HOUSTON REAL ESTATE IS REBOUNDING FAST
We could all use some good news about now, so please allow me to share some from my little corner of the universe.
Days on market (DOM) continues to remain low for all price points throughout Harris & Montgomery counties. Low inventory is helping to keep price action strong, which is good news for sellers! On the flip side, many buyers are struggling to find exactly what they are wanting. When buyers find a home, priced right and in move-in ready condition, we are seeing multiple offer situations. Here's how it has broken down over just the past 7 days:
$350K & below: 915 new listings have appeared in this price point; 923 properties went under contract; and 908 sold. Of those that sold, the average DOM was just 49 days.
$400-600K: 219 new listings have appeared in this price point; 161 properties went under contract; and 147 sold. Of those that sold, the average DOM was just 54 days.
$750-1M: 64 new listings have appeared in this price point; 39 properties went under contract; and 18 sold. Of those that sold, the average DOM was 93 days.
Prior to April, when the weight from the pandemic was fully felt, home sales had been outpacing 2019’s record volume as consumers took advantage of historically low interest rates. Despite the slowdown in April, year-to-date sales are still running 1.4% ahead of last year’s level. (Data for May is not yet released.) However, expectations are high heading into the summer months. “There is definitely no lack of consumer interest in real estate, as property listing views on HAR.com are up almost 60 percent from this time last year,” says John Nugent, Chairman of the Houston Association of Realtors.
Interested in more information? Give me a call! I'm always available to talk, and would be happy to provide you with the information you need to remain informed.