Home sales across the Houston region surged in February 2018, while local neighborhoods showed mixed results; meanwhile, local home prices rose nearly across the board and outpaced greater Houston figures according to the latest report from the Houston Association of Realtors.
According to the report, sales rose nearly 7 percent in the greater Houston area, while the average home price held steady year-over-year, and average prices saw a modest increase of 3.7 percent. Locally, sales figures ranged from a near-21 percent drop to rises near 10 percent, and prices varied from slight dips to spikes near 24 percent.
“February was a positive month overall for Houston real estate, but we really need growth in inventory to ensure that there is a plentiful supply of homes as we enter the spring buying season,” said HAR Chair Kenya Burrell-VanWormer with JP Morgan Chase.
Greater Heights/Near Northside (77008, 77009)
South of the 610 Loop, the Heights experienced the third-highest local rate of increase in properties sold, with 106 homes flying off the market in February, surpassing the 99 sold during the same month in 2017 – a 7.1 percent rise, which slightly outpaced the Greater Houston’s rate of 6.8 percent. Meanwhile, home prices rose, with both median ($463,500) and average ($514,416) figures rating greater than the greater Houston region marks of $223,000 and $276,864, respectively.
Just east, zip code 77009 saw figures to varying degrees on all fronts. The area’s home sales saw a slight uptick in February 2018, with sales closing on 65 properties last month compared to 63 the previous year. On the pricing front, the area’s average price flat-lined in 2018 at $403,692, while the 12.7 percent spike in median price — the figure at which half of the homes sold for more and half sold for less – was the most extreme in local neighborhoods, coming in under the wire at $372,000 to close out February.
Garden Oaks/Oak Forest (77018, 77092)
Up the road in neighborhoods adjacent to The Leader’s offices, Garden Oaks and Oak Forest showcased a mixed of results depending on the swath of neighborhood. In 77018 (central portion), all categories experienced major surges. Home sales rose 9.6 percent – the largest local spike – to 80 homes in February 2018, while the 10.8 percent spike in median home prices (to $440,000) came in under the wire with the second-highest rise among local neighborhoods. Not to be outdone, average home price in the area rose 21.5 percent to $526,882 as the month closed.
In the area’s western portion (77092), however, a different story emerged. Sales of homes dipped from 32 to 28 in February 2018, while the $252,434 average price during the month was a slight downturn from February 2017’s figure of $259,706.
Meanwhile, the $245,000 median home price was a modest 1.4 percent rise from this time last year.
Up the northern edge of the local area, home sales held steady, with 10 sold in February 2018, compared to 11 the year before. Accompanying the modest total was a $212,682 average home price – a 24.1 percent spike, representing the largest such increase amongst local neighborhoods. Median price was no slouch either, sporting a 10.6 percent rise to $199,000 before the month was done.
On the southernmost portion of the local area, only 63 home sales were closed in February 2018 – a 21 percent drop from the 80 such sales during the same period last year. Meanwhile, the area’s median home price figures rose 4.9 percent YOY to $425,000, and average home price skyrocketed to $538,058 – a 16.5 percent spike over 2017’s figure.