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I'M Onyi Silmon

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Houston's April Market Update

Published April 11th, 2019 by The Silmon Group

Overall Houston Housing Market

According to HAR single home sales last month were flat but that is not the case this month as sales increase 4.9% from last year’s sales. The average price for Homes also saw an increase in March of $298,766. 

Single home sales should continue to increase for the rest of the month entering into the Spring season when statistically sales tend to increase. Time will tell if this is the case or not though.

What this mean for you

  • Depending on the inventory in your neighborhood along with increased sales this is a good month to sell your home. Checking the activity in your particular neighborhood will be a driving force for you to accurately price your home. 

  • Given the current market, factors affecting your bottom line are the amount of equity currently in your home and how quickly homes are selling in your neighborhood. Taking these numbers into consideration will help you take advantage of the increase in sells this month.

Learn the tricks to have buyers vying to buy your home NOW!

Segmented Houston Housing Market

Homes ranging from $200-500k  saw the greatest increase in sales followed by the luxury market which is $750k range. Here it is in each sales category:

  • $1 - $99,999: decreased 5.9 percent

  • $100,000 - $149,999: decreased 17.7 percent

  • $150,000 - $249,999: increased 5.4 percent

  • $250,000 - $499,999: increased 9.8 percent

  • $500,000 - $749,999: unchanged

  • $750,000 and above: increased 9.0 percent

What this mean for you

  • If you are selling a home within the $100-700k range in Houston it would be to your advantage to price competitively to make sure that you are staying ahead of the market trends this month.  

  • With the current market taking steps to increase the perceived value of your home will help you capture the buyers entering the market this month. This strategy is even more important for luxury homes given the smaller segment of buyers who are able to buy in this category.

Houston’s Cautionary Tales: The Expired Market

HAR states the average days on market is 64 days which is unchanged from last year. Also, according to my analysis done by my local MLS as of April 8, there were 1,028 homes that stayed on the market and were later removed. This is an increase of 4.4% from last year. Lastly, 51% of homes sold in Houston sold within the first thirty days. 

The number of homes available in our current market has seen a slight increase from last year. Last year the inventory was at 3.8 but has increased to 3.9. This puts Houston above the national average inventory which is currently at 3.5 month supply.

What this means for you

  • Given the increase in expired homes from last year, in order to sell your home pricing and preparing your home for buyers is important to avoid making your home an unpleasant statistic.

  •  Adjust your strategy after two weeks if you have not seen significant showings. Since trends show thirty days or less is the sweet spot for the majority of home sales in the Houston market.  

  • Increased inventory is edging us closer to a buyer market while we are not there yet according to the numbers staying on top of trend within your particular nieghborhood will help you reach your goals.

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