If you believe the doom, gloom, sensationalized industry news, spam messages, and misinformation, you might be led to believe that the Houston housing market is suffering due to the decreasing price of oil.
Allow me to set the record straight. 2014 was a year unlike any other in our city’s history, as far as the real estate market goes. Are we starting to feel a slight return to normal? Yes. But Houston, we do not have a problem.
I’ve heard people report from within this industry that we are quickly approaching a buyer’s market. I’m not sure where these people are getting their information. According to HAR’s report that came out March 11, 2015, we still only have a 2.7 month supply of single family homes listed for sale.
Townhomes are sitting pretty, with a 10.6% rise in the number of sales from last year, and the average price rose 12.2%, reaching a record high!
Here are a couple of additional stats that confirm that the market isn’t sinking into the abyss:
· Single-family and townhome prices both reached a record high in February.
· Single-family days on market decreased to 59 from 64 (citywide – this may differ from neighborhood to neighborhood) from this time a year ago.
The feeding frenzy that we saw last year may have passed, as buyers have become slightly more tentative. We’re not typically seeing 10 offers in the first 24 hours a home is listed anymore, but multiple offers still exist at times. It’s still a mighty strong market.
For more information, please visit: http://www.har.com/mls/dispPressRelease.cfm?MONTH=03&YEAR=15&utm_source=HAR+Membership&utm_campaign=
Source: har.com