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I'M Onyi Silmon

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Houston's July Real Estate Market Update

Published August 22nd, 2019 by The Silmon Group

Houston’s Overall Real Estate Market Update

Last time I said not to worry. Well, it seems like I might  have a crystal ball because the previous month’s stagnant sales did not affect the stellar growth in July. 

According  to HAR, the Houston market set a new record with sales totaling 8,953! That is a 6.7 percent increase from the previous record set in June 2018!

The robust Texas economy right now and lowered interest rates are the impetus for the present market’s increase in sales. 

It looks like the reports of this year’s interest rate hikes are tall tale indeed. The median sale price saw another 2 percent increase in July totaling $250,000  and setting another record this month!

Inventory has seen a slight decrease from  4.3 months in July compared to 4.4 the previous month. However buyers should not be overly concerned with these numbers.  This level of inventory has not been seen since before Harvey, which is a testament to the resiliency of the Houston housing market.

What Does This Mean For You?

Buyers

  • Record sales will help you in your house hunt since inventory is still high. It is important to be aware of your preferred neighborhood niche selling climate. Staying in the know about the neighborhood makes it easier for you to make an educated decision during the offer process.

Sellers

  • Inventory increases means you need to be smart about pricing your home according to the market. Your selling timeline should guide you on your pricing range, whether that is the low, middle, or high range of the market.
  • Good news! The 2.2 percent sales price increase in July can help you make more money. If your home is a buyer’s dream then you have the option of pricing on the higher end of the market.

Guess what. I have a sellers-concierge service which can help you get offers that put more money in your pocket! Curious? Then watch this to find out more!


Houston’s Segmented Single-Family Real Estate Market

Unlike June's sales decrease in many price points, July is different. The only price point seeing a decrease is $1-150,000 price range.

The luxury market saw a significant increase in July which is a breath of fresh air from the previous month.

  • $1 - $99,999: decreased 8.2 percent
  • $100,000 - $149,999: decreased 4.9 percent
  • $150,000 - $249,999: increased 7.7 percent
  • $250,000 - $499,999: increased 16.9 percent
  • $500,000 - $749,999: increased 22.0 percent
  • $750,000 and above: increased 5.3 percent

Single family inventory is up 4.3 months from last year’s 4.1 months. Furthermore, single family home sales are at 7,453, up 10.5 percent from last year. The average sales price rose 3.0 percent to $306,243 while the median sales price increased 3.2 percent at  $240,000. 

What Does This Mean For You?

Buyers

  • If you are thinking about buying, do not wait, now is the time. Houston is experiencing favorable numbers and there is no telling how long they will last!

Sellers

  • An increase in inventory means buyers have more home options, so establish a plan with your realtor to ensure  that the look and the price of your home is competitive.
  • The luxury sector  is seeing even more competition within the market. Beat out the competition by presenting your home in the best fashion to ensure a quick sell.

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