Greater Houston home sales slowed slightly in November, but that trend did not extend to local neighborhoods as home buyers saturated The Leader area and kept the market humming.
Area housing markets all showcased a year-over-year spike – from 11 percent to as high as nearly 200 percent – while pricing displayed a mixed bag of results according to the most recent report from the Houston Association of Realtors. The sales market ran contrary to the Greater Houston market, but largely mirrored its pricing trends.
“The Houston housing market remains on track for another record year, which was an almost unimaginable concept when the year began on the heels of so much devastation from Hurricane Harvey,” HAR chair Kenya Burrell-VanWormer with JPMorgan Chase said in a statement. “As 2018 draws to a close, we see slow but steady growth in the supply of housing as well as a strong job market, which together make for a healthy real estate climate.”
November was kind to the area’s northernmost neighborhoods, which has been a steady trend since the calendar flipped to 2018. Home sales in Garden Oaks and Oak Forest jumped nearly 22 percent, with 56 closings last month compared to 46 the previous year. Year-to-date, the market has outstripped last year’s pace, seeing 625 closings as opposed to 535 through the same point in 2017 – a near 17 percent increase according to the HAR report.
Year-over-year, the pricing market took a hit. Average price dropped nearly 9 percent to $443,503, while median prices saw their figures decline almost 21 percent (to $356,500) before the month was done.
The western edge of Garden Oaks/Oak Forest and just west of U.S. 290 was one of the outliers among local neighborhoods, with jumps across both sales and pricing in November.
Sales saw a relatively slight jump, with the 24 sales slightly outstripping November 2017’s mark of 21. To date, the area is in line with its 2017 pace – 223 sales compared 224 through the same juncture last year.
On a pricing front, median figures jumped almost 8 percent year-over-year, coming in at $250,000 to end November. Meanwhile, average home prices stayed relatively flat year-over-year, rising 1.4 percent to $256,863.
Moving on down to the Heights, a similar trend emerged, with all markets experiencing a rise across the board. Seventy-nine home buyers closed in the area in November 2018 – an 11.3-percent jump from the 71 sold last year. Through the end of November, the market is slightly ahead of last year’s pace, with 939 total sales. The mark represents a 4.1-percent spike compared to last year.
Average price in the Heights remained fairly steady year-over-year, with a modest 1.9-percent jump to $572,478. Meanwhile, the area’s 12.6-percent spike in median price represented the second-largest increase in The Leader’s coverage area.
An area which includes Woodland Heights and Sunset Heights saw the second-biggest sales spike. Fifty-five buyers closed on homes in this market last month compared to 32 the previous November – a 72-percent increase. Year-to-date, there have been 523 sales in the area’s neighborhoods, representing a mark nearly 16 percent ahead of last year’s pace.
On the pricing front, average price saw a miniscule dip (0.4 percent) down to $502,350, while the 17.9 percent median price drop – down to $402,000 – was the second-largest among local markets.
On the southernmost edge of The Leader’s coverage area, the southern Heights and Washington Heights experienced a mixed bag. The area’s 34-percent spike in sales – from 50 last November to 67 in 2018 – was the second-best among local neighborhoods, while there has been a year-to-date 3.3-percent jump compared to the end of November 2017.
Agents saw average sales price dip nearly 8 percent year-over-year in this area down to $554,222, while median prices remained steady with a modest 1.1-percent increase to $444,000 by month’s end.