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:
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