Houston Market Report: December 2017
Norhill Realty January 24, 2018
So 2017 has come and gone, and 2018 will undoubtedly bring a whole new set of adventures...and hopefully another World Series win. But before we completely cast it aside to the rubble of history, let's take a look at last year's Houston Real estate data.
According to the latest report from the Houston Association of Realtors (HAR), single-family home sales for the full year rose 3.5 percent compared to 2016. For December specifically, the strongest sales performance took place among homes priced between $250,000 and $500,000.
In the city of Houston, the average sales price for 2017 rose 1.86% to $316,166. And by the end of December, a record 79,117 single-family homes had sold with a total dollar value of $23,049,934,248.
According to the Houston Association of Realtors, the 33,432 active listings in December 2017 represented a 2.2 percent decrease over December 2016. Pending sales rose to 5,413, a 24 percent increase from December 2016, and total property sales rose 4.9 percent to 8,125.
Days on Market, or the number of days it took the average home to sell, was unchanged at 62.
Months of inventory began the year at a 3.3-months supply, and while it grew to a 4.3-months supply just before Harvey, it ended 2017 at a 3.2-months supply. For perspective, housing inventory across the U.S. currently stands at a 3.4-months supply, according to the latest report from the National Association of Realtors (NAR).
Besides the terribleness that was Harvey, we had a nice little 2017 from a real estate perspective. When one compares it to 2016, we had a very good year. As we will move into 2018, we will be watching carefully the trends discussed in our 2018 Housing Trends in Houston and beyond article. With respect to Houston, Oil Prices, Interest Rates, and demand for Harvey homes will be 3 metrics to watch as we move into the new year.
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.
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