So what’s happening locally in our Houston Real Estate Housing Market. Everyone wants to know, is it a good time to buy? Should I sell? It can be confusing with all of the news, whether it be positive or negative, who to believe, or what’s the best choice. I totally understand, I’m in the industry, and I even find myself feeling anxious about it but let’s look at the data of what’s happening so that we can make an educated decision.
First off, according to real estate experts and advisors any time when you have inventory levels, meaning the number of active homes on the market that are at least six months of inventory or below we are in a sellers market. Anytime we have inventory level the number of active homes on the market that six months and above, we are in a buyers market. It’s sorta like that supply and demand theory, when there is a lot of supply of something and it’s easy to get, you can’t sell it for more money. More often, you’ll have to lower the price in order to compete with all of the competition. But when there is a limited supply of something then the prices go up. So let’s see what inventory levels are doing here locally. Is it a good time to sell here in the Houston, Cyprus or Katy, Texas area? Well, let’s look at what happened in the month of October.
In Houston, even with low supply of inventory and the pandemic still looming amongst us, consumers were out in full force in the month of October still purchasing homes. The high-end of the market once again, registered the greatest sales, a volume increase with mid range activity on homes attracting a lot of buyers. According to the latest Houston Association of Realtors Market update, 9,287 single family homes sold in October. That’s a 29.2% increase and marks the fifth straight month of positive sales. Homes that’s 750,000 and above, surge 81.6%, homes between 500,000 and 750,000 jumps 78.4% year over year and homes between 250,000 and 500,000 which makes up the market’s biggest share of sales also achieved notable increases over last year. The single family home median price rose 11.1% of 266,685, while the average home price increased to 12.4% to 334,996. Year to date sales are currently 7.7% ahead of 2019’s record. Sales of all property types total 11,232, up 31.5% from October, 2019. The total volume rose 46.1%, totally 305 billion. I hope this information was helpful. Feel free to reach out to us at no cost or no risk for a free strategy session. I’m looking forward to hearing from you and as always I’m Natasha Carroll, have an awesome home buying and selling day.
