Tanglewood high end inventory has dropped significantly

 

 

 

 

 

 

 

This red, blue and green bar graph tells the story. In the $2,000,000 to $3,000,000 single family price range in Tanglewood the red bars are homes available for sale…..inventory has dropped significantly. The shorter blue and green bars at the bottom represent homes sold and under contract in each month in this same price range….there was quite a number of homes that went under contract and sold at the end of the year.

This is a general overview of the market.  Please call me for a detailed analysis if you are thinking of buying or selling.

Lots, Lots, and not alot to spare

11403 Dunbeath

823 Lochtyne Way

 

Houston is seeing a rebound in the lot market.  Older homes that are not updated are selling in desirable areas quickly as builders purchase them for new construction.  Often they will be marketed as “Single Family at Lot Value”.  These homes appeal to two markets:  1) the buyer who gets into a neighborhood and wants to fix the home up overtime to meet their needs, and 2) the builder/user who wants to tear the house down and build a custom or spec home.  Prices are rebounding as well as the inventory is extremely low.  That may change quickly as owners recognize prices are back to and above 2007 levels and NOW is a good time to put your home on the market.  Low inventory and plentiful buyers often translates into multiple offers and brings the highest price for a seller.  In today’s market there is every reason to expose your home to the market to get the highest price.  I recently saw two comparable lots sell:  one privately not on MLS and the other on MLS.  The one on MLS achieved approximately 8% more than the private sale, well over the commission paid to the listing broker.  One of my roles as a listing agent is to help the seller through the selling process and make it as easy as possible.

Both these Memorial Village homes pictured above are listed as “Single Family at Lot Value”.  For more details click here for:   11403 Dunbeath ($800,000)   and    823 Lochtyne Way  ($795,000).

Also, here is a link to Metrostudy’s Houston market report for 2012 where Mike Inselmann also mentioned this shortage of lots:  Houston Housing Market 2013