage
- Zoned to Helms Elementary
Once again, for those of you who love bungalows but don’t want an old house, this is a recently constructed bungalow (2012). I like the pistachio-hued dining room, but if you feel differently, it is easy to repaint. Need more play space? Halbert Park is only 1/2 block away and offers a playground, basketball, and tennis courts.
******
1232 Herkimer: $995,000
- Houston Heights
- Modern Greek Revival with front-loading garage
- Built 2007 by Tricon Builders
- 3/2/1, 2682 sq ft on a 4400 sq ft lot
- Kitchen & baths have been updated since construction
- Screened back porch ❤️
- Landscaped backyard features mature palm trees (minimal green space)
- Saltwater POOL with water features
- Front-entry 2-car garage
- Curbed street
- Zoned to Love Elementary
From your backyard, step out onto the Hike and Bike Trail or mosey one block over to Love Park which features a swimming pool, gym, basketball court, and its own hike ‘n bike trail.
******
1108 Omar: $1,100,000
- Norhill (south of 11th)
- Hipped roof Craftsman circa 1930
- 4/4, 2750 sq ft on a 5000 sq ft lot
- Current updates to the kitchen, whole house painted inside and out
- Living room and family rooms
- Primary bedroom and 2 secondary bedrooms up
- Study plus a bedroom and full bath down
- Screened-in back porch ❤️
- Small yard plus bricked patio with outdoor kitchen
- Driveway access 1 car attached/detached garage
- Curbed street
- Zoned to Travis Elementary
There is certainly no shortage of bathrooms in this too-cute bungalow located on a beautiful block in a non-historic area of Woodland Heights. Note that Omar is often a featured street for Lights in the Heights. Plus, stroll on over to Mastranto’s, the Asch Building, or Antidote for a bite or beverage.
******
This Week’s Price Reductions & Status Updates
PRICE REDUCED
1116 E 14th St: $1,099,000 was $1,135,000
- Norhill Historic District
- Craftsman bungalow c. 1924
- 4/3, 2298 sq ft on a 5200 sq ft lot
- Expanded/renovated in 2021/2022
- Cathedral ceilings in the living areas
- Quartz waterfall kitchen island with butcher block accent
- Wide plank white oak engineered flooring
- Primary suite up, 3 secondary bedrooms down
- Primary bath with marble floors/wall and open walk-in shower
- Green space is the front yard
- Driveway access to 1-car detached garage
- Curbed (but busy) street
- Zoned to Browning Elementary
Need more play space? Proctor Plaza Park is just a few blocks away.
******
OPTION PENDING
823 E 25th: $675,000
- Sunset Heights
- Garage-front Victorian c. 2014
- 3/2/1, 2720 sq ft on 3000 sq ft lot
- Original List Price: $675,000
- Days on Market: 5
******
OPTION PENDING
832 Lawrence: $699,000
- Houston Heights
- Brownstone c. 2019 by Brownstone Homes
- 3/2/1, 2436 sq ft on 2450 sq ft lot
- Original List Price: $699,000
- Days on Market: 14
******
OPTION PENDING
1517 Alexander #B: $714,900
- Houston Heights
- Garage-front Neo-Classical c. 2018 by Loftech
- 3/2/1, 2386 sq ft on 2525 sq ft lot
- Original List Price: $714,900
- Days on Market: 3
******
OPTION PENDING
814 Aurora: $750,000
- Sunset Heights
- Bungalow c. 1920
- 3/2, 1982 sq ft on a 6000 sq ft lot
- Original List Price: $750,000
- Days on Market: 13
******
OPTION PENDING
335 W 27th St: $1,050,000
- Houston Heights
- Prairie-style c. 2016 by Frich Investments
- 4/4, 3254 sq ft on a 4094 sq ft lot
- Original List Price: $1,050,000
- Days on Market: 4
******
OPTION PENDING
807 Wendel: $1,425,000
- Woodland Terrace
- Contemporary Craftsman c. 2020 by TBW Dev
- 4/4, 3493 sq ft on a 5000 sq ft lot
- Original List Price: $1,425,000
- Days on Market: 15
******
OPTION PENDING
738 E 8th St: $1,432,500
- Houston Heights
- Modern farmhouse built 2019 by Ironstone Builders
- 4/4, 3779 sq ft on a 6250 sq ft lot
- Original List Price: $1,499,900
- Days on Market: 109
******
OPTION PENDING
425 W 23rd St: $1,599,000
- Houston Heights
- Modern Craftsman built 2018
- 4/3/1, 4010 sq ft on a 9,825 sq ft lot
- Original List Price: $1,670,000
- Days on Market: 43
******
Going, Going Gone!
SOLD
1040 Alexander: $645,000
- West Heights
- Cottage c. 1936
- 2/2, 1128 sq ft on 6000 sq ft lot
- Price at Time of Contract: $668,000
- List to Sell Ratio: 96%
- Original List Price: $698,000
- Days on Market: 20
- Seller Contribution to Buyer Closing Costs: $500
- Title Paid By: Seller
******
SOLD
607 E 12th St: $910,000
- Houston Heights
- Bungalow c. 1930
- 2/2, 1506 sq ft on 6250 sq ft lot
- Price at Time of Contract: $849,000
- List to Sell Ratio: 107%
- Original List Price: $849,000
- Days on Market: 6
- Seller Contribution to Buyer Closing Costs: $1,575
- 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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