The Housing Market Demystified
Are you curious about how recent changes in the real estate market could affect your long-term financial goals, and what you can do to take advantage of those changes? Today, I'll dive into single-family home stats for Houston & Surrounding areas from a Buyer & Seller standpoint.
1) Home sales have fallen 18.3 percent year-over-year, but don't freak out just yet! We're seeing a gradual return to normalcy. Compared to pre-pandemic 2019, sales are actually up 13.0 percent.
- Sellers: You may need to adjust your expectations and pricing to meet market demand.
- Buyers: This could be your chance to swoop in and buy a home at a lower price with less competition
2) Days on Market (DOM) rose from 38 to 62 days
- Sellers: This means your home may take a bit longer to sell!
- Buyers: This may signal a softer market, giving you more time to make decisions and negotiate offers.
3) Average price remained flat at $408,647
- Sellers: This means you can expect consistent pricing trends in the market.
- Buyers: This could mean fewer opportunities for price negotiation.
4) Months of inventory was 2.7-months supply, up from 1.1 months a year earlier.
- Sellers: Similar to DOM above, this means increased competition and potentially longer wait times to sell
- Buyers: This shows we're slowly moving towards a buyer's market (6+ months supply is considered a buyer's market), with more options and potentially lower prices.
Don't let the market stats scare you. Whether you're buying or selling, there are opportunities to be found and I'm here for you. If there is anything in the world that I can help you with, don't hesitate to reach out.
If you made it this far, here's a joke as a reward:
What do you call a real estate agent who only sells treehouses? A real branch manager.
P.S. I sourced data from our local MLS for the month of March.
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