2014 was a spectacular year for the Houston housing market. This holds true for the Heights as well. Expectations coming into 2015 though were that the market would take a huge hit. Oil prices were plummeting and housing inventory was rising. With that in mind, experts predicted that Houston home sales as a whole, and thus Heights home sales, would fall drastically. However, with three fourths of the year gone, year-to-date Heights sales numbers have actually held their own.

Through September of a very strong 2014, 494 Heights homes had been sold. By comparison, through September of this year, 477 homes have been sold. That amounts to only a 3.4 percent year-over-year drop. Considering oil prices, rising inventory and the historic home sales of 2014, this is a rather small decline.

While Heights home sales are a little behind last years numbers, the average price of homes sold in the area is actually up. The average price through September of 2014 was $586,650. That number has risen 7 percent year-over-year to $627,911 at this September’s end. Average price per square foot is also up to $280.57 from $272.35. That amounts to a 3 percent increase.

The biggest year-over-year change though, is seen in days on the market (DOM). Through the first nine months of 2014, the average DOM was 37. Nine months into 2015, the average DOM is up to 46. That comes out to a rather large increase of 24.3 percent. Because inventory has been so low the past couple years, the DOM has remained relatively low as well. But with inventory growing at a rapid rate, DOM is now seeing a significant increase as well.

All in all, with only three months remaining in 2015, the Heights market sits in a fairly good place. As evidenced by the higher DOM, homes are taking longer to sell, but nearly as many homes have been sold thus far in 2015 as through this point in an exceptionally robust 2014. Add in the fact that homes are selling for higher prices and 2015 should be considered a success for the Heights market so far. With a few strong months to close out the year, we could maybe even catch last year’s home sales!

Looking to buy or sell a home, or just have questions about the market? Always feel free to contact me at 713.829.3052 or cynthia@cynthiamullins.com.

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