Houston first quarter 2015 single-family residential sales closed out even with last year. Last month, it appeared that the sales velocity was slowing, however, March winds lifted pending sales 32%! The gust brought YTD pending sales to 15% more than found last year! Just when we think the economists have it right – the market proves any dire predictions wrong! It’s going to be an interesting year. Stayed tuned and we’ll keep you posted!
Here’s a glance at the trends for the month and year:
As you can see in the table above – there is only positive news in the market for both March and the First Quarter sales for 2015. Every metric is in positive territory. The most surprising, which was never true in any one month of 2014, is the increase in inventory. It appears our supply of homes has rallied to match demand.
Houston Home Sales by Price Class for 2015
What price ranges had the most amount of increased sales in Houston in March? The following price classes experienced the largest increase in sales over 2014 in February:
- $1,000,000 and more -up 25%
- $180,000 – $189,999 – up 20%
- $250,000 – $299,999 – up 18%
- $190,000 – $199,999 – up 15%
- $200,000 – $249,999 – up 11%
These price ranges are very scattered and indicate a demand for very high price classes and also those at the mid to top third of the spectrum. An unusual group, indeed!
The Top Ten Selling Price Classes show that every price class is in a very strong sellers’ market with very little inventory however, make note from previous blogs, the Months of Inventory [MOI] of all price classes were edging up by 1% in every category but now appear to be lowering by 1/10 of 1%. As March blows out and April blossoms in – we’ll see if this becomes a trend or a temporary aberration in 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, CLLICK HERE.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