Homes continue to fly off the shelves in the Washington Avenue Corridor for the month of June. Although there was a slight fall off in the number of homes sold compared to May, the median days of market remains very low with half of all homes under contract in less than 2 weeks. Prices continue to boom with the average home price up 13% from a year ago. Considering the scarcity of new land available to builders, the good times in the Washington Corridor could continue despite rising mortgage prices. See below for the rest of the numbers for June:
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With "only" 106 total sales in the month of June, sales activity was a little off from May's 124 total sales. That being said, June 2013 numbers were 23% higher than June 2012. Half of all homes sold in less than 2 weeks. An astonishing number considering the median days on market in June of last year was 48 days.
Currently, there are 233 properties active on the market in Washington Corridor, 155 detached homes and 78 town homes. That’s a little higher than the number available in May. There were 120 new listings that came available in June. Of those, only 51 are still available. The rest are under contract.
Prices continue to improve in the Washington Ave Corridor. The average home price for the 12 month period ending in June was $399,167. That's up 13% from the sale period ending in June 2012. Detached, single family homes performed particularly well. Rising 15% to $440,925. Townhomes rose 8% to $343,050.
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.