Washington Corridor Market Update – May 2012

Norhill Realty June 8, 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 [email protected].

Homes Sold

94 homes sold in the Washington Corridor in the month of May, 58 detached homes and 36 townhomes/condos.  This is way up from last May, which only saw 73 total sales.  24 of the properties sold last month were new construction, which is unchanged from the number of new construction sales posted in May 2011.  This could be good news for existing construction home owners that are ready to put their homes on the market.  With less new construction available on the market, the less the owners of older homes have to compete.

Active Listings

There are 309 properties currently on the market, 191 detached homes and 118 townhomes/condos.  In May, 71 new listings came on the market and the prices were reduced on 53 homes.

Home Prices

Over the past 12 months, the median sales price for detached properties has risen about 1% to $298,900 from the same period last year.  Townhouses/Condominiums median prices rose 2% to $285,000, and detached homes have fallen 3% to $314,900.Gibson-optimized-for-Blog3The 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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