Washington Corridor Market Update – July 2012

Homes Sold

100 homes sold in the Washington Corridor in the month of July, 55 detached homes and 45 townhomes/condos. This is way up from the 74 units sold in July of last year.  26 of the properties sold in July were new construction.  This is up slightly from July 2011?s 23 new construction units sold. Activity in the Washington Corridor and Rice Military continue to be strong.  Long mortgage rates and a strong Houston economy have had a positive impact on home sales.

Active Listings

There are 331 properties currently on the market, 206 detached homes and 125 townhomes/condos.  In July, 127 new listings came on the market and the prices were reduced on 52 homes.  With only 4 months of inventory in the Washington Corridor, this neighborhood is leaning on the side of the sellers and home owners.  Low inventory levels typically lead to higher prices in the long run.

Home Prices

Over the past 12 months (ending July 2012), the median sales price has actually fallen about 2% to $293,500 from the same period last year (12 month period ending July 2011).  Townhouses/Condominiums median prices rose 3% to $284,750, and detached homes have fallen 1% to $315,350.