Houston Real Estate Market Gets Hotter in June!

Hot temperatures are not  the only thing hot in Houston right now.  June single-family residential real estate sales are 2% ahead of 2017. Sales may even get hotter in July due to 10% more contracts written [a.k.a. pending sales*]  in June. An increase in pending sales indicates that sales will continue to be healthy at least through July.  As one can observe from the table below – there are fewer homes on the market however buyer demand continues.  These two factors put pressure on the average and median sales prices.  Hopefully, more in inventory will become available to satisfy demand and keep homes from appreciating beyond affordability.

 

 

 

 

 

 

 

 

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

As the table depicts, listings are down 2% for June in comparison to last June, however, listings are down 3% YTD.  The average sales price and median sales price are slowly increasing and may continue to increase if the number of active listings continues to decline in high demand price ranges.  The result is home price appreciation which is a good thing for homeowners but too much appreciation can impact housing affordability.   The highest demand prices ranges can be viewed below.

Top Selling Home Sales by Price Class for 2018 YTD

  1. $150,000-$199,999 – 8,537 sales YTD – 1.8 Months of Inventory
  2. $200,000-$249,999  – 7,394 sales YTD –  3.2
  3. $300,000-$399,999  – 6,396 sales YTD –  5.7
  4. $250,000 – $299,999 – 5,273 sales YTD – 4.6
  5. $100,000 – $149,999 – 3,944 sales YTD –1.5

All of the above price classes are in a strong sellers’ market [they’re hot]!

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, 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, VIEW 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

 

 

Short URL: http://tinyurl.com/ycm4ppcf

Greater Houston Sales Report for June 2018

Every area of Houston real estate is different-  Some areas consistently outperform the Houston overall market, some perform similarly and some don’t perform as well.  Check out your area and see how it compares to the Houston overall market.

For a complete report, click here.

Short URL: http://tinyurl.com/ybs6wch9

May experiences a 1% increase in home sales

May sales hovered only 1% above 2017 – yet a more stellar metric is contracts written. 12% more contracts written [a.k.a. pending sales*]  were reported in May than occurred last May.  This indicates that sales will continue to be healthy at least through June.

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

As the table above depicts, listings are up 2% for May in comparison to last May, however, listings are down 2% YTD.  The average sales price and median sales price are slowly increasing and may continue to increase if the number of active listings continues to decline in high demand price ranges  The highest demand prices ranges can be viewed below.

Top Selling Home Sales by Price Class for 2018 YTD

  1. $150,000-$199,999 – 6,799 sales YTD – 1.7 Months of Inventory
  2. $200,000-$249,999  – 5,784 sales YTD –  3
  3. $300,000-$399,999  – 5,004 sales YTD –  5.7
  4. $250,000 – $299,999 – 4,154 sales YTD – 4.5
  5. $100,000 – $149,999 – 3,217 sales YTD –1.4

All of the above price classes, except $300,00-$399,999, are in a strong sellers’ market [they’re hot] having  4.5 months or less inventory.  The $300,000-$399,999 price range is still in a sellers’ market with 5.7 months of inventory. As you can see, the highest demand price classes above are in very short supply – and further pressure [higher demand and fewer listings] can cause serious home price appreciation in the affected categories.

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

 

Short URL: http://tinyurl.com/ybvf5joa