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I'M Onyi Silmon

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Houston's June Market Update

Published June 20th, 2019 by Silmonadmin

Houston's Overall Market Update

Interest rates lower than predicted and employment growth in the Houston oil and gas sector. These factors are contributing to positive growth in the housing market this month.  Now is the time for buyers to take the plunge towards owning a home and take advantage of this.  

With the Houston heat coming with all its fury this summer, undeterred buyers are looking for the perfect home to lay their heads. 

According to HAR single-family homes sales increased 2.8% with 8,346 homes sold this year compared to May 2018 at 8,117.  

Additionally, there were significant increases in home sales prices, with an average sales price of 304,245, a 5.8% increase from last years numbers of 323,023

Guess what this increase is a record high for May and numbers like this have not been seen since last year!

The number of homes on the market has increased as well going up from 3.8 to 4.2 months. This represents the greatest number of homes available since August 2017 and puts Houston in line with the national average.

What Does This Mean For You?

Buyers

  •  Now seems like the perfect time given that there are multiple factors on your side:

    1. Interest rates are low right now but of course, that will not last. 

    2. The increased home inventory gives you plenty to choose from so you don’t have to play chicken with homes you fall in love with!

Sellers

  • According to the numbers, despite inventory increases it is still advantageous to sell currently. You just need to be cautious:

    1. Increased inventory means buyers will have more to choose from and value will be a deciding factor when it comes time to purchase.

  • Luckily, average home sales are maintaining an upward trend but with a decrease from last year. 

  • It is important to know the micro-statistics in your neighborhood which will help you decide the best pricing strategy to balance rising inventory.

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

Houston's Segemented Real Estate Update

The greatest increase in home sales was in homes ranging in 100k-149k, followed by the luxury home market (+750k). In the last three months, these markets are showing steady increases

  • $1 - $99,999: decreased 9.9 percent

  • $100,000 - $149,999: decreased 19.0 percent

  • $150,000 - $249,999: increased 2.9 percent

  • $250,000 - $499,999: increased 5.8 percent

  • $500,000 - $749,999: increased 6.3 percent

  • $750,000 and above: increased 17.6 percent

What Does This Means For You?

  • Luxury Home sellers’ are vying for a smaller segment of the market. Given the current market conditions, sellers should be aware of their neighborhood micro-stats to price their home competitively and ensure a fast turnaround. 



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