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%

Featured

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

Houston Single-Family Home Sales Up 6% for the year.

Featured

Single-family home sales in September experienced a 6% decline over last September however, paradoxically September YTD home sales are up 6%.  The  YTD increase is more indicative of how the market is trending.   Even though the single-family market sounds a little flat, one metric indicates there is still a little wind left in the sails for 2018. Pending sales in September experienced a 9% increase and indicates that October may show an uptick in closed sales activity.

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

*Pending sales are homes that are under contract and have not closed.  Pending sales indicate the future sales trend.

Houston Home Sales by Price Class for 2018

What price ranges have experienced the largest unit increase in sales in Houston  during 2018? The table below reveals the answer.

All home price ranges in the table above are in a strong sellers’ market except $300,000-$399,999 which is still a sellers’ market but trending toward a normal market whether neither buyer or seller has an advantage.

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, go to www.GaryGreene.com.

The Greater Houston Partnership reports that Metropolitan Houston created 101,800 jobs – a 3.4% increase in 12 months ending July 2018.

It’s the strongest 12 month growth pace since February 2015!  Jobs are the #1 driver of real estate sales.

This spells opportunity for anyone wishing to sell their home!  It means higher demand and depending upon price range, less competition in the market to sell.  If you’re in the market to sell your home – contact a BHGRE Gary Greene agent today for a free market analysis

 

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 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

 

 

House Hunting is Like Playing Detective

The joys of house hunting makes you feel like shopping right! Except in buying a home you want to know everything about it, all the secrets, what’s in the closet or behind the door? When you find the house you really start digging and it can be really strange. To start with forget about feeling weird, it’s smart to do your investigation upfront to avoid hidden issues on the backend.

Here are somethings you really must do:

Poke Around the Closets

You need to make sure there is enough room for all of your belongings. So opening all closets and storage areas to make sure there is enough space for all of your items.

Bathe in Bathroom

Spend more than a minute in the bathroom. Make sure all of the plumbing works and turn on the faucets to check the water pressure. Low pressure can indicate problems with the plumbing.

Stick Your Head in the Attic

Give the attic a thorough investigation and come prepared with a flashlight. You will want to look for molding wood. Your hope is the attic generally clean.

Meet the Neighbors

The best way to get to know the neighborhood directly is by talking to the actual neighbors. You will hopefully get valuable information about the area and learn more about your “potential” next door neighbor.

Investigator and Inspector

Whatever you discover during your sleuthing, you should follow up on whatever makes you suspicious. Public records often make this job easy.

Don’t Let Closing Costs Take You By Surprise!


When you start your home search it is like the start of a race and you don’t cross the finish line until you have “closed.” Seems easy right, you show up, sign some papers and they hand you the keys to your new home. You need to keep in mind that in addition to the down payment, moving cost, inspections and other items that come up before the closing you need to have a bit of money set aside for any cost that might come up at closing.

CLOSING FEES
This includes all the “paperwork fees” required to close the loan—like title services, title insurance, credit reports, and processing fees.

APPRAISAL
Your mortgage lender will probably ask you to pay for an appraisal to make sure that the house is worth what you paid for it.

PROPERTY TAXES
You will be required to pay taxes each year on your home. Many lenders roll into your monthly mortgage payment or you can pay separately.

PRIVATE MORTGAGE INSURANCE (PMI)
Required if your initial down payment is less than 20% of the home’s price, you will be required to carry private mortgage insurance (PMI) to protect the lender.

INSURANCE
You will also be required to have a homeowner’s insurance policy to cover your house (and personal belongings).

ESCROW
Escrow accounts also known as “prepaids” will usually include pro-rated amount to cover payments for property taxes, assessments, homeowners insurance and, if applicable, mortgage insurance.

HOA DUES
Buying a townhome, condo or highrise will mean becoming a member of a homeowners association (HOA). HOA’s require you to pay their monthly (or yearly) dues for services they provide. Fees can be as low as $10.00 a month to $1,000 or higher depending on where you live.

REPAIRS
Most homeowners end up making at least a few repairs to their new home (even if it’s brand new). Budget a few hundred dollars to cover any move-in emergencies that pop up.

UTILITY DEPOSITS
Finally, don’t forget that you’ll need to transfer utilities—or start services with a new company, which may require a deposit.

For advice or assistance ask a Gary Greene agent.

Thinking About Listing Your Home?


Are you ready to downsize or upsize to a new home. Or maybe you finally want to address some of those home projects you’ve been putting off. After this is not just any home, it is your home.

If you want to make a move now is the perfect time to get your home ready to put on the market. With the help of a Gary Greene agent to make sure that your current home or a brand new home is exactly the way you want it. Below are some easy no nonsense ways to stay ahead of the game so your house is ready when you want to make a move.

DE-CLUTTER AND CLEAN

De-cluttering is one of the most cost-effective ways to create more space in your home. And a clutter free home shows very nicely to potential buyers. Also consider setting up regular cleaning to keep your home in “show shape”.

STAY AHEAD OF HOME MAINTENANCE

Home maintenance may not seem as exciting as decorating but it is critical in protecting the investment you have made in your home. Create a checklist and every month check things out to avoid unexpected emergencies and cost.

PAINT

An inexpensive and easy way to spruce up a room or the entire house is to repaint. If you are unsure about colors, pick out a few cans of sample paint and paint the wall and see which color you like best. You can also paint a room yourself or hire someone to do it for you. There are lots of self-help resources online for those looking to DIY.

If you need any advice you can always count on a Gary Greene agent to help you! Give us a call. We are here for you.

10 Winter Break Activities for Kids

With the school year quickly approaching winter break, it’s now up to the parents to plan a fun-filled vacation that will leave the kids talking about it for months to come. We have compiled a list of 10 winter break activities that will assure your kids have a wonderful story to tell.

  • Enjoy a hayride through College Stations famous Santa’s Wonderland.
    It’s not too late to squeeze in a performance of The Nutcracker Ballet or another holiday show.
  • Go ice skating indoor at The Galleria, or if you’re into the cold weather visit the outdoor rink at Discovery Green.
  • Visit local museums and art centers. Check online for free admission days/times.
  • Spend the day at an area farm, like Old MacDonald’s Farm – where kids can ride the train, play in the hay barn, and enjoy the petting zoo.
  • Watch a movie bundled up with hot chocolate at Discovery Green.
  • Take a day trip to a nearby town, like Brenham to see the Blue Bell Ice Cream Creamery.
  • Participate at The Woodlands Children’s Museum for Winter FUNcation.
    Watch a holiday movie at your local theater; don’t forget to call in advance for early bird rates.
  • Schedule a photo with Santa, if you have not already