Montrose Houston Market Update – November 2012

Below you will find the most recent data on home sales and prices for the Montrose/Neartown section of Houston, Texas.  If you are interested in receiving monthly Houston and Montrose/Neartown real estate news updates, then sign up for our RSS feed to receive instant updates. For more information aboutMontrose/Neartown or to view past market updates, click here.  Or email us at info@norhillrealty.com

Homes Sold

In the month of November, 32 homes sold in Montrose Houston.  Of the total home sales, 23 were detached homes and 9 were townhomes/condos.  Total sales are up 60% from November of 2011!  Historically low interest rates and a thriving Houston economy continue to be a driving force that has spurred activity in Montrose and throughout the inner loop.

Active Listings

48 new listings came on the market in November.  In total, there are 132 properties currently on the market, 70 detached homes and 62 townhomes/condos.  Inventory levels in Montrose continue to remain relatively low.  November inventory levels remain low.  As it stands today, there is only 4 months of inventory on the market.  6 months of inventory is typically considered a balanced market and anything less than 6 months lends itself to a seller's market.

Home Prices

From a price perspective, Montrose/Neartown has been one of the better performing neighborhoods in the inner loop  Average home prices for the 12 month period leading up November were up 2.98% to $392,550.

Montrose/Neartown is one of Houston’s most urban neighborhoods.   According to Walkscore.com, this is a walker’s paradise. Some of the great bars and restaurants in Houston are foot steps away from the hip bungalows, townhomes, and mid-rise condominium towers that dot the area.  The area is also home to some great cultural institutions, such as Anderson Fair, the Menil Collection, the Rothco Chapel, and Saint Thomas University. If you would like more information about Montrose/Neartown, give us a call at 713-869-5700 or email us at info@norhillrealty.com.