Houston single-family home sales closed out November YTD with 5% more home sales than found last year. Sales in the month of November were down 2%, however all other monthly metrics were in positive territory. Pending sales [homes under contract but not yet closed] were up 6% which is a sign that real estate sales may top the 2017 record even if ever so slightly. It is interesting to note that listings have increased by 13% so inventory is more plentiful and buyers have more to choose from than this time last year.
Here’s a glance at the trends for the month and year:‘
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:It should be noted that the price range [$150,000-$199,999] has the most number of sales of any price cohort. This very popular selling price range is only up by 1% from last year however there were 16,359 homes sold in that price range and it has the strongest demand – showing 2 months of inventory. 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 metric 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 an 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 area, 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