Washington Corridor Market Update – August 2012

Norhill Realty September 7, 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

91  homes sold in the Washington Corridor in the month of August, 48 detached homes and 43 townhomes/condos. This is way up from the 75 units sold in August of 2011.  23 of the properties sold in August were new construction.  This is up from the 17 new construction units sold in August of last year.  The activity in the Washington Corridor neighborhoods continues to be strong.  Low mortgage rates and a strong Houston economy are probably contributing factors.

Active Listings

There are 337 properties currently on the market, 193 detached homes and 144 townhomes/condos.  In August, 142 new listings came on the market and the prices were reduced on 69 homes.  With only 4 and a half months of inventory in the Washington Corridor, this neighborhood is leaning on the side of the sellers.  Low inventory levels typically lead to higher prices in the long run.

Home Prices

Over the past 12 months (ending August 2012), the median sales price is up 4% to $305,000 from the same period last year (12 month period ending August 2011).  Townhouses/Condominiums median prices rose 4% to $289,900, and detached homes have risen 1% to $320,000.BRC.DSC_9280

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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