Circa's New Location & Housing Market Updates

Circa Has A New Home

We have an announcement to make! Your trusted Heights area realtors at Circa Real Estate have a new location at 603 West 11th Street, Suite 100. We have had countless fond memories at our previous offices, including some of our most notable events, where we have enjoyed celebrating special occasions with all of our esteemed clients. The members of our team will always cherish the time we spent there, but we are excited to begin Circa’s next era, where we will continue providing our clients with the same, consistent real estate expertise from our new location on 11th Street.

Single Family Homes

For the second consecutive month, sales of single-family-homes have been on a positive trajectory, rising 7.6% year-over-year from the numbers of February of 2023. The local housing inventory expanded to a more healthy 3.4 months supply from 2.5 last year. This pushes the Houston market slightly above the 3 months average nationally.

The high end market for homes over $1 million surged last month with an unprecedented 48% boost in year-over-year sales. The high end bracket only represents 3.5% of all homes on the market, but almost all other financial brackets also saw increases in sales. Homes prices between $150,000 to $250,000 were the only group to see declines in sales. Average prices for homes rose 4.1% across the greater Houston area to $400,252, while median prices rose 3% to $329,686.

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Townhomes & Condos

Similar to single-family-homes, the inventory of townhomes also grew from a 2 months supply to 4 months, which is the highest level recorded since August 2020. Average prices rose even more substantially with townhomes and condominiums to $258,587 up 5.5% from last year, and median prices shot up 8.9% to $237,500. Even with the increase in supply, sales fell 8.1% from February 2023.

Overall

By housing price, February sales performed as follows:

$1 – $99,999: increased 6.9%
$100,000 – $149,999: increased 8.9%
$150,000 – $249,999: decreased 3.8%
$250,000 – $499,999: increased 8.9%
$500,000 – $999,999: increased 18.3%
$1M and above: increased 48.0%

Due to the slight rise in home sales and an expanded housing inventory, the Houston market has had positive momentum starting out 2024 this far, and experts are optimistic about the spring homebuying season. Sales of existing homes are also up 6.6% from last year, and the average time a home spent on the market before selling decreased from 64 to 57 days. HAR Chair Thomas Mouton noted that “The increase in home sales, slight appreciation in home prices and expanding inventory, creates opportunities for both buyers and sellers in the marketplace.” However, with elevated demand, “Consumers appear to finally be pushing aside interest rate concerns and returning to the market, which bodes well for the spring homebuying season.”

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What Does This Mean For You

The real estate market has been shifting towards a more balanced state in 2024. The rise in average home prices gives sellers the opportunity to make a bit more off their homes in the current market, while an increased housing inventory gives buyers more options and a better chance of finding their dream home. With experts predicting that mortgage rates could fall below 6% it is possible that the market may shift more towards a buyer’s advantage in the later half of the year, but striking now while the market is still in a balanced state is the safest option for both buyers and sellers alike. Predictions sometimes change, so when you have questions about buying or selling a home, the experts at Circa Real Estate will be here to help at our new home on 11th Street.