Houston Heights Market Update – May 2013

Norhill Realty June 11, 2013

Yep!  The Heights real estate booms continues unabated.  However, inventory continues to be a big problem as active home listings continue to decline.  It is certainly a good time to be one of the few people that decided to list their home in May. Prices continue to rise and multiple offers and lightening sales are the norm. Check out our market break-down below.

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SALES ACTIVITY

The brakes have been tapped a little bit after a roaring April.  Total sales in May were off 6% from the May 2012 total.  Of the 123 homes sold in May, half of all properties were under contract in less than 9 days.  Whether the decline in activity is a function of lack of attractive inventory or active buyers in the market is any one’s guess.

ACTIVE LISTINGS

Currently, there are 192 active listings on the market.  144 new listings came on the market in May.  Of those new listings, 92! are already under contract.Houston-Heights-Graph-May-2013

HOME PRICES

Year-over-year, median home prices are up 4.68% and average home prices are up 2.78%.  With inventory levels less than 2 months, we would expect price increases to continue in the near to medium term.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.

SELLING A HOME IN HOUSTON HEIGHTS

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