2014 Houston Home Sales – Best Year Ever in Residential Real Estate History!
It was quite a horse race to the finish – neck and neck with 2013 statistics all the way to New Years’ Eve but in the end, 2014 won the title as the best residential real estate year in Houston history. In terms of number of sales closed, 2014 saw a 3% increase and every other 2014 metric proved too much for 2013 to overcome.
Here’s a glance at the trends for the month and year:
Houston Home Sales by Price Class for 2014
The following price classes experienced the largest increase in sales over last year:
1. $500,000 – $599,999 – up 31%
2. $300,000 – $399,999 – up 21%
3. $400,000 – $499,999 – up 20%
4. $800,000 – $899,999 – up 20%
5. $600,000 – $699,999 – up 16%
Note that the top ten selling price classes in Houston listed above have a very low “months’ of inventory” and are indicative of a distinct sellers’ market in every price class. Months of Inventory is a metric that determines the current rate of sales. In the first top selling price class of [$200,000-$249,999], for instance, at the current rate of sales, assuming no new inventory comes on the market, the price class will be out of inventory in 2 months.
Of course, as 2015 begins – more inventory will come on the market and time will tell if we maintain the current rate of sale. Real estate is always changing and always interesting. Stay tuned!
Houston Real Estate Market by Area
The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries. Some areas are exceeding Houston’s overall growth in sales while others are lagging behind. For a breakdown of activity by area with a map, CLICK HERE.
Houston Hotness Index by Area
To see the hottest selling geographical areas for the month in Houston, CLICK HERE
To search for homes by price range and map, CLICK HERE.
It was a record breaking historical year in real estate for Houston! Now on to 2015!
Data provided by the Houston Association of Realtors® Real Estate Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene