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].
Washington Corridor continues to perform very well with respect to sheer sales activity. November was actually better than the previous month with 102 homes sold vs. 93 homes sold in October. Of the 102 properties sold 49 were detached homes and 53 were either townhomes or condos. Year-over-year total sales are up 92% from November 2011! That’s a huge jump. Low interest rates and a robust Houston economy continue to be a driving force behind the strength of this market.
There are 267 properties currently on the market, 167 detached homes and 100 townhomes/condos. In November, 82 new listings came on the market and the prices were reduced on 44 homes. Currently, there is just over 3 months of inventory in Washington Corridor. These low inventory levels have led to relatively low marketing times and less showings for sellers. Half of all homes sold in October sold in less than 21 days.
From the buyer’s perspective, Washington Corridor remains very affordable. Prices have stayed pretty steady across the board. Over the past 12 months (ending November 2012), the average sales price is up less than 1% to $356,902 from the same period last year (12 month period ending November 2011). That being said, if low inventory levels persist, we may see higher prices in the coming months.
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.