Houston single-family home sales in April closed 7% ahead of 2017. And even better news – contracts written, and on schedule to close increased 15% in April. This indicates that sales will continue to be brisk, at least through May. Inventory [# of active listings] is the only metric lagging behind. The lack of inventory, particularly in high demand price ranges, could prevent an increase in sales as we enter the summer. 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.
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.
Top Selling Home Sales by Price Class for 2018 YTD
Below are the highest number of sales by price range seen year to date:
- $150,000-$199,999 – 5,092 sales YTD
- $200,000-$249,999 – 4,300
- $300,000-$399,999 – 3,663
- $250,000 – $299,999 –3,064
- $100,000 – $149,999 – 2,508
All of the above price classes, except $300,00-$399,999, are in a strong sellers’ market having 4 months or less inventory. The $300,000-$399,999 price range is in a sellers’ market but not as strong of a sellers’ market with 5.2 months of inventory.
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