Houston Heights District Market Report January 2009

By
Real Estate Broker/Owner with Signature Real Estate TREC# 516948

houston-heights-0061

Real Estate Market Statistics for Houston's Heights District:

Active on the Market

There are currently 138 total properties for sale asking an average of $198.85/SF priced as low as $154.9k all the way up to $1.35M. Over half of the current inventory for sale (54.3%) are new construction homes. On average , active listings have been on the market for 139 days. Just three homes in the neighborhood are bank foreclosures.

Pending Sales

As of the writing of this article, there are 24 properties that went under contract in January, at different stages of the transaction (i.e. pending inspection, pending but taking backups, pending closing). The average asking price of the homes that went under contract is $190.79/SF priced as low as $192k all the way up to $899k. On average , pending sale listings have been on the market for 88 days. Just  two pending sales were bank foreclosures.

Sold

A total of 8  properties were sold during January at an average of $163.33/SF with sales prices ranging from $140k all the way up to $485k. Just one of the sold properties in The Heights during January was a new development. On average , sold listings have been on the market for 61 days. Twenty five percent of the solds were bank owned properties.

The current absorption rate for Houston Heights is 6.7 months - that is, it would take about 7 months to sell all the current inventory at the rate homes have been selling in the neighborhood over the past year. This statistic demonstrates that while it is trending towards a neutral market, it remains a buyer's market at least for the moment. On average, sold listings fetched 98% of asking price, which shows that when priced correctly, homes in The Heights can get pretty close to asking even in this market. Something to keep an eye on is the disparity between asking prices and pending (or sold) prices on a per square foot basis. As it stands right now, asking prices are about 4% higher than the prices of homes that are going under contract. This might be just to allow some room for negotiation, but in this environment, Sellers cannot afford to price above market because they risk chasing the market down.

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