Houston single-family home sales in February closed 5% ahead of February 2017. The increase in sales brought year-to-date sales to 7%. Houston single-family home sales YTD are giving validity to many economists’ predictions that 2018 would be the best year yet in Houston residential sales. Stayed 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 buyer demand in both closed sales and pending contracts. There is also a cooling of average sales price and a flattening of inventory. For housing affordability sake, a cooling of average sales price is a good thing yet, it can’t stay flat for long if listings don’t increase.
Houston Home Sales by Price Class for 2018
What price ranges had the most amount of increased sales in Houston in February? The following price classes experienced the largest increase in sales over February 2016:
- $750,000-$999,999 up 24%
- $500,000-$749,999 up 17%
- $70,000-$99,999 up 14%
- $200,000 – $249,999 up 14%
- $300,000 – $399,999 up 11%
Keep in mind that homes priced below $500,000 are in a sellers’ market with at least less than 5.6 months of inventory. Example: Homes priced below $100,000 have less than 2 months of inventory. Homes priced above $500,000 are in a buyers’ market with 6.8 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, 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