May HAR Report Analysis
The sales numbers for May 2017 reflect the ongoing strength of the consumer activity in the area. According to HAR the end of May 2017 sales numbers are ahead of both projections and the sales numbers we saw in May of 2016, with the greatest leap forward in the luxury market (homes at $750,000 or more), which is followed closely by homes in the $150,000 to $249,000 range.
Not only have sales increased over the same time last year, but the market has also show an increase in average sales prices, inventory, active listings, and more. Above is a chart from HAR.COM showing the comparison of numbers between May 2017 and May 2016.
What’s this mean for you if you are selling? You can still sell and since sales prices are on the rise you could get more money than you could in previous months. But always remember to keep in mind the average sales price for your market area. A great way to do that is to list it with an awesome brokerage team, such as the Lion Real Estate Group (partnered with Carrington). Lion Real Estate Group has a dedicated team of agents that can help ensure your property sells when you want by comparing current market prices with your goals. They work with you and advise you on current trends in your area!
What’s this mean for you if you are buying? Sales prices have been trending up in Houston since the beginning of 2017. If you are looking to buy now is the time to do it! Based on current trends we anticipate that prices will continue to rise, so get out there and buy now!
Leasing has also showing some improvement in demand for both single family homes and townhome/condominium properties. In May alone single family leases increased 31% and townhome/condominium leases increased a staggering 46.2%! While the leases increased though, there was a decline in the average rents. Single family home rents decreased by 4.2% ($1779) and townhome/condominium rents decreased by 6.7% ($1565).
For more information, continue reading the HAR May 2017 MLS report article located HERE.