Hello BBBB Friends:
It was another wonderful week of new listings! Today, I’m highlighting five stunning residences for your reading pleasure. 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 – AUGUST 2022
My mental image of the real estate market after the epidemic is that of a rave, complete with mosh pits, blaring music, and a touch of insanity. The pattern that we are witnessing right now is more of a two-step, one that is dynamic but not as frenzied. Buyers are still drawn to shiny, brand-new listings, so they shouldn’t be complacent, assuming that they can wait for an open house to view houses or engaging in a prolonged decision-making process, given that almost half of newly listed properties are still going under contract within the first seven days of the listing’s availability. There is still a chance that a property will receive more than one offer if it is both attractive and reasonably priced. Since there are now more options available to buyers, agents are being pushed to brush the dust off their negotiation abilities in order to serve their clients in today’s market, which is still a long way from becoming a buyers’ market or even a market that is balanced.
Key findings for the Heights:
- The number of active single-family listings dipped slightly to 191, which is 4% less than July 2022 and 27% less year-over-year. Months of inventory on hand continue to hover around 2 months’ supply.
- Single-family home sales dropped 27%, with 65 units sold compared to 89 in August of 2021. On a year-to-date basis, the market is now trailing 2021’s record-setting pace by 11%.
- For homes that sold in August, 46% went under contract within the first seven days on the market. The median ‘Close to List Price Ratio’ for these sales was 100%. For the first time since February 2022, the median ‘Close to List Price Ratio’ for all sales dropped below 100% to 98.5%.
- August’s highest over-list price sale award goes to a recent construction 3-story brownstone in the Houston Heights. It sold for 7% ($65,000) 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 | AUG 2022 | AUG 2021 | CHANGE | JUL 2022 | CHANGE | |
| ACTIVE LISTINGS | 191 | 233 | -18.0% | 198 | -3.5% | |
| SALES | 65 | 89 | -27.0% | 70 | -7.1% | |
| AVG SALES PRICE | $797,022 | $711,516 | 12.0% | 898,150 | -11.3% | |
| MEDIAN SALES PRICE | $678,425 | $627,000 | 8.2% | 790,500 | -14.2% | |
| AVG DAYS ON MARKET | 26 | 55 | –52.7% | 27 | –3.7% | |
| MEDIAN DAYS ON MARKET | 11 | 14 | -21.4% | 10 | 10% | |
| CLOSE PRICE TO LIST PRICE RATIO | 98.5% | 99.6% | -1.1% | 100.0 | -1.5% |
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-AUG 2022
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 65 | 30 | 27 | 8 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 98.5% | 100% | 97.9% | 95.8% |
| SP/LP RANGE | 88.3-107.2% | 95.8-107.2% | 88.3-100.0% | 93.5-100.0% |
Source: HAR
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
400 Cordell $1,000,000
- Brooke Smith
- Neoclassical bungalow c. 1918
- 3/3/1, 2945 sq ft on 5000 sq ft lot
- Renovated/expanded in 2019
- City of Houston Protected Landmark
- 12′ ceilings down
- Reclaimed white oak flooring with Rubio Monocoat 0% VOC finish
- Exposed brick accent walls
- Lots of mature trees, including several palms
- Front and side yards provide green space
- Alley access to 2 car attached garage
- Curbed streets
- Zoned to Browning Elementary
This is the Whitaker-Graliano-Brown House. The renovation and expansion successfully combine historic elegance and contemporary convenience. Salvaged elements include a stunning antique staircase, restored wood finishes, and 3 antique chandeliers. The original hardwoods are intact and serve as the subfloor.
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1507 Ashland: $1,050,000
- 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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340 W 17th St: $1,295,000
- Houston Heights
- Greek Revival c. 2012 by Sullivan Homes
- 3/2/1, 2622 sq ft on 6120 sq ft lot
- Wrap-around double gallery porches
- Office/study
- All bedrooms up
- Screened sun-room
- Covered patio, deck with POOL/spa
- Landscaped green space in front
- Garage APT (522 sq ft, efficiency, full kitchen & bath)
- Covered back porch plus small turfed greenspace
- Alley access to 2-car detached garage
- Curbed street
- Zoned to Helms Elementary
On the south side of this block, you’ll find a series of New Orleans-style homes by Sullivan Builders. Mature trees spanning the block offer a charming streetscape. Conveniently located close to all the fun stuff on 19th & 20th Streets!
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1416 Arlington: $1,549,000
- Heights East Historic District
- Craftsman bungalow c. 1930
- 4/4/1, 3388 sq ft on 6389 sq ft lot
- Expanded/renovated in 2014
- Coffered ceilings in living areas and kitchen
- Butler’s pantry/bar with serving window for entertaining
- Office or 4th bedroom with ensuite bath down
- Primary and 2 secondary baths up with ensuite baths
- Screened back porch with summer kitchen
- Back yard with artificial turf
- Gated driveway access to 2-car detached garage
- Curbed street
- Zoned to Field Elementary
Heights High school is less than a block away. During the week, after classes and after-school activities have concluded, the track is available for use by the general public. It is also open on weekends.
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1108 Euclid: $1,899,000
- Norhill (south of 11th St)
- Contemporary/modern c. 2022 by Vintage Homes
- 4/4/1, 3818 sq ft on a 5850 sq ft lot
- Oversized waterfall island with bar seating in the kitchen
- Custom walnut bar & built-in wine chiller in the butler’s pantry
- 3/4 slider door opens to the back patio and pool
- Office or 5th bedroom down
- All bedrooms plus the office have ensuite baths
- Open game room/flex space upstairs
- POOL/spa with water feature plus small grassy area in the backyard
- Gated driveway access to 2-car detached garage
- Porte-cochere with access to house
- Curbed street
- Zoned to Travis Elementary
New construction with a pool already in place – this gorgeous home has many upgrades and features.
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This Week’s Price Reductions & Status Updates
PRICE REDUCED
724 W Melwood: $959,500 was $979,500
- Norhill Historic District
- Craftsman bungalow c. 1920
- 3/2, 1828 sq ft on 5616 sq ft lot
- Renovated/expanded 2022
- Architectural details include exposed shiplap and original brick chimney
- Laundry room w/ Chicago brick flooring
- Small green space in the rear, fenced front yard
- Renovated garage APT (425 sq ft, 1 bedroom, full kitchen & bath)
- Driveway access w/auto gate to 2 car detached ‘garport’
- Curbed street
- Zoned to Browning Elementary
The renovation added approximately 745 sq ft, including a complete primary suite with a huge walk-in closet. Open concept ‘garport’ provides space for outdoor entertaining. BTW, I love the fire engine red kitchen range.
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PRICE REDUCED
916 Arlington: $1,299,000 was $1,350,000
- 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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OPTION PENDING
307 Archer: $479,990
- Brooke Smith
- Queen Anne bungalow c. 1930
- 2/1, 1347 sq ft on a 5000 sq ft lot
- Original List Price: $499,990
- Days on Market: 50
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OPTION PENDING
511 W 10th St: $649,000
- Houston Heights
- Contemporary, c. 2020 by Topaz Ventures
- 3/3/1, 2296 sq ft on a 1769 sq ft lot
- Original List Price: $649,900
- Days on Market: 3
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OPTION PENDING
430 Arlington: $679,900
- Heights South Historic District
- Queen Anne bungalow c. 1920
- 2/2, 1400 sq ft on a 6600 sq ft lot
- Original List Price: $679,900
- Days on Market: 5
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OPTION PENDING
225 W 25th St: $925,000
- Sunset Heights
- Greek Revival, c. 2020 by Hubley Homes
- 3/2/1, 2660 sq ft on 3275 sq ft lot
- Original List Price: $925,000
- Days on Market: 2
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OPTION PENDING
2132 White Oak: $925,000
- Woodland Terrace
- Brick bungalow c. 1930
- 4/4, 3305 sq ft on a 6175 sq ft lot
- Original List Price: $925,000
- Days on Market: 5
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PENDING
1001 Aurora: $975,000
- Sunset Heights
- Colonial Revival c. 1948
- 4/3, 2682 sq ft on a 6000 sq ft lot
- Original List Price: $975,000
- Days on Market: 2
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OPTION PENDING
1339 Rutland: $1,199,000
- Heights West Historic District
- Colonial Revival c. 1920
- 3/3/1, 2319 sq ft on an 8712 sq ft lot
- Original List Price: $1,199,000
- Days on Market: 8
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OPTION PENDING
2036 Columbia: $1,200,000
- Houston Heights
- Modern Craftsman c. 2014 by Modern Bungalow
- 3/3, 3150 sq ft on a 4400 sq ft lot
- Original List Price: $1,200,000
- Days on Market: 3
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Going, Going Gone!
SOLD
928 Nadine: $560,000
- Stude (South of East Sunset Heights)
- Contemporary c. 2005 by Open Design Development
- 3/2/1, 2507 sq ft on a 3375 sq ft lot
- Price at Time of Contract: $575,000
- List to Sell Ratio: 97%
- Original List Price: $575,000
- Days on Market: 33
- Seller Contribution to Buyer Closing Costs: $4,000
- Title Paid By: Seller
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SOLD
1138 Columbia: $1,250,000
- Heights East Historic District
- Queen Anne bungalow c. 1910
- 4/3, 2603 sq ft on 6600 sq ft lot
- Price at Time of Contract: $1,100,000
- List to Sell Ratio: 114%
- Original List Price: $1,100,000
- Days on Market: 5
- Seller Contribution to Buyer Closing Costs: $25,000
- Seller Repairs: $200
- Title Paid By: Seller
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SOLD
626 E 12 1/2 St: $1,855,000
- Houston Heights
- Modern Farmhouse c. 2022 by Woodrock Homes
- 4/4/1, 4309 sq ft on 6266 sq ft lot
- Price at Time of Contract: $1,850,000
- List to Sell Ratio: 100%
- Original List Price: $1,850,000
- Days on Market: 11
- 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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