May experiences 3% increase in home sales.

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May single-family [new and existing] home sales as reported by HAR-MLS experienced a 3% increase in sales and 3% YTD.  It seems like the summer sales engines are gearing up for a more impressive June because pending sales for May closed with an 11% increase. This indicates that sales will continue to be healthy at least through June.

Here’s a glance at the trends for the month and year:

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

As the table depicts, listings are up 11% for May in comparison to last May, so there is a plentiful supply of inventory heading into the summer market.  Due to this increase in supply, the average sales price will rise at a much slower pace than has been seen in years past.  The highest demand prices ranges can be viewed below.

Highest % Increase of Top Selling Home Sales by Price Class for 2019 YTD

As you can see, although these homes sales by price class have experienced the largest increase in sales from 2018, they vary tremendously in terms of months of inventory.  The lower the price class, the less time it takes to sell and the higher the price class, the longer it takes to sell.  The $400,000-$499,999 is the median price class where homes below that price class are in a sellers’ market and homes above that price class are in a buyers 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

 

 

 

 

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March 2019 Single-Family Home Sales UP 5%

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March single-family home sales closed 5% more units compared to March 2018 and yet, the first quarter of 2019 ended flat with first quarter 2018. The upside is that 15% more pending sales occurred in March than last year.  Pending sales are homes under contract that have yet to close.  This rise in pending sales indicates April sales will experience a better sales month than last year.  Stay tuned and we’ll keep you posted.

Here’s a glance at the trends for the month and year:]*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

In the midst of the Spring market and as we proceed into Summer, the rise in inventory certainly gives buyers a good selection and availability of homes. The average sales price and median sales price are increasing ever so slowly and may remain at a slow pace contingent upon inventory absorption in the future.

Houston Home Sales by Price Class for 2019

What price ranges had the most amount of increased sales in Houston in the First Quarter? The following price classes experienced the largest increase in sales in First Quarter 2018:

  1. $200,000-$249,999 – up 10%  – 3.0 MOI
  2. $250,000-$299,999  – up 10%  – 4.2
  3. $1,000,000 and up  –  up    4% – 12.2
  4. $300,000 – $399,999 –up  2%  –  5.3
  5. $400,000 – $499,999 – up  2%  –  6.1

As the table indicates above, homes priced below $400,000 are in a sellers’ market with 5.3 months of inventory or less.  Example:  Homes priced below $200,000 have less than 3 months of inventory.  Homes priced above $400,000-$499,999 are in a normal market with 6.1 months of inventory.  Homes priced $500,000 or more are in a buyers’ market.  Months of Inventory [MOI in table above] is a statistic used to express how long it will take to deplete the inventory if no new homes come on the 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

 

 

 

 

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February YTD Single-Family Home Sales Up 4%

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Houston single-family home sales in February closed flat – meaning no increase or decline from last year.  Despite being flat, year-to-date sales are up 4%. The market is about to break loose for the Spring market based on February pending sales which closed up 15%.  Although the year seems off to a slow start, statistics below indicate it will wake up and run in March. Stay tuned and we’ll keep you posted.

Here’s a glance at the trends for the month and year:

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

What we’re seeing in the first two months of the year is an increase in inventory and a slowing of rising average sales prices.  This is a natural progression as inventory rises. The most positive sign is the increase in pending sales which indicates that more buyer demand is on the horizon.

 

Houston Home Sales by Price Class for 2018

The following price classes experienced the only increase in sales over February 2016:

  1. $250,000-$299,999 – up 7% with only 4 months of inventory
  2. $200,000-$249,999  – up 5% with only 2.9 months of inventory
  3. $500,000-$749,999    up 3% with 6.7 months of inventory

Keep in mind that homes priced below $500,000 are in a sellers’ market with at least 5.8 months of inventory or less as the price class declines in value .  Example:  Homes priced below $250,000 have less than 4 months of inventory.  Homes priced above $500,000 are in a buyers’ market with 6.7 months of inventory or more.  Months of Inventory is a statistic used to express how long it will take to deplete the inventory if no new homes come on the 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, CLICK HERE.

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

 

 

 

 

 

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2018 Single-Family Home Sales in Houston Increase 4%

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Although single-family home sales declined 4% in December, the year 2018 closed with 4% more home sales than 2017.  It was a great year for single-family home sales in Houston at the table below depicts.  All real estate market metrics are in positive territory with the exception of December home sales.

Here’s a glance at the trends for the month and year 2018:

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

Houston Home Sales by Price Cohort for 2017

What price ranges have the largest increase in sales in Houston in comparison to last year? The following price cohorts experienced the largest increase compared to 2017: 

Based on the entire spectrum of Houston price cohorts in the table above, homes priced $399,999 and below are in a sellers’ market.  Homes priced $500,000 and above are in a buyers’ market. You can see the difference in time on the market under “Months of Inventory”.  Months of Inventory is a figure indicating [at the current rate of sale and with no new homes coming on the market] how long it would take a home to sell in a specific price range. Generally, 6 months is a balanced market ( neither buyer or seller has the market advantage) – sellers’ market is below 6 months and a buyers’ market is above 6 months.

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

Short URL: http://tinyurl.com/y9u84bu5

April Brings 8% Increase in Home Sales

Houston single-family home sales in April closed 8% ahead of 2018. And even better news – contracts written but not closed went up 18%. This indicates that sales will continue to grow at least through May.  The number of listings has increased which means less home price appreciation in some price ranges.   Stay tuned and we’ll keep you posted.

Here’s a glance at the trends for the month and year:

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

Top Selling Home Sales by Price Class for 2019 YTD

  1. $200,000-$249,999 – 4,844 sales YTD – 2.9  MOI
  2. $250,000-$299,999  – 3,389                     4.3  MOI
  3. $750,000-$999,999  – 1,215                    10.1 MOI
  4. $1,000,000 +               1,731                   12.9 MOI
  5. $400,000 – $499,999   3,097                     6.3 MOI

As you can see, homes priced below $300,000 have the lowest months of inventory, are in a sellers’ market and therefore will enjoy the highest home price appreciation.  Homes with 6.3 months of inventory are in a balanced market and those above 7 MOI are in a buyers’ 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

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