We’ve had some crazy and fantastic weather, and Easter, Passover, and spring break are behind us. Since the market is heating up, I want to provide you with your March market update.

We’ve seen a very busy year so far, and we expect it to be even stronger due to oil prices and the work related to Hurricane Harvey. If you look at the overall market at the end of March, you’ll see a 3% year-over-year increase of homes on the market. This is something we’d expect for this time of year.

There has been a 12% increase of homes going under contract—this means there are a lot of people out there looking to buy. On the other hand, there was a 2% decrease of homes closed, which means that previous market was a little bit slower.

Let’s look at some specific markets.

  • Bellaire, in the $1.2 million-and-above range,  is a bit slower and leans toward a buyer’s market. Below that figure, the market is more favorable to sellers.
  • West University is strong across the board; there’s not a lot of inventory, but it’s still a strong market.
    “When you’re looking to sell your house, you need to look at the specifics of your own market and what the competing market looks like.”
  • In Memorial, we’re seeing about the same number of homes as we did last summer. Homes above the $2 million price point are taking longer to sell. The lower price ranges are very strong, with some even having multiple offer situations.
  • The Heights also has a strong market. We’re seeing low inventory and good demand, and this market also had that highest number of sales for an inner area in 2017. The other areas in the top 10 were the outer, suburb areas.

What does this all mean?

When you’re looking to sell your house, you need to look at the specifics of your own market and what the competing market looks like. If you’re going to sell, price your home correctly, keep it in good condition, and market it well.

Buyers have some great opportunities out there. Keep in mind, though, that interest rates are going to go up, and for every 1% increase, you lose 10% of your buying power. If you’re trying to save up for a down payment, you may not be able to keep up. Consider purchasing earlier in the year, rather than later.

If you have any questions or would like to speak about your specific area, please feel free to reach out to me. We’d be glad to help you.