Houston single-family home sales lost minimal sales velocity from October [8% increase] to November. The 7% increase kept sales up 3% for the year. Pending sales rose 18% in November indicating December will close out the year better than 2016! All metrics for residential real estate indicate a healthy market as can be seen in the graph below.
*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.
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 2016:
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 $400,000 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], a 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