In April, we look back at January, February, and March 2018 to assess state of Houston Real Estate for the 1st quarter. Each month the Houston Association of Realtors’ Multiple Listing Service (HAR MLS) puts out a report containing data on the preceding month. With this information in hand, we will briefly summarize market activity, trends, and comparisons with activity one year ago.
January – Per the HAR MLS report, January kicked off the new year in generally positive territory, with sales up, mixed pricing showing some uncertainty about if there was any change in housing demand from last year, and a stable supply of homes available to buyers. Sales of single family homes rose 8.9 percent. The greatest number of sales took place among homes in the $250,000 to $500,000. The number of homes for sale was the same as a year ago – a 3.3 months supply. The single-family average home price was $270,303, a decline of 2.1% from last year.
February – Houston home sales reached their 2nd positive month of the new year with a more stable luxury market. In conjunction with this sales growth, the supply of home shrunk slightly. The greatest number of sales were in the $500,000-749,990 price range. An increase in available homes should help the growth of sales in coming months. The single-family average price increased .4% to $281,925. Sales for the month for all property types totaled 6,375, up from 6,181.
March – The real Estate Market slowed slightly as 6,810 single family homes sold this year versus 6,982 in March 2017 and inventory reached the most plentiful level in 4 months, rising to 3.4%. However, average home prices reached their highest level ever for a March, increasing 3% to $292,756. The best performing segment was in the $500,000 to $749,999. The luxury market remained stable.
A chart of basic statistics for the 2018 1st quarter is below:
Other national real estate organizations and leaders have commented on the Houston market. In January 2018, Marco Santarelli, President of Norada Real Estate Investments stated “The Texas real estate market has been quiet for a little under a decade now, but the real estate market in Houston has managed to remain relatively consistent while its surrounding areas have dragged their feet. There was a time when Houston seemed immune to the highs and lows of housing cycles, and now seems to have joined the pace of the national average, but its rate of appreciation (2.8%) continues to be slightly above the national rate.”
Realtor.com cites the following possible national ‘game changers’:
- Game-changer no. 1: Supply finally catching up with demand
- Game-changer no. 2: Millennials starting to come into their own
- Game-changer no. 3: Southern houses are selling like crazy.
- Game-changer no. 4: Tax reform (maybe)
We hope this information has been of interest to you and helpful as you follow real estate activity in Houston.
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