Hot or Not? | November 2018 Market Update
It’s the fall of 2018. So Houston Real Estate Market Hot or Not?
Let’s look at the numbers:
- Houston sold 300 more single-family homes this October than it did October of 2017 to total of just over 6700 homes sold.
What did that do to the average sales price? Well I’m glad you asked!
- The month of October actually had its all-time highest average sales price at just over two hundred ninety four thousand five hundred dollars and a lot of this is due to an increase in the luxury homes sold.
- Those are houses $750,000 or more which saw a 12 percent increase from this time last year.
- Home inventory is actually up seven percent to just over 41,000 single-family homes on the market and if you look at the by foreclosure to
maybe flip electric cash in your pocket.
- Just know there’s a ton of competition because foreclosures only represent 1.8 percent of the entire real estate market.
All right time for hot-or-not! Lets review the hot areas around Houston and the not so hot areas. This is actual metric put out by the Houston Association of Realtors.
So these are the top hot areas around Houston:
- Near North area
- North area
- Pasadena area
- Highway 6 North
- Alief area
- East area
- Clear Lake area
- Cyfair area.
These are the not so hot areas:
- Memorial area
- Central area
- Central West area
- Southwest area.
Again this doesn’t mean that these places are bad place to live, it just means that they have a higher amount of inventory on the market and they tend to sell much slower than the hotter areas mentioned.
Alright diving into the interest rates. So the 30-year fix is hovering around five and a quarter and the 15-year conventional fix is hovering around 4.75 or so. We definitely continue to increase and should expect another increase coming up in December as the feds get together to potentially raise interest rates again.
Alright so here’s the rundown:
- Houston’s in a seller’s market and we’re above last year but not every area of Houston is selling like hotcakes.
- Interest rates have been climbing and are expected to go up even more in the next couple months.
- Finally the east side of Houston’s tend to sell a little bit faster than many of the west and central areas of Houston.
Hey guys that’s it for the Houston real estate market update. Be sure to check out our blog or YouTube channel for other great videos and if you need some help moving in Houston give us a call, we’ll be happy to help you make your next move a smooth one.