Below you will find the most recent data on home sales and prices for the Montrose/Neartown section of Houston, Texas. If you are interested in receiving monthly Houston and Montrose/Neartown real estate news updates, then sign up for our RSS feed to receive instant updates. For more information aboutMontrose/Neartown or to view past market updates, click here. Or email us at [email protected]
January was a pretty good month. There were 31 total sales in Montrose. That’s a 107% increase from January of 2012. We were a little down in the number of sales in December, so we may have had a few of those December sales spill over into the new year. Generally, it is a good idea to close prior to the new year so you can be in the house on January 1st so you can qualify for your Homestead exemption.
Half of all properties sold in January were under contract in less than 32 days. Like most of the Inner Loop, tightening inventories have resulted in some very short days on market, which is good news for Montrose and Houston home sellers.
There are 106 homes currently on the market in Montrose, and 40 new listings came on the market in January. Of those new listings, 29 of the properties are already under contract. Furthermore, 15 of the listings currently on the market have lowered their price.
Lower inventory levels continue to help push prices upward. Home prices rose 5% from the end of January 2012 to the end of January 2013. Detached homes performed particularly well. Rising 8% to $462,738 during that same period. Inventory levels appear to be having an impact on pricing. If things continue, it could be a very good year for the Montrose and Houston markets.
Montrose/Neartown is one of Houston’s most urban neighborhoods. According to Walkscore.com, this is a walker’s paradise. Some of the great bars and restaurants in Houston are foot steps away from the hip bungalows, townhomes, and mid-rise condominium towers that dot the area. The area is also home to some great cultural institutions, such as Anderson Fair, the Menil Collection, the Rothco Chapel, and Saint Thomas University. If you would like more information about Montrose/Neartown, give us a call at 713-869-5700 or email us at [email protected]