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