Houston Market Report: February 2018
Norhill Realty March 27, 2018
Houston home sales enjoyed another positive month in 2018, and after three months of declines, stability returned to the luxury market. Inventory levels did decline slightly in February, which will offer less options to home buyers. However, it could help bring higher prices into the Spring for home sellers.
According to the latest report from the Houston Association of Realtors (HAR), single-family home sales for the full year rose 5.3 percent compared to February 2017. Homes priced between $500,000 and $750,000 experienced the strongest sales activity.
The single-family home median price rose 1.4 percent to $226,200 – the highest median ever for a February. The average price rose very so slightly to $281,945, a 0.4 percent gain.
According to the Houston Association of Realtors, the 33,939 active listings in January 2018 represented a 2.2 percent drop from February 2017. A lot of homes went pending in February. Pending sales rose to 6,912, a 11.1 percent increase from February 2017, and total home sales rose 3.1 percent to 6,375.
Days on Market (DOM), or the number of days it took the average home to sell, decreased slightly from 67 to 65 days.
Inventory fell from a 3.4-months supply to a 3.2-months supply year-over-year, its lowest level since December 2017.
All-in-all, we are off to a good start in 2018. The market is relatively balanced between buyers and sellers. However, falling inventories could tip the scales in favor of sellers. That being said, we will see a seasonal increase in supply in the Spring, which could help to bring balance and provide more options to home buyers.
Norhill Realty provides expert real estate services to residential buyers and sellers in Houston and surrounding communities.
Contact us today for more information on Houston real estate and for professional assistance navigating this sometimes complex home market.
**Quick note. For the past several years we have posted the home price figures based on a year over year average, rather than month to month results. Although, we think that is a better representation of the state of the market, we have decided to adopt HAR's approach to sales price reporting. This change has been made primarily for technical reasons rather than any philosophical change. We just wanted you know if you see had a question regarding the new charts.
Norhill Realty and the MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Twelve-month totals may vary from actual end-of-year figures, due to individual changes to MLS records. This data is for informational purposes only and should not be the sole piece of data used in the evaluation of a buy or sell decision. Consult with a Realtor to evaluate any particular property so you can determine how the market relates to that property.
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