Coming off a record year for Texas home sales, the state’s housing market showed no signs of slowing down in the first quarter of 2017. Texas Association of REALTORS® has released the Texas Quarterly Housing Report covering the year’s first quarter and numbers were up across the board. The report shows that sales and prices were also on the rise in the greater Houston area. Such a robust start could be an indicator that an impressive summer selling season is right around the corner.
In Q1-2017, 68,420 Texas homes were sold, which marks a 4.6 percent increase over Q1-2016. Median price for the first quarter rose all the way to $213,325, up a noteworthy 9.4 percent over the same period last year. Active listings, year-over-year, were up 6 percent, climbing to 98,399 in the first quarter of 2017. Even with the significant increase in the number of active listings, because of the high demand, statewide inventory only inched up to 3.6 months supply in Q1-2017 after being at 3.5 months supply in Q1-2016.
Houston’s first quarter was a very positive one as well, as it was more or less a microcosm of the statewide numbers. According to the report, 17,038 homes were sold in the greater Houston metropolitan statistical area (Houston, The Woodlands and Sugar Land) in Q1-2017. That amounts to a 6.7 percent increase over Q1-2016. Median price for those sold homes was $220,000, up 5.8 percent compared to the same quarter last year. The number of active listings in Houston jumped a hefty amount in Q1-2017 to 25,581. That is a 12 percent surge, or double the statewide increase! This is reflected some in the city’s inventory, as it rose from 3.5 months supply in Q1-2016 to 3.8 months supply in Q1-2017.
All these numbers point to a hot summer market on the horizon, for both Houston, and the state of Texas as a whole. Vicki Fullerton, chairman of the Texas Association of REALTORS® echoes this sentiment. “Annual gains in both sales and listing activity in the first quarter indicate that a strong summer selling season could be ahead.”
Buying or selling a home or have questions about the market? Give me a call at 713.829.3052 or email me at cynthia@cynthiamullins.com.
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