HAR just released the Fresh Report detailing the high points of the Houston Market at the close of February!
Right off the bat we see property values still holding at 3.5% higher than last year. March through May are always the highest volume selling quarter of the year so it should be interesting to see if the market holds this 3-5% increase we've been seeing over last year as we see the total sales volume ramp up.
New listings are approaching a multi year high at 31,298 and I think the reason for the build of the inventory is from two things:
1.) Total buyer demand has definitely reduced from the 2020-2022 market. Tens of thousands of people moved here from other states at that time.
2.) Homeowners will always have life events and changes pushing them to move, despite possibly having a phenomenal mortgage rate.
The challenge these sellers are facing is that the rates are not so rosy for new buyers and consumers are definitely being more discerning with the available options...and yet, prices are still up 3.5%. This means it is absolutely critical to prepare the home for sale to appeal to the maximum number of people and price it correctly to maximize the traffic on the listing, which generally leads to selling for the highest possible price.
I am looking forward to another robust spring quarter of home sales. This next 3 months is the historical "best time" to sell a home at the highest value of the year thanks to the buyer demand.
If you're thinking about moving, please reach out to me to talk about your Real Estate goals and I'll help you achieve them.
