Pandemic causes dramatic drops in the housing market, good news for some

Dated: May 12 2020

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Houston: March was inconclusive but the coronavirus definitely had an impact on the housing market in April.  According to the numbers, there were drops in almost every category last month.  

The number of homes for sale declines, but prices are steady

There were 5,438 homes sold in April, which is on a decrease of almost 24%.  There were 8,878 new listings, which is a decrease of almost 29%. The average price of a home in Houston dropped slightly to $317,709. The median home price actually increased slightly to $255,000, that's an increase of 2%. The inventory of homes for sale is 4.5 months which is an increase of 25%.

Sharp decline fin demand for luxury homes

In the luxury market, homes above $750,000, there were 197 homes sold last month, which is a 33% decrease over last year. There were 565 new listings last month, which is a 37% decrease over last year. And the inventory of homes for sale rose to almost 14 months, a 50% increase over last year. 

So what does all this mean? 

Buyers: We’re still in a seller’s market, just not as strong of a seller’s market as we were before. So if you're thinking about buying or on the fence about buying I would get pre-approved and get out there. It's going to be a lot easier to buy a home now than it would have been two months ago. 

Sellers: It's still your market. If you're thinking about selling, I’m still getting multiple offers on properties that are in tip-top condition.  May his historically the best month to sell the house.

Investors: There are some unique opportunities right now in vacant lots in and around The Loop. The inventory of vacant lots has risen to a whopping 50% over last year.

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Pandemic causes dramatic drops in the housing market, good news for some

HOUSTON: March was inconclusive but the coronavirus definitely had an impact on the housing market in April.  According to the numbers, there were drops in almost every category last month.

Read More