Market Conditions for Montrose in Houston, Texas Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group of Keller Williams Realty, REALTORS May 2008.

Montrose Real Estate Activity

Based on information provided by The Houston Association of Realtors we saw the following activity in Montrose last month: There were 10 single family homes sold in April in the Montrose market area with prices ranging from $296,500 to $592,000; averaging $175.86 per square foot. There were 21 town house/condos sold in the Montrose market area during this same period with prices ranging from $72,000 to $540,000 for an average of $148.78 per square foot.

Currently there are 57 active available single family homes for sale in Montrose with list prices ranging from $254,000 to $2,199,000 and 18 properties option pending, pending continue to show and pending sale.

There are 100 active available town house/condos in the Montrose market area with prices ranging from $79,900 to $779,900 and there are 20 properties option pending, pending continue to show and pending sale.

Montrose Residents Continue to Enjoy Stable Property Values

Montrose market area residents continue to enjoy stable property values as reflected in the following data provided by the Houston Association of Realtors. There were 9 single family homes sold in March 2008 with prices ranging from $235,000 to $920,000; averaging $186.80 per square foot. There were 20 town house/condos sold in the Montrose market area during this same period with prices ranging from $62,000 to $451,000 for an average of $139.69 per square foot.

According to data provided by the Houston Association of Realtors, there were 121 single family homes sold in 2007 with prices ranging from $105,000 to $890,000; averaging $171.51 per square foot. There were 167 town house/condos sold in the Montrose market area during this same period with prices ranging from $43,000 to $646,000 for an average of $135.77 per square foot.

ZIP Codes: 77002, 77006, 77007, 77019, 77098

Approximate Location Boundaries – Montrose Area of Houston

Montrose subdivision is generally bound by Highway 59 to the south, Allen Parkway to the north, Bagby Street to the east and Shepherd to the west; Montrose market area boundaries expand beyond the subdivision.

 

Montrose Location Characteristics

Originally pronounced as if it were two words, that is, “Mont Rose”, Montrose is generally bound by Highway 59 to the south, Allen Parkway to the north, Bagby Street on the east and Shepherd to the west. The Museum District is located in the southern part of Montrose and many bars & restaurants, thrift/vintage/second-hand shops, eclectic boutiques and small galleries maintain the unique flavor of this part of the city.
Initially envisioned as a planned community and/or streetcar suburb and dating back to the early 20th Century, Montrose comes with the most distinctive character of eccentricity and diversity in Houston. It is one of the prettiest areas with renovated mansions, bungalows with wide porches and cozy cottages lining shady boulevards where people can walk and cycle easily. There is even a small pocket of homes called Courtland Place where all of the houses are listed in the National Historic Registry. Other surrounding neighborhoods include Westmoreland, Avondale and Cherryhurst, all generating a Southern, cozy atmosphere. Townhouse/Condos and Lofts are very prevalent in the Montrose area as well.

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Note: Due to the large volume of homes sold, I usually need two months to compile data. So in May, I’ll be using March data, obtained from the Houston Association of Realtors.

Mortgage Company and Loan Problems

To date, the mortgage company and loan problems you have been reading about have affected Houston housing much less than most other areas of the country. The year 2007 was the second best year in Houston on record based on the HAR stats. Total property sales were lower in 2007 than in 2006, but total dollar volume was a record high. So in a nutshell, less homes were sold, but for more money.

Sales Decline BUT Prices Increase

This trend has continued in 2008. March 2008 total property sales declined 17.3 % from March 2007, the seventh straight month of decline. The good news is that in Houston the March 2008 average sales price increased over last year by 2.0% to $208,105.The median price which is a price where half the homes sold for more and half sold for less was $151,000, the same as March 2007.

Townhomes and Condos – Down in Solds and Sales

Townhomes and condo sales were down in total sold and sales prices. In March 2008, the average sale price was $159,012, a 9.7% decline from last year. The number of units sold declined by 8.5 % from last year, however this was the highest level since August 2007.

Houston Housing Market is Stronger Than Other Areas of the Country

In closing, the Houston housing market is still stronger in pricing than other areas of the country, although the foreclosures, sub prime lending problems and rising costs of gas, food, etc. have affected us. Our employment numbers and cost of living are considered some of the best in the country. In Houston, in recent years, you have been able to purchase a home for less than in many other cities and the value has increased. According to the National Association of Realtors, Houston’s current median sales price for a single family home is $151,000, compared to the national average of $193,900. We had the second best year on record in 2007. This indicates the great value of living in Houston. If your credit is good and you look on the bright side, this mortgage mess has caused interest rates to decline, making this a good time to buy.

Local Houston Characteristics

Known as both the Bayou City and Space City, Houston was founded in 1836 and named after General Sam Houston. With a population of close to 2 million, it’s the 4th largest city in the United States. The city has been a dynamic center of business since the early 1900s and is also the leader in space technology, being home to NASA and the Johnson Space Center. The port area is thriving and connected to the city by the Houston Ship Channel. Other well known areas are Interstate 10’s Energy Corridor, the Galleria, and the world class Texas Medical Center. Houston’s feel is diverse, with both a high rise skyline and waterways like the Buffalo Bayou, which winds through the city.

Recently, downtown Houston has been transferred into a dynamic area of the city for both entertainment and residential living. Many new lofts and townhomes have been built in and near downtown and other buildings have been converted from commercial to residential use.

Houston has major league football, baseball, basketball ( men’s and women’s), and soccer teams, as well as AHL hockey. It also has separate horse and greyhound racing tracks.

For the theatre lovers, Houston is one of the few cities that has permanent ballet, orchestra, opera, and theatre companies.

Houston offers most everything you could possibly desire in real estate.

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