As the sun sets on the summer season, here’s what
we’re experiencing the marketplace…
Most neighborhoods have more inventory.
Yay, for more buyer selection.
Sales velocity begins to ebb as we roll
into fall and winter slowly.
And, the average sold price is climbing, not falling!
Despite ongoing challenges, the Houston housing
market is displaying positive signs of returning to a more
stable state after the pandemic and the
impact of rising interest rates.
Here are some key insights from the July 2023 Market Update:
Sales Trends: While home sales across Greater Houston
experienced a decline for another consecutive
month in July, the rate of decline was the smallest
observed in over a year.
Market Stabilization: The housing market continues
its journey toward normalization, with single-family
home prices stabilizing. The average price increased
by a modest 0.6 percent to $428,140.
Townhouses and condominiums also experienced an
average price increase of 2.1 percent to $263,876.
Rentals of single-family homes and
townhomes/condominiums continue to be strong.
Properties that miss the mark on pricing, marketing,
presentation and representation will find themselves
gathering cobwebs, slashing prices, and getting
no love from potential buyers.
For Sellers, expertly presented and professionally
marketed properties will attract strong offers and sell quickly.
Positioning a property for selling success is everything.
For buyers, there’s good news and other news.
The good news; new listings are tumbling onto the
market daily, giving you more options. The other news.
Property price is still increasing, slowly, but it all add.
When you spot THE one, be ready to act
quickly and put your best offer forward.
Thank You and Best Wishes🌞