Washington Corridor Market Update – July 2012

Norhill Realty August 6, 2012

Below you will find the most recent data on home sales and prices for the neighborhoods near the Washington Avenue Corridor in Houston, Texas, including Rice Military, Sawyer Heights, Cottage Grove, and Hogan’s Landing. If you are interested in receiving monthly Houston and Washington Corridor news updates, then sign up for our RSS feed to receive instant updates.  Or email us at info@norhillrealty.com.

Homes Sold

100 homes sold in the Washington Corridor in the month of July, 55 detached homes and 45 townhomes/condos. This is way up from the 74 units sold in July of last year.  26 of the properties sold in July were new construction.  This is up slightly from July 2011’s 23 new construction units sold. Activity in the Washington Corridor and Rice Military continue to be strong.  Long mortgage rates and a strong Houston economy have had a positive impact on home sales.

Active Listings

There are 331 properties currently on the market, 206 detached homes and 125 townhomes/condos.  In July, 127 new listings came on the market and the prices were reduced on 52 homes.  With only 4 months of inventory in the Washington Corridor, this neighborhood is leaning on the side of the sellers and home owners.  Low inventory levels typically lead to higher prices in the long run.

Home Prices

Over the past 12 months (ending July 2012), the median sales price has actually fallen about 2% to $293,500 from the same period last year (12 month period ending July 2011).  Townhouses/Condominiums median prices rose 3% to $284,750, and detached homes have fallen 1% to $315,350.Gibson-optimized-for-Blog3

The Washington Corridor is the new place to live and play in the city of Houston.  Some of the trendiest bars, bistros, and gastro-pubs make the West End their home.  The residents of this area love the close proximity to Memorial Park, Downtown, and the Galleria.  This area has seen a lot of residential and retail development over the past 10 years and this trend continue.