Houston Heights Market Update – June 2013

Norhill Realty July 15, 2013

The metrics for the month of June were certainly in the favor of the sellers.  Heights continues to see falling inventory levels and this appears to be having a direct impact on the number of total sales and a very positive impact on home prices.   With fewer available properties, home buyers are finding less and less desirable options and either paying higher prices for homes they like or foregoing a purchase until more homes become available. All this leads to quick sales and higher prices for Heights home sellers. Check out the numbers below for more information.

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SALES ACTIVITY

The number of total sales in the Heights continues to slide.  In June of 2013, there were 118 total sales.  That’s down 15% from the previous period in 2012.  Of those sales, 105 were detached single family homes and 13 were townhomes.  In addition to the 118 total sales, 76 homes went option pending.  Half of all homes sold in June were under contract in less than 8 days.

ACTIVE LISTINGS

As discussed above, the number of available options for buyers is way down. Currently there are 222 homes available on the market.  At this same time last year, there were 328 homes on the market.  That’s a 32% decline!  That’s good news for potential home sellers, but it certainly makes life much more difficult for home buyers.  135 new listings came available in June.  Of which, only 71 are still available.  The rest are under contract.Houston-Heights-Graph-June-2013

 

HOME PRICES

Whereas total number of sales might have declined, prices are certainly benefiting from the lower inventory levels. The average sales price in the 12 month period ending June 2013 was $375,117.  That’s up 8.3% from the same period ending in June 2012.Tulane2 (1)

Due to its affordability, location, and historic charm, Houston Heights is one of the most sought after communities in Houston. Most of the Heights was built in the early part of the 20th century. Although it is basically the center of town, back when it was developed it was known as the 1st suburb in Houston with trolley cars to downtown and ritzy boutiques along 19th street. The neighborhood went through some rough times in the 70s and 80s, but now it is one of the trendiest, family-oriented areas of town and the trendy boutiques and restaurants have returned to 19th Street and throughout the area.

The Houston Heights offers a diverse mix of old and new Victorian homes, early century craftsman homes, and newly constructed townhomes and modern developments. Subdivisions include some of the most sought after sections of Houston, including Houston Heights, Woodland Heights, Stude, Brooksmith, Sunset Heights, Shady Acres.

TOP REAL ESTATE AGENTS IN HOUSTON HEIGHTS

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