The Memorial Villages 2016 Market Review shows a correction, as anticipated. Average price of Resales is down 12%, Average price of New Construction is down 21% and lot prices are down approximately 3% over the past year. You can compare the numbers in the chart below to my post about a year ago for 2015. The good news is that consumer sentiment is more positive….buyers are out looking, the election is past, and interest rates are likely to rise so buyers who have been on the fence have a new sense of urgency to make the move they have been deliberating this year.
Your home is just that….YOURS. Every homeowner has different needs and this family, like many today, didn’t need a formal dining room. Instead this space is now the super convenient study and homework area adjacent to the kitchen. For future resale there is a formal living room which could be the dining room. Generally entertaining style has become much less formal and formal dining rooms are not as important as they used to be to many families. I really appreciate Lillian Lehman who puts her clients first….what are their lifestyle needs? She was so helpful to my client in designing their remodel to suit their lifestyle.
Fortunately most of our markets were not overbuilt with too many speculative new homes. For the most part we are seeing normal balanced markets today with a few submarkets of oversupply. Without question there are fewer buyers in the market than a year ago but fortunately we currently don’t have an oversupply in inventory. In many submarkets prices are down a little (often to 2014 levels) but some pockets have remained surprisingly resiliant where there is low inventory.
I pulled a historical look at Memorial (MLS area 23) through the last recession. We saw individual values in Memorial fall up to 20-30% during those years even as the total averages dropped less dramatically. Of note is that it took 4 years for prices to recover previous highs and the last few years have been extradordinary. Also interesting to note is the number of homes closed in 2015 was about the same as 2009. Volume is down, we are fortunate that inventory has remained low.
Most of the submarkets in Houston are in “balanced” or “normal” inventory conditions…that means neither the seller or buyer has an advantage. Real estate is local, and will differ among submarkets and price points. Currently there are only a few submarkets that are “buyer’s markets”. Click here for a detailed snapshot of the markets Greenwood King tracks, or call me!
Great potential to remodel this mid-century modern to your taste. Or build your dream home on this lovely 15,000sf cul-de-sac lot with mature trees. Wonderful family neighborhood with mature trees in Hedwig Village. Walk to St Cecilia, MHS, Guadalajara, Ciros!
The Memorial Villages ended the year with steady sales prices, higher inventory (noteably new construction), and strong lot prices. The table above is as of December 11th. There were several year end closings of lot sales at similar prices of the yearly averages. The decline in oil price has not affected lot sales yet.
Great lot with magnificent trees in fabulous location! Sprawling ranch with lovely floor plan, light filled rooms and spacious backyard. Wonderful neighborhood with mature trees is great for walking to the park and has annual neighborhood gatherings. Great shopping and many restaurants nearby…including newly opened The Del and Bramble!
This little pocket of townhomes is a secret you need to discover. Located just off Gessner between Memorial and Briar Forest, zoned to excellent schools, and OH SO QUIET when you step into the lush backyard. This townhome backs to community HOA property that goes all the way to the bayou. And on the other side of the bayou is Crestbend….giving wonderful privacy, peace and quiet….can’t believe you are just off Gessner.
Georgian-style one-story brick home with inviting front porch. Extensively updated and meticulously maintained Memorial home in a family-friendly neighborhood great for walking. This is Memorial living at it’s finest! Lakeview is one of the loveliest neighborhoods in Memorial with mature tree canopy. It adjoins Sandalwood and together the two communities thrive as neighborhood children grow up in a large contiguous area where they can ride their bikes to friends homes and ride the school bus to Frostwood Elementary, Memorial Middle, and Memorial High.
As an interesting sidenote there is only 3 months of inventory supply in homes between $1-2 million in zipcode 77024 but 10 months of inventory supply in 77079….one is a sellers market and one is a buyer’s market. Real estate is all local.