Houston real estate market for October continues in positive direction.

Single-family home sales in Houston continue to thrive with no signs of slowing down!  Home sales are up 8% from last October and up 2% year-to-date.  The most interesting metric for October is that there is a 20% increase in pending sales.  These are sales that are under contract and scheduled to close at some time in the future.  20% is quite a boost in sales that most likely will occur in the final months of 2019.

Here’s an overview of market activity for the month and year-to-date:

Below is a table of the highest % of sales by price range for October:

Houston covers a vast metropolitan area and some areas may be outperforming the Houston overall market, some may be underperforming and some may be performing like Houston.  For an overview of how your area is performing in relation to the overall market, click here.

One interesting aspect of the Houston single-family market is the Houston Hotness Index.  This table is created by area and lists from high to low – the hottest selling areas in Houston.  The Houston Hotness Index is determined by analyzing all areas and taking the number of listings on the market at the first of the month in relation to the number of pending sales. This ratio reveals each areas’ hotness.  To view the Houston Hotness Index, click here.

With October behind us and November in full bloom, we look forward to reporting on the market activity for the last 2 months of 2019.  Stay Tuned!

 

Submitted by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene. Data derived from the October 2019 report from the Houston Realtors® Information Services in conjunction with The Real Estate Center of Texas A&M.

 

Houston Real Estate Market Surges in July

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Single family home sales rose 12% in July with 8,953 homes sales recorded.  August looks even more promising due to a 19% rise in pending sales.  As a comparison, June experienced a 13% increase in pending sales last month fueling a 12% increase in closed sales this month.  The table below is a synopsis of overall market activity for the month and year-to-date. Even though listings are up by 9% for the month, this is a better scenario than last month when they were up 12%.  If sales continue to rise, which helps to absorb more inventory – home prices are less likely to decline.

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.

T op Selling Home Sales by Price Class for 2019 YTD

  1. $200,000-$249,999 – 10,019 sales YTD – 3.5 Months of Inventory
  2. $150,000-$199,999  –   9,925 sales YTD –  2.1
  3. $300,000-$399,999  –   8,169 sales YTD –  5.7
  4. $250,000-$299,999  –   7,118 sales YTD – 4.7
  5. $100,000-$149,999  –   3,775sales YTD –  2.2

Based on the above top selling price classes, homes priced below $399,999 are in sellers’ markets, and homes above that price are in a buyers’ 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, follow this link.

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

 

 

April Brings 8% Increase in Home Sales

Houston single-family home sales in April closed 8% ahead of 2018. And even better news – contracts written but not closed went up 18%. This indicates that sales will continue to grow at least through May.  The number of listings has increased which means less home price appreciation in some price ranges.   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.

Top Selling Home Sales by Price Class for 2019 YTD

  1. $200,000-$249,999 – 4,844 sales YTD – 2.9  MOI
  2. $250,000-$299,999  – 3,389                     4.3  MOI
  3. $750,000-$999,999  – 1,215                    10.1 MOI
  4. $1,000,000 +               1,731                   12.9 MOI
  5. $400,000 – $499,999   3,097                     6.3 MOI

As you can see, homes priced below $300,000 have the lowest months of inventory, are in a sellers’ market and therefore will enjoy the highest home price appreciation.  Homes with 6.3 months of inventory are in a balanced market and those above 7 MOI are in a buyers’ 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.