Washington Corridor Market Update – December 2012

Norhill Realty January 8, 2013

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 [email protected].

Homes Sold

With 89 total sales in December, the activity levels for Washington Corridor were unchanged from the same period last year.  Also, they were slightly down from October and November.  That being said, 2012 was a great year for this neighborhood. Total sales were up 15% from the 2011.  Low interest rates and a robust Houston economy continue to be a driving force behind the strength of this market.

Active Listings

There are 241 properties currently on the market, 150 detached homes and 91 townhomes/condos.  In December, 65 new listings came on the market and the prices were reduced on 21 homes.  Of those newly listed homes, 20 are already under contract. Currently, there is less than 3 months of inventory in Washington Corridor.  Half of all homes sold in December sold in less than 41 days.

Home Prices

Low inventory levels tend to lead to higher prices.  In 2012, the average sales price of all properties sold rose 3% to $369,135.  Townhomes prices performed particularly well, rising 3.94% to $332,847 from $308,120.  If inventory levels continue to remain low, 2013 could bring increased prices and quick sales for sellers in Washington Corridor.BRC-blog

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.

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