Washington Corridor Market Update – October 2012

Norhill Realty November 9, 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

Washington Corridor continues to perform very well with respect to sheer sales activity.  In October, 93  homes sold in the Washington Corridor, 50 detached homes and 43 townhomes/condos.  Total sales are up 35% from October 2011.  24 of the properties sold in October were new construction.   Low interest rates continue to be a driving force behind the strength of this market.  Home-buyers want to take advantage of these historic lows while they still have an opportunity.

Active Listings

There are 295 properties currently on the market, 173 detached homes and 122 townhomes/condos.  In October, 101 new listings came on the market and the prices were reduced on 51 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 30 days.

Home Prices

From the buyer’s perspective, Washington Corridor remains very affordable.  Prices have stayed pretty steady across the board.  Over the past 12 months (ending October 2012), the average sales price is up less than 1% to $356,933 from the same period last year (12 month period ending October 2011).  That being said, if low inventory levels persist, we may see higher prices in the coming months.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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