Hello BBBB Friends:
A cold front is projected to roll through the area on Monday, so it’s time to break out the double-weight cotton and a sweater! The chances of rain after Monday are low, so it will be a great week to be out and about. I have four new listings to share today. One of the homes, 644 E 10th St, is listed in HAR’s Private Per Seller category, so it can only be viewed and shared by realtors. I totally fangirled my preview below 😍. 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 – OCT 2022
The headline for HAR’s November press release is “Houston Home Sales Cool as Interest Rates Climb in October.” The sixth Fed Rate increase occurred on Nov 2nd. Interest rates went up to and over 7% depending on the type of mortgage loan. The good news, however, is that this past Friday saw the conventional loan rate drop from 7.125% to 6.5% (the largest single-day drop in history). What happened? I reached out to one of my favorite lenders, Russ Rockwell, at Republic State Mortgage, and he provided this explanation:
“Even though the Fed recently raised the interest rate, the government released the latest numbers on Thursday for the Consumer Price Index (CPI), and much to the market’s surprise, the CPI showed that inflation was cooling off. So, the bond market (which influences the mortgage rates) had a great reaction also on Thursday, and that caused the mortgage rates to drop. The market feels that if inflation is cooling off, then the Fed might not raise the rates as much in the future.”
Good news indeed!
Key findings for the Heights:
- Compared to October 2021, there were 10% fewer single-family homes available for purchase last month and 3% less than this September. It is still a seller’s market with months of inventory on hand hovering around 2.5 months. There are fewer multi-offer scenarios, and more sellers are starting to negotiate, which is a significant improvement over the first half of the year.
- October sales dropped 38% year-over-year, but compared to this September, the number of sales went down only 9%.
- Median sales prices decreased 2% year-over-year for October but were down 9% from September ’22.
- For homes that went under contract in October, only 31% were on the market for less than 7 days. This is a huge drop from the 50% we saw for most of the first half of the year. This means that homes are not selling as quickly. ‘Close to List Price Ratio’ for these sales held at 100%. For all sales, the median ‘Close to List Price Ratio was 98% with a range of 86-110%.
- October’s highest over-list price sale award goes to a charming Storybook Bungalow in the Norhill Historic District. It sold for 10% ($47,000) 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
| SINGLE-FAMILY HOMES | OCT 2022 | OCT 2021 | CHANGE | SEPT 2022 | CHANGE | |
| ACTIVE LISTINGS | 208 | 231 | –10% | 214 | -3% | |
| SALES | 51 | 82 | -38% | 56 | -9% | |
| AVG SALES PRICE | $721,894 | $777,955 | -7% | 879,775 | -18% | |
| MEDIAN SALES PRIC | $649,900 | $662,000 | -2% | 712,500 | -9% | |
| AVG DAYS ON MARKET | 41 | 56 | -27% | 40 | 3% | |
| MEDIAN DAYS ON MARKET | 25 | 25 | 0% | 28 | -11% | |
| CLOSE PRICE-TO-LIST PRICE RATIO | 98% | 99% | -1% | 100% | -2% |
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-OCT 2022
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 51 | 16 | 16 | 19 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 98% | 100% | 97% | 96% |
| SP/LP RANGE | 86-110% | 98-110% | 92-101% | 86-103% |
Source: HAR
Don’t forget, next Sunday is Funday at Marmion Park with pictures with Santa (people and pets welcome). Details below.
Let’s go look at houses or talk about selling yours!!!
Becky
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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
1130 Jerome: $799,000
- Norhill Historic District
- Craftsman Bungalow, c. 1949
- 3/2, 1821 sq ft on 5000 sq ft lot
- Renovated and expanded in 2022
- Wood burning or gas log fireplace
- Island kitchen with bar seating
- Walk-in pantry with a built-in microwave 😕
- Primary suite with a large closet added during the renovation
- Small green space behind the house
- 1-car detached carport
- Curbed street
- Zoned to Field Elementary
This home was purchased in 2021, taken to the studs, and renovated in 2022, adding 642 sq ft. The sellers converted the sunroom back into a front porch. They also changed the gables from jerkinhead (clipped) gables to the triangular gables you see here. Historic regulations allow an owner to restore the home to its original conformation, and most likely, this home was a classic Craftsman with a front porch. Fortunately, they were able to retain a small backyard area.
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625 Allston Unit B: $892,000
- Lower Houston Heights
- Greek Revival, c. 2015 by Carnagie Homes
- 3/2/1, 2292 sq ft on 3300 sq ft lot
- Formal living room or study
- Island kitchen with bar seating, Thermador appliances
- Family room with gas fireplace
- Trim package with wainscoting, crown moldings, built-ins, and wood shutters.
- Primary suite with large closet and a bidet
- Small area with pavers between garage & house
- Unfinished garage APT (wired & plumbed for build-out)
- Alley access to a 2-car detached garage
- Curbed street
- Zoned to Love Elementary
Conveniently located near MKT Center, Lawrence Park, and Heights Mercantile, all on the Hike and Bike Trail, not to mention the eateries along White Oak Blvd.
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1108 Arlington: $975,000
- Heights East Historic District
- Bungalow, c. 1920
- 3/2/1, 2316 sq ft on 6600 sq ft lot
- Recently updated kitchen with large built-in wine cooler
- Study and 2 secondary bedrooms down
- Attic conversion primary suite with flex area
- Garage and garage apartment in poor condition
- Parking pad in front
- Zoned to Harvard Elementary
The use of color in this house, both in the paint and the unique wall coverings, will immediately catch your attention. It’s eclectic with a touch of whimsy.
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644 E 10th St: $3,499,000
- Stude subdivision (Houston Heights)
- Modern/Contemporary, c. 2021, designed by Bill Stubbs
- 5/5/2, 6086 sq ft on 6250 sq ft lot
- Elevator
- First-floor highlights:
- Open-concept living room and kitchen
- Formal Dining
- Office/Library
- Kitchen: waterfall island, bar seating, breakfast banquette
- Second-floor highlights:
- Living room/media room
- Crazy gorgeous primary bath with 2 boutique-style closets
- Private balcony off primary suite with slipper soaking tub, awning, curtains for shade and privacy
- Flex room/Quarters with ensuite bath, kitchenette, utility room, separate entrance via back staircase
- Three secondary bedrooms with ensuite baths
- Third-floor highlights:
- Rooftop terrace with fireplace, seating, and dining areas
- Half bath
- Small workout room
- Backyard oasis: Patio and POOL w/water feature and ivy wall. Is accessible from every room on the first floor via sliding glass doors. Low-maintenance turf frames the pool area. The patio has motorized screens.
- Alley access to a 2 1/2 car-sized garage: 😲 Airconditioned, chandeliers, drapes, epoxy floors, and a golf simulator 🏌️♂️. There are sliding doors looking out over the pool so that the garage can be used as an entertainment space.
- Front parking pads
- Zoned to Harvard Elementary
This is my new favorite house in the Heights. It was constructed last year for a relative of a well-known Houstonian, and no detail has been spared. This home has the distinction of being the largest home in the Heights based on square footage. It may soon own the record for the highest selling price in the Heights. The current record is 2.99 million.
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This Week’s Price Reductions & Status Updates
PRICE REDUCED
914 Rutland: $749,000 was $775,000
- 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
- Backyard 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
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PRICE REDUCED
1507 Ashland: $895,000 was $995,000
- Heights West Historic District
- Gable Front Bungalow c. 1915
- 3/2, 1960 sq ft on 8800 sq ft lot
- Updated kitchen and primary bath
- High ceilings plus a vaulted ceiling in the living room
- 3-panel picture window sliding doors open to the backyard
- Wrap-around deck overlooking landscaped back & side yards
- Landscaped front and back yards
- Gated access to driveway parking
- Parking pads in front
- Zoned to Love Elementary
A mural painted by Daniel Anguilu, a well-known street artist, is one of the prominent features of this home. The mural was first painted on the back wall of the home’s exterior. To accommodate an expansion, the mural was removed, and half of the mural is now an art installation in the living room that also includes the original window. The remaining half is on view in the backyard. I’d love to see this home on the Heights home tour!
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OPTION PENDING
606 Rutland: $1,100,000
- Houston Heights
- Greek Revival, c. 2013 possibly by Fisher Homes
- 3/2/1, 3024 sq ft on 4356 sq ft lot
- Original List Price: $1,100,000
- Days On Market: 3
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OPTION PENDING
1416 Arlington: $1,399,000
- Sunset Heights
- Prairie inspired, c. 2014 by Distinctive Living
- 3/2/1, 3010 sq ft on 5345 sq ft lot
- Original List Price: $1,549,000
- Days On Market: 55
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Going, Going, Gone!
SOLD
1536 Waverly: $950,000
- Houston Heights
- Modern Greek Revival, c. 2006, by Casablanca Homes
- 3/2/1, 2959 sq ft on a 4400 sq ft lot
- Price at Time of Contract: $950,000
- List to Sell Ratio: 100%
- Original List Price: $950,000
- Days on Market: 1
- Title Paid By: Seller
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SOLD
607 W 9th: $849,000
- Houston Heights
- Greek Revival, c. 2012 by Fisher Homes
- 3/2/1, 2459 sq ft on a 3500 sq ft lot
- Price at Time of Contract: $879,000
- List to Sell Ratio: 97%
- Original List Price: $879,000
- Days on Market: 25
- Title Paid By: Seller
******
SOLD
1433 Waverly: $1,480,000
- Houston Heights
- Craftsman home c. 1926
- 3/3/1, 3071 sq ft on 7242 sq ft lot
- Price at Time of Contract: $1,549,000
- List to Sell Ratio: 96%
- Original List Price: $1,599,000
- Days on Market: 37
- Seller Contribution to Buyer Closing Costs: $5,400
- Title Paid By: Seller
******
SOLD
806 Oxford: $1,645,500
- Houston Heights
- Greek Revival c. 2014 by Period Construction
- 4/4/1, 4376 sq ft on a 5625 sq ft lot
- Price at Time of Contract: $1,749,000
- List to Sell Ratio: 94%
- Original List Price: $1,749,000
- Days on Market: 10
- Seller Contribution to Buyer Closing Costs: $8,000
- Title Paid By: Seller
******
SOLD
1135 Waverly: $2,060,000
- Houston Heights
- Modern Farmhouse, c. 2021, by Ansari Homes
- 4/4, 4478 sq ft on 6600 sq ft lot
- Price at Time of Contract: $1,995,000
- List to Sell Ratio: 103%
- Original List Price: $1,995,000
- Days on Market: 5
- 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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