Significant price appreciation over last year in Memorial, Memorial Villages, Spring Valley and Wilchester

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%

Wilchester                +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.

Neighborhood near Rummel Creek Elementary is an affordable gem!

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!

Union Kitchen is a treat for Memorial Pines, Long Meadows and Colony West!

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.

Memorial Villages market is healthy and steady

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!

Humming along in Hunters Creek…

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 can walk to restaurants galore

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.

Appreciation in Memorial Forest

Typical home for sale in Memorial Forest 12219 Broken Arrow

Here is an analysis I did for a client this spring.  They were looking at older homes and were concerned about resale in future years.  While I can’t predict the future, the past appreciation in Memorial Forest has been great.

Memorial Forest sold homes built before   1990

  Yr Ave Price Ave SF Ave Price/SF % change
2011 $705,458 3272 $215.80 4.80%
2010 $574,724 2791 $205.92 2.13%
2009 $591,376 2933 $201.63 -6.87%
2008 $609,653 2816 $216.50 3.84%
2007 $569,835 2733 $208.50 11.35%
2006 $532,165 2842 $187.25 17.26%
2005 $460,879 2886 $159.69

Piney Point Village is a healthy real estate market

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. 

 

 

Scenic hike/bike trail in Piney Point

Greenbay/QuailHollow/Calico

Greenbay/QuailHollow/Calico

Here is a cool and scenic hiking or biking route in Piney Point.  I was recently challenged to think of all the cool places to walk/bike in Memorial.  Several buyers …mostly move up buyers from the Heights/Rice Military area asked me if there were places to walk/bike in Memorial and if there were restaurants and places to walk to and eat……here is a great route!

Greenbay connecting path at the start of the walk…lovely and shady!