HAR Reports on November 2017 Houston Real Estate Market Results
The Houston Association of Realtors (HAR) releases a monthly sales report on the past month’s sales figures in the Houston area. This information can help you know more about real estate sales trends and more, if you’ve been thinking about buying or selling a home. (HAR will issue its 2017 real estate sales report summary in January 2018.)
Houston Real Estate Highlights from November 2017
The Houston area real estate market remains vibrant with home sales prices reaching the highest levels ever for the month of November.
One fact HAR reports is the average number of days homes sold that month were listed on the market before selling. The November 2017 report shows the average number of days on the market for the month increased by 4 days compared to November 2016.
Pop Realty has listed and sold in less than 10 days, homes in the Heights, Cottage Grove, and Spring Branch. Of course, not every home sells so quickly because so many factors are involved.
- Single-family home sales continued their post-Hurricane Harvey comeback as volume rose 7.4 percent year-over-year with 6,184 units sold;
- Single-family home sales remain 3.3 percent ahead of 2016’s year-to-date volume;
- Days on Market (DOM) for single-family homes increased from 57 days in November 2016 to 61 days this November;
- Total property sales increased 4.9 percent with 7,270 units sold;
- Total dollar volume jumped 8.4 percent to $2.0 billion;
- The single-family home median price rose a fractional 0.3 percent to $225,725, which represents a November high;
- The single-family home average price increased 0.9 percent to $284,250, also the highest level for a November;
- Single-family homes months of inventory grew year-over-year to a 3.7-months supply, but is down from a 4.3-months pre-Harvey peak – the result of a surge in consumer demand for housing;
- Townhome/condominium sales fell 3.0 percent, with the average price down 5.4 percent to $196,546 and the median price down 3.2 percent to $158,100;
- Leases of single-family homes rose 6.8 percent with the average rent up 2.1 percent to $1,763;
- Volume of townhome/condominium leases jumped 20.1 percent with average rent down 0.5 percent to $1,498.
Each month, we check HAR’s report for the latest trends. When you’re ready to learn about your favorite neighborhood’s results, we’ll dive into the details for you! Click here to call us for a complimentary custom consultation about buying or selling a home in Houston in 2018!