Last August, Hurricane Harvey came ashore and left thousands of homes devastated in its aftermath. Needless to say, Harvey took its’ toll in residential real estate. With the one year anniversary – Houston real estate has rebounded and no one would believe August 2018 single-family home sales would experience a 37% increase!
As a result – comparing August’s sales to last August doesn’t render a true picture of market trends. Year-to-date single family home sales are up 7% which is more indicative of how the market is trending. Also, pending sales for August experienced a double-digit increase, simply because last year, Houstonians were recovering from the aftermath of Harvey and few contracts were written during recovery.
Here’s a glance at the trends for the month and year:
*Pending sales are homes that are under contract and have not closed. Pending sales indicate the future sales trend.
Houston Home Sales by Price Class for 2018
What price ranges have experienced the largest unit increase in sales in Houston for 2018? The table below reveals the answer.
All home price ranges in the table above are in a strong sellers’ market except $300,000-$399,999 which is in a balanced market leaning toward a sellers’ market.
The Greater Houston Partnership reports that Metropolitan Houston created 101,800 jobs – a 3.4% increase in 12 months ending July 2018.
It’s the strongest 12 month growth pace since February 2015! Jobs are the #1 driver of real estate sales.
This spells opportunity for anyone wishing to sell their home! It means higher demand and less competition in the market to sell. If you’re in the market to sell your home – contact a BHGRE Gary Greene agent today for a free market analysis
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