Timbergrove / Lazybrook Market Update – May 2012

Norhill Realty June 8, 2012

Below you will find the most recent data on home sales and prices for the Timbergrove and Lazybrook neighborhoods in Houston, Texas. If you are interested in receiving monthly Houston and Timbergrove/Lazybrook real estate news updates, then sign up for our RSS feed to receive instant updates. For more information about Timbergrove/Lazybrook and to view past market updates, check out our Timbergrove/Lazybrook neighborhood information page. Or email us at [email protected]

Sales Activity

Another good month for Timbergrove/Lazybrook based on the number homes sold in May.  15 homes closed sale in May, which is higher than the previous month.  However, only 5 homes went Option Pending, which is down by 9 from the previous month.  The average days on market for homes sold in May was 52 days.

Active Listings

Inventory levels continue to decline and remain low in Timbergrove/Lazybrook, which is great news for potential home sellers.  When inventory is low (i.e. supply), and demand is elevated, home sellers usually see higher sales prices (i.e. a seller’s market).  At the close of the month, there were only 21 total listings on the market with only 4 (yes, that is 4) new listings came active on the market in the month of May.  That means there are a lot of buyers in the market (and we know this because we representing some of them now) that do not have a lot of options to choose from.

Home Prices

The average price for properties sold over the past 12 months (ending in May 2012) was $301,600.  That’s up 2% from the previous 12 month period (ending May 2011).  Timbergrove/Lazybrook, like most other inner loop area neighborhoods, has been increasing at a moderate pace since 2008.Timbergrove-home

Located just west of Houston Heights, Timbergrove and Lazybrook are two of the hottest neighborhoods for young families in Houston’s Inner Loop.  Downtown Houston and the Uptown/Galleria area are a short drive away.  Furthermore, Timbergrove and Lazybrook are conveniently located close to restaurants and bars in Houston Heightsthe Uptown/Galleria area, and the Washington/Rice Military Corridor.  For prospective buyers that are seeking close proximity to Houston’s great parks, Timbergrove and Lazybrook is home to 11th street Park, Jaycee Park, and the White Oak bayou bike trail.  Memorial Park and its great jogging trail is also nearby.  Timbergrove and Lazybrook is also home to a couple of our agents.

TIMBERGROVE HOMES FOR SALE

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