Hello BBBB Friends:
It was a very busy week for new listings in the Heights. A surprising statistic is that 40% of the new listings were priced at over $1 million. Interest rates trended higher once again this week. The 30-year fixed mortgage rate this week was 5.57%, up from 5.42% last week. I am featuring six new listings this week, all beautifully presented. 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-APRIL 2022
In spite of low inventory and rising interest rates, 25% more single-family home sales occurred in April compared to March. Months of inventory increased slightly to 1.4*
Key findings for the Heights:
- In April, the number of active single-family listings in the Heights declined 30% over the previous April, and sales decreased by 2%. Year-to-date sales, however, are keeping pace with last year.
- Buyers pushed pricing to even higher levels in April. The average price and median price of a single-family home rose 11%.
- For homes that sold in April, 55% went under contract within the first seven days on the market. The median ‘Close to List Price Ratio’ for these sales was 100%.
- April’s highest over-list price sale award goes to a sweet little 3/2 bungalow in the Norhill Historic District. It sold for 18% ($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 | APR 2022 | APR 2021 | CHANGE |
| ACTIVE LISTINGS | 139 | 199 | -30.2% |
| SALES | 112 | 114 | -1.8% |
| AVG SALES PRICE | $805,362 | $725,939 | 10.9% |
| MEDIAN SALES PRICE | $695,000 | $625,000 | 11.2% |
| AVG DAYS ON MARKET | 37 | 82 | -54.9% |
| MEDIAN DAYS ON MARKET | 8 | 16 | -50.0% |
| CLOSE PRICE TO LIST PRICE RATIO | 100.1% | 99.5% | 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-APR 2022
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 112 | 61 | 29 | 22 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 101.1% | 102.5% | 99.5% | 97.7% |
| SP/LP RANGE | 80.3-118.3% | 94.2-118.3% | 80.3-113.81% | 88.0-101.8% |
Source: HAR
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
2910 Houston: $1,045,000
- Germantown Historic District
- Queen Anne bungalow c. 1920
- 3/3, 2303 sq ft on 5500 sq ft lot
- 2019 renovation
- Kitchen with waterfall island and built-in pet station
- Primary bedroom plus 1 secondary bedroom down
- Upstairs game room and additional bedroom with ensuite bath
- Sunroom leading to back deck
- Huge back deck and with a spectacular giant oak tree providing shade
- Greenspace on side of the house
- Driveway access with auto-gate to 1 car detached garage
- Curbed streets
- Zoned to Travis Elementary
This home is definitely home tour worthy. I love the exceptionally tall ceilings. Gorgeous pieces of art are currently featured throughout.
******
1517 Waverly: $1,279,000
- Houston Heights
- Craftsman bungalow c. 2013 by Titan Premier
- 4/3, 2952 sq ft on 5280 sq ft lot
- Study or 4th bedroom down with ensuite bath
- Chef’s kitchen with Thermador appliances
- Shoe-lover’s primary closet 👠
- Covered back porch and low maintenance, landscaped, stamped-concrete back
- The front yard provides fenced green space
- Alley access to 2 car detached garage
- Front parking space
- Zoned to Love Elementary
Just a block off the Hike ‘n Bike Trail. Easy stroll to Love Park with swimming pool, gym, basketball court, and mini-hike ‘n bike trail.
******
628 Rutland: $1,350,000
- Houston Heights
- Victorian-style c. 2015 by Frich Investments
- 4/3/1, 3153 sq ft on 4356 sq ft lot
- All bedrooms up
- Study/home office
- Covered back porch with small greenspace
- Garage APT (525 sq ft, efficiency with kitchen & bath)
- Alley access to 2-car detached garage
- Front parking pad
- Zoned to Love Elementary
Use the hike & bike trail just a few houses away to access MKT, Heights Mercantile, and Lawrence Park.
******
1536 Tulane: $1,425,000
- Heights West Historic District
- Contemporary c. 2002 by Frich Investments
- 2/2/1, 3025 sq ft on a 10,956 sq ft lot
- Wall of sliding glass doors opens to the back yard
- Study and den
- Custom meditation room
- Primary suite down plus second bedroom suite up
- Covered back deck and landscaped grounds
- Driveway access with auto-gate to 2 car detached garage plus Porte cochere
- Curbed street
- Zoned to Love Elementary
What this home lacks in number of bedrooms, it makes up with additional living spaces including both a study and a den plus a meditation room.
******
920 Columbia: $1,499,000
- Heights South Historic District
- Greek Revival c. 2007 by Whitestone Builders
- 4/3/1, 3652 sq ft on a 6600 sq ft lot
- Double gallery porches
- Beautiful wood flooring with marble inlays
- Living room/study with gas or wood-burning fireplace
- Primary suite down plus 3 secondary bedrooms up
- Gameroom up
- Large back yard with artificial turf
- Alley access to 2 car detached garage
- Parking pad for 3 vehicles in front
- Zoned to Harvard Elementary
Stunning Greek Revival home designed by Creole Design and built by Whitestone. Well-maintained and move-in ready. HVAC and roof replaced in 2021.
******
900 Bayland: $1,749,000
- Woodson Place (think Woodland Heights)
- Modern farmhouse built 2020 by L & B Limited
- 5/5, 3943 sq ft on a 5000 sq ft lot
- Gorgeous white oak flooring
- Study or 5th bedroom down with access to full bath
- Eat-in chef’s kitchen
- Large open game room/sitting area upstairs
- Primary suite with fireplace and large master closet
- All bedrooms have ensuite baths
- Side yard off family room accessed through large sliding glass doors
- Automatic gate to 2 car attached garage❤️☂️
- Curb street provides additional parking
- Zoned to Travis Elementary
This home has a very open feel with lots of windows providing natural light. Located on a corner lot with fenced greenspace in front as well as a small side yard. The lovely canopy of trees is ubiquitous on Bayland Avenue.
******
This Week’s Price Reductions & Status Updates
OPTION PENDING
725 Tulane: $950,000
- Houston Heights (Tulane Trails)
- Greek Revival c. 2018 by Sullivan Builders
- 4/3, 2441 sq ft on 3300 sq ft lot
- Original List Price: $950,000
- Days on Market: 4
******
OPTION PENDING
1615 Arlington: $1,379,000
- Heights East Historic District
- Craftsman bungalow c. 1930
- 3/2/1, 3141 sq ft on 6402 sq ft lot
- Original List Price: $1,379,000
- Days on Market: 4
******
PENDING CONTINUE TO SHOW
738 E 8th St: $1,469,900
- 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: 139
******
Going, Going Gone!
SOLD
727 Pecore: $625,000
- Woodland Heights
- Craftsman Bungalow c. 1920
- 3/1, 1242 sq ft on 5000 sq ft lot
- Price at Time of Contract: $650,000
- List to Sell Ratio: 96%
- Original List Price: $650,000
- Days on Market: 8
- Title Paid By: Seller
******
SOLD
239 W 16th St: $1,650,000
- Heights West Historic District
- Greek Revival c. 2000
- 4/4/1, 4169 sq ft on 6800 sq ft lot
- Price at Time of Contract: $1,699,000
- List to Sell Ratio: 97%
- Original List Price: $1,895,000
- Days on Market: 139
- Seller Contribution to Buyer Closing Costs: $3,000
- 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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