Following a mixed bag in January, local real estate markets showed signs of strong growth in most neighborhoods in February, according to the most recent report by the Houston Association of Realtors.
HAR’s latest report indicated that four local neighborhoods – Greater Heights, Washington Heights, Northside and the western part of Oak Forest – showed a rise in sales volume, while the prices were a mixed bag across most neighborhoods. Greater Houston sales of single-family homes were statistically flat in February according to the report, with 5,280 homes sold compared to 5,265 a year earlier.
“The Houston real estate market seems to be emerging from the winter doldrums with improvement in sales volume and an exceptionally strong performance among rental properties in February,” HAR Chair Shannon Cobb Evans with Heritage Texas Properties said.
In February, Garden Oaks and Oak Forest home buyers showed roughly the same tendencies as last year with 55 homes coming off the market compared to 56 last February – a 1.8 percent dip. Though it mirrored Greater Houston trends in seeing a relatively flat sales volume, this area was one of only two local neighborhoods displaying any decline. Year to date, 76 homes have been bought compared to 80 during the same period in 2018 – a 5 percent dip.
Both average and median home prices dropped in these neighborhoods last month – one of two neighborhoods to experience that trend last month. Average prices fell 10.7 percent in February 2019 down to $471,626 – the second-largest dip in the area. Median prices were down 6.8 percent to $425,000.
On the western edge of Oak Forest, February showcased rises across the board for sales volume and final prices, according to HAR’s report.
Nineteen homes came off the market last month compared to 17 the previous year – an 11.8 percent jump. Through the end of February, 31 homes are off the market in the area – a 10.7 percent jump over the 28 sold through the same point in 2018.
Meanwhile, this neighborhood was the only one in the area in which both median and average price rose year-over-year. Average prices in this area skyrocketed 29.9 percent last month, finishing at $307,011 compared to $236,832 last February. Median prices jumped to $273,000, a 16.2 percent increase. Both figures were the largest jumps among area neighborhoods.
In the area north of Garden Oaks and Oak Forest, including part of the Acres Homes and Northside neighborhoods, year-over-year sales growth was the strongest among local areas. Buyers signed off on 12 new home purchases there last month, compared to seven the previous year – a 71.4 percent spike. Year-to-date, home sales have more than doubled compared to the same time period last year, with 21 homes having sold so far compared to 10 in 2018.
Prices showed a reversed trend, showcasing the largest local drops. Average price dipped nearly 18 percent down to $195,019, while median home price dipped from $230,000 to $184,750.
The Greater Heights was another neighborhood experiencing strong year-over-year sales growth last month, with 62 sales closing last February – a 17 percent increase over February 2018. Meanwhile, the 113 homes sold so far this year is a 6.6 percent increase from the same period last year.
Prices in the Heights were on separate ends of the spectrum. Average year-over-year home prices remained largely stagnant – rising 0.2 percent to $520,400 – while median prices showed a 10 percent dip to $422,700.
Just east of the Greater Heights, an area which includes Sunset Heights, Woodland Heights and Near Northside, home sales dipped year-over-year in February 2019. Only 32 homes sold here last month, compared to 38 the previous February. The 15.8 percent dip was the steepest local decline. Buyers have closed on 60 homes in the area through the end of February 2019, a 7.7 percent year-to-date decline.
Year-over-year average prices in this zip code rose 3.9 percent to $461,643 last month, doubling the Greater Houston area’s 1.9 percent rise. Median prices, however, showed no change, coming in at an identical figure of $407,500.
On the southernmost edge of the area, Washington Heights and Rice Military saw a 37.5 percent spike in sales volume last month, with 55 homes coming off the market compared to 40 the previous February. Year-to-date, there have been 102 homes sales in these neighborhoods – a 61.9 percent jump from the same period in 2018.
Meanwhile, average home prices here dropped 6.9 percent last month down to $499,618. Median price came in at $459,000 – an 8.6 percent year-over-year increase, which essentially tripled Greater Houston’s overall 2.9 percent rise.