Becky's Best Bungalow Bets for June 19, 2022: Top 6 + RE Market Update

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%

Source: HAR
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%

The table represents Heights single-family home sales in May 2022. There is an average 30-day lag between contract and sales date, so consider that many of the sales represented here went under contract in April 2022.
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, la n dscaping, 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.

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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.

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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.

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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.

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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.

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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.

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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

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

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Going, Going Gone!

SOLD

1040 Alexander: $6 4 5 ,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

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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

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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!

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