May experiences a 1% increase in home sales

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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

 

Houston MLS Top Ten Company Ranking Report May 8, 2018

We are pleased to present the Top Ten Company Ranking Report by category according to the Houston Association of Realtors Multiple Listing Service – a.k.a.  HARIS – Information Services. We’re not afraid to tell you how we rank or how proud we are to be Houston resident’s first choice in real estate services:

Click here for a pdf.

April YTD Single-Family Sales Performance by Area in Houston MLS

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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.

Below is a snapshot of a few areas.  For a complete report on most areas, click here.

February Single-Family Homes Sales UP 5%

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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:

  1. $750,000-$999,999     up 24%
  2. $500,000-$749,999     up 17%
  3. $70,000-$99,999         up 14%
  4. $200,000 – $249,999   up 14%
  5. $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