As you know, Rice Military is a hip area. It’s got tons of new construction, all the hip restaurants, bars, and small live music venues a person could crawl home from, and the proximity to downtown is unbeatable. We’ve even got a Whole Foods close by. Among all the neighborhoods in Houston, it’s the one that can boast that everything is practically within walking distance. Hip drinking holes, hip restaurants, hip cars racing up and down Washington Ave., hip people, hip houses.
Speaking of hip houses, let me throw some stats your way. You know how hip your neighborhood is, but it seems like everyone else in town has caught wind of this, as well. I was working with a buyer last week who wanted to move into Rice Military, and even though I am in front of MLS and in the neighborhood every day, I am constantly shocked at the lack of availability of houses for sale. Within the past 3 months, the number of sold townhouses has dropped by 30% (35% decrease in single family homes) while the price per square foot has increased by 4% for townhomes. The number of active single family and townhomes is currently (as of the first week of March) 37 in your entire neighborhood, but the number of pending homes is 56.
What does all this mean? Well, dear neighbor, it means that more people are wanting to move to the area than there is ample housing for. We’re experiencing multiple bids and a VERY small time on market. A 4% increase in sales prices in 3 months is almost unheard of. My advice? If you’re even considering a move, do it now!