March Market Report
The Houston Association of Realtors recently released their monthly report on the real estate market in March. According to the report, “single family home sales rose 3.8% year-over-year in March, with the most activity taking place among homes priced between $250,000 and $500,000.” The luxury market (Homes greater than $500,000) experienced a 7% gain in March after a decline in home sales was observed in February.
Home prices reached a record high in March for Houston with a 6.5% increase from last year, topping out at $276,837. Further, days on market in March 2014 resided at 60 days, while March 2015 shed 7 days off that number coming in at 53.
Breaking it Down
Months of inventory is the estimated time it would take to deplete the current active housing inventory based on the last 12 months of sales. This figure gives us an idea at how quickly homes are moving in the marketplace.
In March 2015, the HAR MLS reported 2.8 months supply, which is significantly lower than the national average of 4.6 months of inventory. Record high home prices and a bustling spring market will help any sellers thinking of jumping into the “I need to sell” arena.
“If you are thinking about selling, now is a great time to have a discussion with your Realtor. Your swift decision making abilities could net you thousands of dollars now as opposed to waiting for sometime in the future.”
The Kink Team deals with properties of ALL shapes and sizes. We provide our services to folks looking to lease a home, sell undeveloped lots of land, buy a home for the family, or sell a multi-million dollar estate. No real estate need is ever too small. Give us a call today and we will walk you through the process from start to finish!