Believe or not, the Houston real estate market finished off 2018 with a record setting $28 billion in dollar volume, which is a whopping 21.5% increase over 2017’s record volume, according to the Houston Association of Realtors’ (HAR) 2018 annual report. The $28 billion in dollar volume spreads across a total of 98,323 properties sold, inclusive of all different property types (single family homes, townhouses, condos, et. al.), putting it 3.7% above 2017’s sales unit levels. Single family home sales contributed 82,177 units out of the 98,323 properties, which is 3.8% higher than single family home sales in 2017.January 2019, however, has started off at a much slower pace, with an 8.4% decline in sales unit volume from January 2018, across all property types and all pricing segments, include the luxury home market, which experienced its first decline in 12 months. Out of the 5,011 properties sold in Houston this January, single-family homes comprised of 4,100 of those sales, which represents an 8.1% drop from January 2018’s sales unit levels – the third straight month of falling sales. Nevertheless, HAR is overall optimistic about Houston’s housing market this year, given the strong rental activity, coupled with rising home inventory levels, which will offer home buyers more property choices as we head toward to the traditionally busy spring buying season. If you are looking for a local market real estate expert to assist you with buying the right home at the best value, or to assist you with selling your home using the optimal selling strategies, then get in touch with us.
February 28, 2019 Houston Real Estate