As we head deeper into spring here in Houston, buyers will love all the inventory that’s available. This is the time of year when sellers are putting their properties on the market, so you’ll have many choices to pick from.
On the other hand, homebuyers may hate all the competition this inventory is sure to generate, especially those in the price point between $250,000 and $350,000—properties in this range are being snatched up quicker than anything else. That means if you see something you like, you’d better put an offer on it now.
The weather doesn’t look as though it’s going to get any cooler, so remember when you’re out shopping for homes to wear comfortable shoes, drink plenty of water, and wear sunscreen. The Houston heat can really sneak up on you.
Whether you’re on the market this season or planning to enter it later in the year, you need to make sure that you’re ready to make a move when the time comes. It’s a complete myth that you need to put down 20% when purchasing a property; you can put as little as 5% down on a conventional loan or just 3.5% if you qualify for an FHA loan.
Earlier this year, I wrote a book called “How to Buy a House In Houston, Texas,” and I’d be happy to send you a copy if you’re interested in getting prepared for any market in any season.
Starting at 1:38 in the video above, you’ll see a few charts that will tell you how each category has changed in terms of percentages from last year to this year. Single-family homes reached a 3.9-month supply in March 2019, which is up from a 3.3-month supply in March 2018—this marks the greatest supply of homes we’ve had since October 2018. For perspective, housing inventory across the U.S. is currently at a 3.5-month supply, according to the latest report from the National Association of Realtors.
Home prices reached their highest levels ever this March. The median price increased 2.1% to $240,000. The average price rose 2% to $298,766.
At 64 days, the days on market, or the number of days it took the average home to sell, was completely unchanged from last year.
Townhomes and condos still remain a challenging segment of the Houston housing market. March brought us our seventh straight month of declining sales, dropping down 9.2% to 555 units sold, as compared to the 607 units sold just a year earlier. The average price was statistically flat at $211,241, while the median price rose 2.8% to $174,750. Inventory grew from a 3.6-month supply to a 4.4-month supply.
Whether you’re a buyer or a seller, if you’d like more information about what’s going on in our market, feel free to reach out to me at any time. I’d love to speak with you.