Like much of the Houston Inner Loop, properties in Washington Corridor are moving very quickly. Prices are also beginning to rise. For much of the last year and the beginning of this year, single family homes and deed restricted/historical neighborhoods were getting most of the attention from home buyers. Those sectors saw a huge number of lightning sales and prices increases. Neighborhoods like the Washington Corridor, which are primarily dominated by townhomes and condos, have caught up and homes are seeing multiple offers and prices moving up even more steeply. Check out the data below for more intel.
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Home sales in the Washington Ave corridor continued at a healthy pace. There were 124 total sales in the month of Ma. That's up 33% from the same period in 2012. Half of all of the homes sold in May were under contract in less than 11 days. In May of 2012, that number was 56 days. Things are certainly happening quickly. Home buyers will need to get on their horse and act with a quickness to get the homes they want.
Currently, there are 208 properties active on the market in Washington Corridor, 143 detached homes and 65 town homes. That's about what we saw in April. There were a total of 117 homes that came on the market in May. Only 47 are left standing, the other properties are either under contract or sold.
Washington corridor is not immune to the laws of supply and demand. Prices are up considerably over the past 12 months. The average home price in Washington corridor, during the 12 month period ending in May 2012, is up 12% to $393,266. Detached homes led the way with an 14% increase, while townhome and condo prices were up 9%. If inventory levels remain tight, prices could continue to go up. If Washington corridor townhome owners are considering a move to a single family home community, now might be the time to cash-out. Only time will tell if this price trend will continue.
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.