The numbers are out for the first half of 2012 and the Memorial market has been WOW this spring. Overall price increases over last year are:
Memorial +7% (city of Houston)
Memorial Villages +9% (Bunker Hill, Hedwig, Hunters Creek and Piney Point)
Spring Valley +14%
Inventory has been and remains low.
However Tanglewood saw a 10% price decrease for the first half over last year, a result of more inventory available in the upper end homes.
Here’s the link: http://www.greenwoodking.com/images/pdf/marketreport6.pdf for the full report on the markets Greenwood King specializes in.
The neighborhoods immediately surrounding Rummel Creek Elementary include Autumn Oaks, Britmoore Oaks, Memorial Grove, Memorial Plaza, Memorial Valley and Rustling Oaks. The schools the children go to are Rummel Creek (exemplary TEA rating), Memorial Middle School (exemplary) and Stratford High School (acceptable), all part of the Spring Branch ISD.
The average sales price of the homes (those built before 2005 and excluding townhomes) sold in this pocket year to date is $503,000 ($184 psf). I think that is very affordable considering the quality of the schools and the central location.
It is a wonderful neighborhood. The residents can join the neighborhood pool Plaza Oaks offering summer swim league for the children and women’s tennis leagues during the school year. There is also an early morning neighborhood boot camp (women on MWF and men on TTH). And the Rummel Creek PTA is very active and important part of the community.
Plaza Oaks Pool
Rummel Creek Boot Camp
Rummel Creek Roadrunners
Check it out and I think you’ll agree, this neighborhood is a gem!
We have a new restaurant and bar deep in the heart of Memorial….and it has made it’s way into my heart too! Union Kitchen in the Lantern Lane shopping center has joined The Vine, Two Saints, and Empire Turkish Grill to give us so many choices at the corner of Benignus and Memorial. I love their outdoor eating area, and am so glad to see they put a bike rack out in front……very neighborly! On the next cool evening….this patio will be filled. And did I tell you the food is awesome too!
The neighborhoods immediately to the north are Memorial Pines, Long Meadows and Colony West. They stay under the radar but are really wonderful with large lots. Very quiet streets off the beaten path, homes have sold in recent years from $600,000 to $1,500,000 on lots ranging from 10,000sf to 23,000sf. There is a nice wide sidewalk that runs along Benignus that is great for walking or biking.
This is a view of the Memorial Villages market year to date. One word of caution….this is like looking at the market from an airplane…..it’s an overview. Homes in the Memorial Villages are unique, that is there are many different lot sizes, features of the lot, ages of homes, floor plans, locations, etc. Please call or email me if you are interested in buying or selling. I work in this market on a daily basis…put that knowledge to work for you!
What conclusions can we draw? Overall we have seen price appreciation and very strong activity. Lot sales have been brisk and the price appreciation has been in the lower end of the market. However, there are buyers in the upper end market actively looking; some fabulous homes have sold at substantially higher prices psf than average…..remember this is a market of unique homes.
This is an INCREDIBLE home my clients purchased this spring….warm and cozy and just right!
Inventory levels were low this spring and still are low. Older homes built before 2000 currently have less inventory (4.3 months supply) than homes built after 2000 (6.4 months supply). There is a wide range of location, lot size, age and condition of homes in these sales so please don’t look at these numbers and think your home is average. Call me if you’re interested in selling or buying in one of the Memorial Villages.
Year Sold Number sold Ave Price Price psf
All homes in Hunters Creek
2011 56 $1,492,000 $288
2012 YTD 27 $1,421,000 $284
Available 23 $2,184,000 $344
Homes built after 2000 in Hunters Creek
2011 14 $2,610,000 $356
2012 YTD 5 $2,242,000 $341
Available 8 $3,231,000 $418
Homes built before 2000 in Hunters Creek
2011 42 $1,119,000 $250
2012 YTD 24 $1,302,000 $273
Available 15 $1,625,000 $290
Hedwig Village residents are so lucky…..they can walk to so many great restaurants in addition to having convenient access to Memorial High School’s track and tennis courts. Here is a photo of Baskin Robbins and Starbucks….favorites. For restaurants, my favorites are Moveable Feast (awesome greek salad!), Southwells (great burgers and shakes), Kobe (my sushi friends love it), Russo’s (pizza), Hunan Inn (fabulous and tasty), La Fiesta (dependable tex mex) and Firehouse Subs….did I miss any?
Those who live on the east side of Hedwig Village can walk or bike to the Memorial Spring Branch library on Corbindale, lunch or dinner at Jonathan’s Rub (BYOB….and yummy burgers and salads!) or walk a little farther to Colinas, Good Company BBQ or Sweet Tomatoes.
Piney Point village has wonderful quiet neigborhood streets and tucked away cul de sacs that are very private. There are currently 26 homes on the market ranging in price from $1,075,000 to $8,900,000 (3 are over $5 million) and in the past 12 months 38 homes sold ranging in price from $635,000 to $5,150,000. That represents a 8.2 month inventory supply of homes. We consider between 6 and 9 months of inventory supply to be a “healthy” or “normal” market….balanced supply and demand …..neither a buyer’s nor a seller’s market.
I launched this blog after 2 years at my HAR.com blog. You can read my previous posts here:
My how the market has changed in that time!