Midyear look at Houston’s real estate market
As the temperatures begin to heat up, so does Houston’s real estate market. According to the May MLS report released by HAR (Houston Association of Realtors), April singlefamily home sales saw a
7.8 percent increase over the same time period last year. That marks the biggest increase of 2019.
At the same time, housing inventory in the Houston area also grew to its highest level since September, with a 4-month supply.
This is great news for newcomers who will be making their way to the Bayou City during the busy summer homebuying season, as more inventory means more choices.
Lisa Gregory, a broker associate with Coldwell Banker United, Realtors, said that Houston has a very robust housing market that offers many opportunities for people who are relocating here.
“When you look at the Houston economy, there are indicators that tell us that we are going to have a strong year,” explained Gregory. “There are improving oil prices, low unemployment rates, and continued low interest rates.”
She added, “Those continued lower interest rates provide exceptional opportunities for buyers, and for sellers, because lower interest rates can give buyers who are coming in a larger buffer for what they're able to spend on a house.”
Likewise, she explained that it is important for people who are new to Houston to understand that real estate is local. That means that it is local to the area or neighborhood in which a property is located.
Thus, Gregory said that her job is to interpret the data about the market for her relocation clients, so that they understand that the market varies from area-to-area. This means that certain areas and properties might move at a faster pace.
“Five of the homes that I listed in The Woodlands over the past eight weeks have sold within the first week on the market and had multiple offers. So, If the market in The Woodlands continues as it is now, we're in for a very strong summer.
“Real estate, like everything else, is supply and demand. So, I’m hoping we will see more inventory come on to the market as school comes to an end, because we have really been moving properties,” said Gregory.
She also does a lot of business in Galveston, which she said offers its share of opportunities for people interested in buying a first or second property.
“Galveston has always been a strong draw for homeowners as a second home, and also because of the rental potential. The Galveston market has been exceptionally strong, and I've had listings sell within the first week on the market. So, it’s interesting to see that both The Woodlands in the far north of our area, and Galveston in the far south, are both robust markets right now,” Gregory said.
And for people who might be relocating overseas, she said that leasing their properties instead of selling has become a popular option, due to the strength of the rental market in various locations.
Keith Brown is a realtor associate with Martha Turner Sotheby’s International Realty. He echoed Gregory’s remarks as to the pace at which the housing market is moving in different areas of the city, and what that means for people who are relocating.
“If I am working with a buyer who is interested in The Heights, or someone who is looking in a really hot market, I tell them that they shouldn’t start looking too early, because the properties they see are not likely to still be there when they are ready,” Brown explained. “So, I always try to make people aware that when looking in a hot area, that we need to be quick to respond when they find something
According to the May MLS report released by HAR (Houston Association of Realtors), April single-family home sales saw a 7.8 percent increase over the same time period last year. That marks the biggest increase of 2019.
they like.”
He said that if someone has a little bit of time before they will actually be moving to Houston, that it is best to send them a sampling of the listings that are available that meet their criteria. This gives them an idea of the types of homes that are on the market in a particular area.
But, Brown added that the best way to truly get a feel for a neighborhood, is by seeing it in person.
“Every neighborhood, and even every block in the neighborhood, has a different kind of feel, and could have a higher or lower price point. That is something that is sometimes a little difficult to explain to someone who is not familiar with the market.
“The Heights, Montrose, and Midtown are all good neighborhoods, but they are all very different and have a different feel. So, with my relocation clients, I just have to get them out there to see the different areas,” said Brown.
Michelle Sandlin is an award-winning writer, journalist and global mobility industry expert. Follow her on Facebook: www.facebook.com/ The Michelle Sandlin and on Twitter: @MichelleSandlin. Also visit “On the Move” at blog.chron.com/onthemove.