Nationally, we have heard a lot of press about rising inventory levels. However, Rice Military, like much of the Inner Loop, continues to see very low inventory levels. Currently, there is less than 2 and half month of inventory available to home buyers. As we have seen over the past several months, low inventory tend to lead to higher prices. Let’s hope those trends continue.
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The number of home sales came back down to earth in August after a huge boom in July. There were 106 total sales in August compared to 131 in July. However, the August numbers are still up 12% from August 2012. Of those homes sold, half were under contract in less than 15 days. That’s down 87%! from August 2012.
Currently, there are 238 home available on the market, which is about what we saw last month. There were 142 new listings that came available in August. Of those, only 83 are still available for sale. The rest are either sold or under contract.
Average homes price was $414,141 during the 12 month period ending in August 2013 versus $351,717 in during the 12 month period ending in August 2012. That’s up 17% year over year.
Rice Military is the place to live and play in the city of Houston. Some of the trendiest bars, bistros, and gastro-pubs make the West End and Rice Military area their home. The residents of this area love the close proximity to Memorial Park, Downtown, and the Galleria. This hip Houston neighborhood has seen a lot of residential and retail development over the past 10 years and this trend continues.