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

 

February Single-Family Homes Sales UP 5%

Featured

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

Houston: January Single-Family Home Sales Increase 9% over 2017

Featured

Anyone concerned about the volatility of the stock market should consider investing in residential real estate in Houston, Texas!  The first month of the year started out with a 9% increase in sales and a 7% increase in dollar volume sold. The average sales price was down 2% from last year however median price is up 4%.

All metrics for residential real estate indicate a healthy start for 2018 as can be seen in the graph below.  Most economists with a pulse on Houston real estate believe that 2018 will be one of the best residential real estate years we’ve ever seen.

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 2018 

What price ranges have the largest increase in January home 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 $499,999 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  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.

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