This information is sourced from the Houston Association of Realtors MLS Report for November, 2015. We cut out the filler to give you the facts. See the full report here.
Quick Look
- November 2015 saw home sales decline for the second straight month. The holiday shopping season and continued strains in the energy industry are both likely contributors to these figures.
- Single family home sales slid 10.5 percent to 4,595, amounting to 540 less than 2014.
- Average price fell 3.5% year-over-year this November, marking the first price decline since February 2012.
- The new average price for a single family home is $262,064.
- The luxury home category saw sales decline 22% over last November.
- Only homes in the 150-250k price segment experienced positive sales volume, increasing 5.7%.
- Average Days on Market (DOM) rose slightly to 55 versus 54 the year prior.
- With slower sales, our low inventory scenario we saw in 2014 is starting to balance out again.
- Last November we experienced a 2.7 Months of Inventory (MOI) compared to this year’s 3.4. The current national MOI average is 4.8.
- Months of Inventory (MOI) – Assuming no new listings are added to the market, MOI is the amount of time it would take to deplete the supply of all current homes on the market, based on the rate of average sales over the past 12 months.
Single Family Homes, Year over Year
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Single Family Home Sales totaled 4,595 in November, down 10.5 percent from November 2014.
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Average price fell 3.5% year-over-year this November, marking the first price decline since February 2012.
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Broken out by housing segment, November sales performed as follows:
$1-79,999: decreased 28.6%
$80,000-$149,999: decreased 21%
$150,000-$249,999: increased 5.7%
$250,000-$499,999: decreased 9.1%
$500,000 and above: decreased 22%
Townhouse/Condominium Update
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Sales of townhouses and condominiums dropped 10.3 percent in November.
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Total of 424 units sold compared to 474 in October the year prior.
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Average price dropped 9.3% to $183,884.
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Inventory grew from 2.4 months supply to 3.2.
Lease Property Update
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Demand for single family lease homes rose 7.5% in November, while town homes and condominiums jumped 8.1%.
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Average rent for a single family home rose 1.9% to $1,707 while the average rent for town homes and condominiums remained unchanged $1,527.
What does it all mean?
- Seasonal variations can account for a portion of the decline in home sales on November, but falling oil prices are also likely contributors to a weak November this year versus last.
- Traditionally, the market experiences a fall slowdown and a springtime rush.
- As inventory begins to balance itself, buyers will begin seeing the upper hand in most price points as supply continues to rise.
- For information on local market activity in The Woodlands, head to our Market Research Center.
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Click Here to view the full report as generated by the Houston Association of Realtors.
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