Bellaire, TX/Houston, TX Market Condition Report – March 2008
According to information reviewed on Houston Association of REALTORS Multiple Listing Service, there are currently 134 single family residential homes on the market in Bellaire, Texas priced from $234,900 for a 1100 sq. ft., 3 bed/1 bath home on a 8190 sq. ft. lot near a highway feeder road to a high asking price of $2,899,000 for a 9662 sq. ft., 5 bedroom/ 5 full, 2 half bath, 3 car garage luxury home on a 18,450 sq. ft. lot built in 2004. The average list price per sq. ft. is $249.39. Home sellers have forty eight luxury homes for sale for over $1,000,000 and 25 homes priced at $400,000 or less. As of 03/6/2008 home buyers have an additional 32 homes pending under contract priced from $239,000 to $1,795,000.
During the month of January 2008, 12 single family homes closed with sale prices ranging from $239,900 to $1,864,000. The average sales price per average sq. ft. was $213.24/ sq. ft.
In February 2008, 12 sales closed with an average sales price per average sq. ft. of $203.09. The low sales price was $240,000 for a lender owned 1763 sq. ft., 4 bed/ 2 bath home on a 8450 sq. ft. lot next to the feeder road and sold “as is”. The highest reported sales price was $1,425,000 for a 5 bed/6.5 bath luxury home recently built in 2006 on a 8450 sq. ft. lot.
It is presently reported that there are 5 townhomes active on the market, priced from $199,000 to $325,000. The average list price per sq. ft. is $159.89. Three sold in February and 2 are pending sale.
New construction in Bellaire, Texas is still strong and the prices are increasing due to rising building costs and lot prices. For the most part the older construction in Bellaire originated in the late 40’s and 50’s. Many of these original homes have been and are being purchased at what is considered “lot value” with the old homes being replaced with larger, new construction luxury homes.
ZIP Code: 77401
Location Characteristics: Bellaire, Texas, located on both sides of Interstate Loop 610 West, is surrounded by Houston and many subdivisions including West University Place, Southside Place, Meyerland, Willow Meadows, and Afton Oaks. It’s a very short distance to the Galleria, Reliant Stadium, downtown Houston, the Theater District, and the Texas Medical Center.
Bellaire is zoned for residential,commercial, and light industrial sections. The city is well known as a residential city. The city is well-liked for its police and fire protection, parks and recreation facilities, library, public works department, and recycling center.
Meg and Jim Zoller – The Zoller Group of Keller Williams Realty, The Metropolitan
Please view our website, http://www.finehomeshouston.com/ . Also, feel free to contact us at:
Toll Free: 800-808-6153
E-mail: Meg@FineHomesHouston.com or Jim@FineHomesHouston.com
Cells: Meg – 713-875-4844 Jim – 713-545-6338