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.

First Quarter 2018 Single-Family Home Sales UP 3%

Houston single-family home sales First Quarter 2018 closed 3% ahead of 2017.    After 2 solid months of sales increases, March 2018 sold 2% fewer units than 2017, however the number of homes that went under contract in March [pending sales] increased 9%!  March languished in closings but  was red hot on contracts written.  This is a great boost for April sales which most likely will put 2018 YTD equal to or slightly better than 2017 YTD.  Stay tuned and we’ll keep you posted.


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

Take note that the decline in inventory [-2%] mirrors the decline in sales.  Average sales price and median sales price are slowly increasing due to this inventory shortage and may continue to increase if the number of active listings continues to decline.

Houston Home Sales by Price Class for 2018

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 14%
  2. $250,000 – $299,999  – up 11%
  3. $750,000 – $999,999  – up 10%
  4. $400,000 – $499,999 –up  6%
  5. $500,000 – $749,999 – up  6%

Keep in mind that homes priced below $400,000 are in a sellers’ market with 4.9 months of inventory or less.  Example:  Homes priced below $200,000 have less than 2 months of inventory.  Homes priced above $400,000-$499,999 are in a normal market with 6 months of inventory.  Homes priced $500,000 or more are in a buyers market.  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 Gary Greene