Houston single-family home sales First Quarter 2018 closed 3% ahead of 2017. After 2 solid months of sales increases, March 2018 sold 2% fewer units than 2017, however the number of homes that went under contract in March [pending sales] increased 9%! March languished in closings but was red hot on contracts written. This is a great boost for April sales which most likely will put 2018 YTD equal to or slightly better than 2017 YTD. Stay tuned and we’ll keep you posted.
*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.
Take note that the decline in inventory [-2%] mirrors the decline in sales. Average sales price and median sales price are slowly increasing due to this inventory shortage and may continue to increase if the number of active listings continues to decline.
Houston Home Sales by Price Class for 2018
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:
- $200,000 – $249,999 – up 14%
- $250,000 – $299,999 – up 11%
- $750,000 – $999,999 – up 10%
- $400,000 – $499,999 –up 6%
- $500,000 – $749,999 – up 6%
Keep in mind that homes priced below $400,000 are in a sellers’ market with 4.9 months of inventory or less. Example: Homes priced below $200,000 have less than 2 months of inventory. Homes priced above $400,000-$499,999 are in a normal market with 6 months of inventory. Homes priced $500,000 or more are in a buyers market. 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 Gary Greene