Hello BBBB Friends:
All market indicators trended down this week, with fewer new listings and contracts. Today, I’m highlighting four of the most interesting new listings. 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 – SEPT 2022
While sales through May kept pace with 2021 numbers, beginning in June, single-family home sales have fallen off dramatically. However, to add perspective, 2021 was an extraordinary year for real estate. If we use 2019 as a “normal” year unaffected by a pandemic, year-to-date sales (741) fall more in line with 2019 sales (732). With continued low inventory and higher interest rates, sales in the 4th quarter may not fare as well. In addition, the real estate market hates uncertainty, and we have that in spades with mid-term elections, inflation, and the Russia-Ukraine War.
Key findings for the Heights:
- Although the number of single-family homes for sale in September increased by 17% over the previous month, it was 12% lower than in September 2021. The months of inventory on hand increased to 2.5%-still a seller’s market.
- September sales dropped a whopping 45% year-over-year, but are in line with pre-pandemic sales for the same month in 2019.
- Median sales prices increased 14% year-over-year for September but were just 5% higher than in August.
- For homes that sold in September, only 34% went under contract within the first 7 days on market, well off the 50% plus pace experienced in April through July of this year. The median ‘Close to List Price Ratio’ for these sales held at 100%. For all sales, the median ‘Close to List Price Ratio’ jumped back up to 100% with a range of 87-114%. And yes, multiple offers are still a thing for homes that are priced appropriately and well-presented.
- September’s highest over-list price sale award goes to a charming Queen Anne bungalow in the Heights East Historic District. It sold for 14% ($125,000) 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 | SEPT 2022 | SEPT 2021 | CHANGE | AUG 2022 | CHANGE | |
| ACTIVE LISTINGS | 214 | 244 | -12% | 182 | 18% | |
| SALES | 56 | 102 | -45% | 66 | -15% | |
| AVG SALES PRICE | $879,775 | $738,384 | 19% | 797,309 | 10% | |
| MEDIAN SALES PRICE | $712,000 | $622,500 | 14% | 679,213 | 5% | |
| AVG DAYS ON MARKET | 40 | 63 | -37% | 28 | 43% | |
| MEDIAN DAYS ON MARKET | 28 | 25 | 12.0% | 12 | 133% | |
| CLOSE PRICE-TO-LIST PRICE RATIO | 100% | 100% | 0.0% | 99% | 1% |
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-SEPT 2022
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 56 | 19 | 16 | 21 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 100% | 100% | 99% | 97% |
| SP/LP RANGE | 87-114% | 96-114% | 87-100% | 89-103% |
Source: HAR
On a final note, if you missed the Norhill Home Tour yesterday, you have another opportunity to see 5 exceptional bungalows from 12-4 pm today. Pick up your tickets at Proctor Plaza or the Guidry home at 1038 E 16th Street.
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
339 W 23rd St #C: $935,000
- Houston Heights
- Modern Greek Revival, c. 2016 by Distinctive Living
- 3/2/2, 2674 sq ft on 3275 sq ft lot
- High ceilings
- Living areas on the second floor, including formal living & dining rooms, den & kitchen
- All bedrooms on the 3rd Floor
- 2 Flex rooms on 1st & 3rd floors
- Backyard oasis with POOL, large covered patio, + turfed greenspace, and mature landscaping
- Front entry 3 car tandem garage
- Additional driveway parking
- Zoned to Helms Elementary
Nice use of color and wall coverings throughout the home. The huge covered patio and landscaped yard with a swimming pool are ideal for entertaining.
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915 Heights Blvd: $999,500
- Heights South Historic District
- Bungalow c. 1922
- 3/3, 2785 sq ft on 7500 sq ft lot
- Expanded and renovated
- Formal living and dining areas
- Office/study
- 1st-floor primary suite
- 2 secondary bedrooms up
- Guest quarters (350sq ft, efficiency, full kitchen & bath)
- Landscaped front and back yards (back yard is artificial turf)
- Gated driveway access to 1-car detached garage
- Curbed street
- Zoned to Harvard Elementary
Located on the Boulevard, in close proximity to Donovan Park and Heights Mercantile, this home’s distinctive front elevation incorporates aspects of the Craftsman, Queen Anne, and Storybook architectural styles.
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203 E 26th St: $1,150,000
- Sunset Heights
- Prairie inspired, c. 2014 by Distinctive Living
- 3/2/1, 3010 sq ft on 5345 sq ft lot
- Study or formal living room
- Wall of windows in the family room provides plenty of natural light
- Island kitchen with breakfast seating
- All bedrooms up
- Large primary suite with sitting area
- Covered back porch plus yard with pool potential
- Driveway access to 2-car detached garage
- The long driveway provides additional parking
- Zoned to Helms Elementary
Take a short stroll around the corner for a cup of coffee and pastry from Angela’s Oven. Halbert Park is also just a few blocks away and offers a playground, basketball court, and tennis courts.
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726 10 1/2 St: $1,749,000
- Stude (Houston Heights)
- Craftsman inspired, c. 2019 by L&B Limited
- 5/3/1, 3835 sq ft on 6250 sq ft lot
- Open concept 1st floor kitchen & family room
- Study or 5th bedroom
- Chef’s kitchen has plenty of counter space and island seating
- Wide plank white oak flooring & high-end finishes
- Game-room
- Covered back porch with summer kitchen
- Patio with firepit plus turfed yard
- Gated front entry 2-car garage (climate-controlled)
- Front parking pad and secure driveway parking
- Zoned to Harvard Elementary
While the whole home is gorgeous, the laundry room is a standout, with three walls of countertops, a sink, and storage options.🤩
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This Week’s Price Reductions & Status Updates
PRICE REDUCED
1111 Ashland: $1,145,000 was $1,175,000
- Houston Heights
- Prairie inspired, c. 2017, by Modern Bungalow
- 3/3, 3144 sq ft on a 4400 sq ft lot
- The trim package includes crown moldings, built-ins, and reclaimed floors
- Study or 4th bedroom down w/access to full bath
- Primary bedroom with tray ceiling and sitting room
- Great primary closet 👠👠
- Covered back porch and small yard
- Alley access to 2-car detached garage
- Double parking pad in front
- Zoned to Love Elementary
The Heights Hike and Bike Trail and restaurants, including Hando, Loro, Chivos, Lola’s, and Dish Society, are just a short walk away.
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PRICE REDUCED
916 Arlington: $1,265,000 was $1,299,000
- Heights South Historic District
- Brick Craftsman Bungalow c. 1920
- 3/2, 2598 sq ft on 9900 sq ft lot
- Kitchen and bath updates
- Large single-story home
- Open concept
- Study with built-in bookcases
- Screened-in back porch
- Side courtyard with covered porch and landscaped greenspace
- Alley access to 2-car attached garage
- Front driveway for additional parking
- Zoned to Harvard Elementary
Conveniently located within walking/bike riding distance of Harvard Elementary, Donovan Park, and Heights Mercantile.
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PRICE REDUCED
711 E 19th St: $1,695,000 was $1,764,000
- Bradshaw (Houston Heights)
- Modern Craftsman home c. 2009 by Newberry-Campa
- 4/3/1, 4200 sq ft on 7350 sq ft lot
- LEED Certified
- Family room with cathedral ceiling and stone fireplace
- Two additional family rooms/home offices
- Guest room w/full bath on the first floor
- Primary bedroom and two secondary bedrooms up
- Wine room w/500+ bottle capacity
- Exercise room and dry sauna
- Low maintenance courtyard w/ drought resistant plants
- The front yard provides greenspace
- Alley access to 2-car attached garage
- Curbed street
- Zoned to Field Elementary
This home was designed in an L-shape with a courtyard and floor-to-ceiling sliding doors on two sides, opening the home to the outdoors for easy entertaining. A summer kitchen with w/pergola rounds out the back yard.
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PRICE REDUCED
325 W 17th St: $1,899,000 was $1,945,000
- Houston Heights
- Modern Farmhouse c. 2021, by IBuild Concepts
- 4/4, 3819 sq ft on 6600 sq ft lot
- Wide-plank oak flooring throughout
- Chef’s kitchen w/waterfall island & high-end appliances
- Office or 4th bedroom down w/ensuite bath
- Game room on the second floor
- Covered porch with outdoor kitchen
- Cocktail pool and plenty of turfed green space
- Guest HOUSE (385 sq ft, 1-bedroom, kitchenette & full bath)
- Front-entry garage
- A double-wide driveway provides additional parking
- Zoned to Helms Elementary
Great walkability with easy access to the Hike and Bike Trail as well as restaurants and shops on 19th & 20th Streets.
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OPTION PENDING
206 Aurora: $525,000
- Milroy Place
- Gable-Front bungalow c. 1930
- 2/2, 988 sq ft on a 4770 sq ft lot
- Original List Price: $525,000
- Days on Market: 22
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PENDING
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
- Original List Price: $950,000
- Days on Market: 1
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PENDING
1639 Arlington: $1,800,000
- Heights East Historic District
- Colonial Revival, c. 2007, by Whitestone Builders (now Aspire Fine Homes)
- 4/3/1, 4347 sq ft on 6600 sq ft lot
- Original List Price: $1,800,000
- Days on Market: 1
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Going, Going, Gone!
SOLD
430 Arlington: $690,000
- Heights South Historic District
- Queen Anne bungalow c. 1920
- 2/2, 1400 sq ft on a 6600 sq ft lot
- Price at Time of Contract: $679,900
- List to Sell Ratio: 101%
- Original List Price: $679,000
- Days on Market: 5
- Title Paid By: Seller
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SOLD
2036 Columbia: $1,220,000
- Houston Heights
- Modern Craftsman c. 2014 by Modern Bungalow
- 3/3, 3150 sq ft on a 4400 sq ft lot
- Price at Time of Contract: $1,200,000
- List to Sell Ratio: 102%
- Original List Price: $1,200,000
- Days on Market: 3
- Seller Repairs: $5,330
- Title Paid By: Buyer
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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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