The February numbers on the Houston Real Estate Market.
Today, I am providing an update on the Houston real estate market. The February numbers indicate that total property closings have decreased by approximately 25% compared to the same time last year, pending sales have decreased by about 11%, and total active listings have increased by almost 70%.
At first glance, it may appear that the market is significantly declining, and a surplus of inventory is available. However, it is important to analyze these figures from a broader perspective. We have experienced two years of active market conditions, and to make an accurate comparison, it is necessary to compare these numbers with those from February 2018 and February 2019. These two years were the last years of the pandemic-driven market.
“The playing field is leveling out for both buyers and sellers.”
Compared to those years, total property sales and total pending sales have increased, and active listings are lower in February of those periods. Therefore, the market is not crashing; it is normalizing and returning to pre-pandemic activity levels. It is noteworthy that sales are still occurring despite higher interest rates.
What does this mean for buyers and sellers? The playing field is leveling out for both sides. More inventory is available than in the last few years, and homes are still selling at good prices. Also, sellers and builders are offering better pricing than they have in the last couple of years.
There are more opportunities in this market and less craziness, which benefits everyone. If you would like to learn more, please do not hesitate to call or email us. We are always happy to help.
