The end of the year may be approaching, but home sales are hardly slowing down in local neighborhoods.
Year-over-year October sales trends in the area saw increases in four of six local zip codes. Changes ranged from a nearly 22 percent downturn around Washington Heights and Rice Military to a nearly 27 percent spike in the 77092 zip code, which includes the western portion of Garden Oaks, Oak Forest and Mangum Manor, while pricing trends saw an overall increase in local neighborhoods according to the latest monthly report from the Houston Association of Realtors
In relation to 2018 sales numbers, HAR’s report indicates that all six markets are outpacing last year’s sales numbers through the end of October. As a whole, the Greater Houston sales market is more than 4 percent ahead of last year’s pace.
October was a fairly strong month for buyers in the Garden Oaks/Oak Forest and Shepherd Park Plaza neighborhoods, with 62 homes coming off the market. The figure represents nearly a 15 percent spike compared to October 2018, the third-highest growth among local areas. Year-to-date, the market is slightly ahead of last year’s pace, with 577 homes sold through the end of October – a 1.4 percent increase from the same time frame in 2018.
Average home prices jumped 15.7 percent up to $550,747 this past October, while median home price was up 17.7 percent to $465,000.
There was a 26.7 percent spike in home sales in this zip code last month, with 19 homes selling compared to 15 the previous October. It represented largest percentage increase among local neighborhoods and more than tripled the greater Houston rise of 8.1 percent. Through the end of the month, the area is 18.6 percent ahead of its 2018 pace, having seen 236 homes sold.
Similar to its eastern counterpart, this area saw both average and median home prices rise by double digits. The typical home buyer paid $340,368 for a home here, 15 percent year-over-year spike, while median price was up 11.8 percent to $299,500.
Down in the Heights, it was largely a stagnant year-over-year trend. The 80 homes sold matched the previous October’s mark, though the area is still about 2 percent ahead of last year’s sales numbers through the end of October according to the report, with 874 homes coming off the market so far.
The Heights also largely bucked area trends on the pricing front, with average price dropping 1.2 percent to $521,681 and median price dipping more than 7 percent down to $430,000.
The area that includes the Sunset Heights, Woodland Heights and Northside neighborhoods was one of just two area zip codes which saw a year-over-year dip in home sales. October 2019 saw 41 homes come off the market, a slight 4.7 percent dip from last October. But despite the monthly dip, the area is outpacing last year’s sales numbers by 9 percent so far, with 508 sales closing through the end of the month compared to 466 during the same period last year.
Year-over-year average home prices rose slightly (1.2 percent) up to $518,567, while median home price came in 16 percent above last October’s mark at $450,000.
Up near Greater Inwood, October saw mixed trends between the sales and pricing numbers.
Home sales in the area saw an 18.8 percent year-over-year increase, with 19 homes selling compared to 16 the previous October. Year-to-date, this market is blasting past its 2018 pace as the year winds to a close – 141 homes have been sold so far this year, a staggering 41 percent spike through the end of September.
On the pricing front, this was one of two areas to see both average and median price dip year-over year. Compared to 2018, the average cost of a home was down about 21 percent to $212,357, while median price was down almost 29 percent to $209,000.
Down in Washington Heights and Rice Military, it was a rough month for the sales market. Home sales were down 21.7 percent year-over-year, with just 47 sales closing last month compared to 60 the previous October. But just like the 77009 zip code, the area remains well ahead of last year’s sales pace – it’s up 11 percent compared to the same period in 2018, having seen 661 sales so far.
The average homebuyer paid $566,090 in this area last month, a 7.4 percent year-over-year increase. Meanwhile, median home price remained much in line with 2018, rising less than 1 percent to $459,900.