Last Week by the Numbers

If you're following local housing market buzz, there is much speculation that this spring will closely resemble last year's competitive, low-inventory market. How can forecasters draw this conclusion so early? It's part economics and part historical knowledge. To some extent, the numbers reveal as much about what is not likely to occur as what is certain to happen.

With historically low inventory across Greater Houston, higher home prices, and continued migration into the area, the chances of a traditional buyer's market appear unlikely. This is not to say that buyers who time their purchase right won't find a great deal. Timing is everything for buyers who enter the market well-informed and with realistic expectations! 

While it's almost guaranteed to be a competitive market this spring, many buyers are getting an early start by shopping during the winter months. Fortunately, new listings are up by approximately 6% compared to last year. It's possible that these sellers looking to avoid the complexity and heavy traffic of the spring market. Additionally, homes are staying on the market longer than last spring's record-breaking trend of one-day on market. Nearly 7,000 open houses were held across Greater Houston this past week. 

What does all this mean? While the market is calm and somewhat sluggish at the moment, most of the data shows an upward trend from previous weeks. While not matched with their 2022 counterparts, the previous few weeks suggest that the market is beginning to warm, and we will see an uptick in activity in the coming months. Will that be in the buyer's or the seller's favor? We'll have to stay tuned to find out more. 

Check out the previous week's statistics and trend reports here!