March 2019 Single-Family Home Sales UP 5%

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March single-family home sales closed 5% more units compared to March 2018 and yet, the first quarter of 2019 ended flat with first quarter 2018. The upside is that 15% more pending sales occurred in March than last year.  Pending sales are homes under contract that have yet to close.  This rise in pending sales indicates April sales will experience a better sales month than last year.  Stay 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.

In the midst of the Spring market and as we proceed into Summer, the rise in inventory certainly gives buyers a good selection and availability of homes. The average sales price and median sales price are increasing ever so slowly and may remain at a slow pace contingent upon inventory absorption in the future.

Houston Home Sales by Price Class for 2019

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:

  1. $200,000-$249,999 – up 10%  – 3.0 MOI
  2. $250,000-$299,999  – up 10%  – 4.2
  3. $1,000,000 and up  –  up    4% – 12.2
  4. $300,000 – $399,999 –up  2%  –  5.3
  5. $400,000 – $499,999 – up  2%  –  6.1

As the table indicates above, homes priced below $400,000 are in a sellers’ market with 5.3 months of inventory or less.  Example:  Homes priced below $200,000 have less than 3 months of inventory.  Homes priced above $400,000-$499,999 are in a normal market with 6.1 months of inventory.  Homes priced $500,000 or more are in a buyers’ market.  Months of Inventory [MOI in table above] 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

 

 

 

 

Houston January Single-Family Home Sales Decline 8% over 2018

It’s been a long time since we’ve had to report a decline in sales and dollar volume sold in any given month in Houston residential real estate sales but this month is the case.  The Greater Houston Partnership announced December 18, 2018 that the Houston Metropolitan Area created 108,300 new jobs in the last 12 months and Houston has the largest employment in its’ history!  Since jobs are the greatest driver of residential real estate sales, why the decline in January?  Part of the answer is that January 2018 was a robust real estate recovery month from Hurricane Harvey.  Thousands displaced from the disaster were able to receive claims and find new homes.  Times are different now and while jobs drive housing, one metric indicates that demand for homes is still strong.  View the pending sales metric below. It rose12% compared to January 2018. Pending sales are homes that went under contract but have not yet closed.  All in all, it appears we have normal demand for homes but not as much as the recovery rebound from last year.  As the months roll by, we’ll be able to see more clearly where the market is trending.  Rest assured, strong employment is the most positive and powerful factor for home sales as we move forward into 2019.

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.

Houston Home Sales by Price Cohort for 2019

What price ranges have the largest number of sales in Houston in comparison to last year? The following price cohorts experienced the largest increase compared to 2018:

Based on the entire spectrum of Houston price cohorts in the table above, homes priced $399,999 and below are in a sellers’ market.  Homes priced $400,000 and above are in a buyers’ market. You can see the difference in time on the market under “Months’ of Inventory”.  Months’ of Inventory is a figure indicating [at the current rate of sale and with no new homes coming on the market] – how long it would take a home to sell in a specific price range.  Generally, 6 months is a balanced market [neither buyer nor seller has the market advantage], a sellers’ market is below 6 months and a buyers’ market is above 6 months.

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.

 

 

2018 Single-Family Home Sales in Houston Increase 4%

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Although single-family home sales declined 4% in December, the year 2018 closed with 4% more home sales than 2017.  It was a great year for single-family home sales in Houston at the table below depicts.  All real estate market metrics are in positive territory with the exception of December home sales.

Here’s a glance at the trends for the month and year 2018:

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

Houston Home Sales by Price Cohort for 2017

What price ranges have the largest increase in sales in Houston in comparison to last year? The following price cohorts experienced the largest increase compared to 2017: 

Based on the entire spectrum of Houston price cohorts in the table above, homes priced $399,999 and below are in a sellers’ market.  Homes priced $500,000 and above are in a buyers’ market. You can see the difference in time on the market under “Months of Inventory”.  Months of Inventory is a figure indicating [at the current rate of sale and with no new homes coming on the market] how long it would take a home to sell in a specific price range. Generally, 6 months is a balanced market ( neither buyer or seller has the market advantage) – sellers’ market is below 6 months and a buyers’ market is above 6 months.

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

Better Homes and Gardens Real Estate Gary Greene Completes Merger of Brokerage Blake Wilcox Properties, LLC

HOUSTON, November 7, 2018 /PRNewswire/ – Better Homes and Gardens® Real Estate Gary Greene (“Gary Greene”), Houston’s longest-standing real estate firm, today announced the merger with Blake Wilcox Properties, LLC (“Blake Wilcox”), a 28 agent brokerage serving the North Houston and Montgomery County markets.

From left are MarkWoodroof and Marilyn Eiland, of BHGRE Gary Greene; Emily Wilcox and Blake Wilcox, of Blake Wilcox Properties LLC. Both companies announced the merger.

“We are delighted to welcome Blake and Emily Wilcox and their team to Gary Greene,” said Mark Woodroof, managing partner of Gary Greene. “Blake and Emily are so well respected and their agents are talented and knowledgeable about the local market. Agents from Blake Wilcox will join Gary Greene’s Magnolia office located in Montgomery County.” Blake and Emily Wilcox will continue to work together as The Blake Wilcox Group under Gary Greene. The Wilcoxes are eager to begin the next phase of their real estate careers. “Our team is in great hands with Gary Greene as their philosophy is similar to our own,” they explained. “As for us, we look forward to becoming an integral part of the brokerage.”

Gary Greene is currently home to approximately 1,100 agents working from 21 offices. “We are excited about the future,” said Marilyn Eiland, co-managing partner of Gary Greene. “Our team of real estate agents are passionate about the business and their primary mission is to help individuals achieve homeownership.”

About Better Homes and Gardens Real Estate Gary Greene
Better Homes and Gardens Real Estate Gary Greene has represented buyers and sellers of residential properties since 1963. Today, with 21 offices, and over 1,100 agents covering 10 counties across the Houston metropolitan area, Gary Greene lists and sells more homes and generates higher sales volumes than any other Houston broker. To learn more about the company visit www.GaryGreene.com.

The company also specializes in the relocation of buyers and sellers nationally and internationally as a principal broker in the Cartus Network, the industry leader in global mobility. Gary Greene offers the convenience of an in-house residential mortgage loan originator, insurance and title services, preferred electricity rates with Reliant Energy and home warranty protection plans.

For More Information Contact:
Better Homes and Garden Real Estate Gary Greene
Shari L. Mattern, Director of Marketing and Communications
Tel: 1.832.295.4172
Email: shari.mattern@garygreene.com