We all want to know how West U home prices are performing, and the Houston Chronicle has recently published their annual neighborhood report for home sales in Houston. They reported just 52 house sold in West U. However, a quick search of the Houston MLS shows over 200 closings in West U during 2011. HUH???? Why are these statistics so misleading?
The problem with the Houston Chronicle statistics is that they are not reporting numbers for the entire City of West University Place, they are reporting only on those sales in the subdivision actually called West University Place.
West U is divided up into a squadrillion of tiny "subdivisions". Of course each townhome complex is its own subdivision, as is common throughout Houston proper. But in West U, the legal subdivision names can change on a street-by-street or block-by-block basis. The situation is complicated because some of these tiny subdivisions can extend out beyond the city limits.
Here is a fairly comprehensive list of West U subdivisions... Academy TH, Annapolis Court, Arnold St, Belle Court, Belmont Ave T/H, Bissonnet Place, Brompton Terrace, College Court, Collegeview, Colonial Terrace, Cunningham Terrace, Evanston, Fairhaven, Matthews Place, Montclair, Monticello, Pemberton, Pershing Place, Preston Place, Quenby Court, Tangley Terrace, Rice Court, Sunset Terrace, Virginia Court, West University Place, Westchester Court, Wroxton Court and Wroxton Square. Apologies if I left anyone's subdivision off the list, but you get the idea!
So to get a feel for the true state of neighborhood sales, you have to sum all those tiny subdivisions together.
My own research shows the following...
- In 2011, 228 single family homes were sold on the Multiple Listing Service in the two cities of West U and Southside Place.
- The average price of a home in West U was $924,675 up 6.6% from last year.
- The average Sales Price per Square Foot was $263.52, up 5% from last year.
- The average Days on the Market was down to 77, or about two and-a-half weeks faster than last year.
- On the average, a home in West U sold for 96% of its asking price, roughly unchanged from last year.
- The cheapest home in West U sold for $275,000 in 2011. The most expensive sold for $2,758,490.
In conclusion, many of these real estate yardsticks are showing that the West U market has tightened in the last year. In fact, our supply of listings, currently standing at 160, is too slim for my taste. West U is a great community, and many people want to live here. So call us, if you want the inside track on West U home prices!