Houston single-family home sales closed ahead of April 2016 by 3% and the increase in sales brought year-to-date sales up 6%. What is even more interesting is that the Houston MLS recorded a 15% increase in sales pending which indicates that May sales will remain in positive territory. April was not as robust of a sales month as March however, April did top March in terms of average sales price and an increase in inventory. As we have seen in previous years – the hotness of the market is contingent upon price ranges. Some home price ranges are hot while others are resting on simmer. Also the current performance doesn’t necessarily guarantee future results but it certainly looks extremely healthy for the rest of the year! Stayed tuned and we’ll keep you posted.
Here’s a glance at the trends for the month and year:
Houston Home Sales by Price Class for 2017
What price ranges have the largest increase in sales in Houston in April? The following price classes experienced the largest increase compared to 2016:
- $1,000,000 and over – up 24%
- $250,000-$299,999 – up 19%
- $300,000-$399,999 – up 18%
- $400,000 – $499,999 – up 11%
- $500,000 – $749,999 – up 11%
The $1,000,000 + buyer has made a resurgence after this price class languished over most of 2016. It’s a sign of a healthier market, not just in that price class but in the overall market.
A word of clarification on the $1+ million increase in home sales: Months of Inventory for homes priced $1 million and up is higher than last months’ 11.8 months and it is currently at 12.2 months. Price ranges at $400,000 and above are all in a buyers’ market and homes priced below $400,000 are in a strong sellers’ market.
The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries. Some areas are exceeding Houston’s overall growth in sales while others are lagging behind. For a breakdown of activity by area with a map, CLICK HERE.
To see the hottest selling geographical areas for the month in Houston, CLICK HERE.
To search for homes by price range and map, go to www.GaryGreene.com.
Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene