After showing signs early in the year of being able to keep up with 2014’s historic home sales, numbers in Houston tailed off in the back end of 2015. Sales numbers in the Heights took a hit as well, falling significantly in the last couple months of 2015. Average days on the market in the Heights also increased for the second straight year. The 2015 numbers were not all bad in the Heights though as the average sales price and average sales price per square foot in the area both set all-time records.

As I mentioned in an earlier post, through three fourths of the year, the Heights 2015 sales numbers were holding their own against a very strong 2014. Through September 2015, year-to-date home sales in the Heights were only down 3.4 percent. The last quarter of 2015 was not kind to the Heights though and sales numbers took a significant dip. By year’s end, the number of homes sold in the Heights had fallen 10.5 percent from the previous year. 2014 saw 668 homes sold in the Heights, whereas the final tally for 2015 was only 598 homes sold in the area.

With less homes being sold, the annual average for days on the market (DOM) in the Heights increased in 2015. It leapt from 37 DOM in 2014 to 47 DOM this past year. This comes out to a noteworthy year-over-year jump of 27 percent. There is a silver lining though, as despite the considerable year-over-year increase, this average DOM is still lower than every year in the past decade besides the robust years of 2013 and 2014.

The average price of homes sold in the Heights in 2015 represents a positive for the market. The average 2015 sales price in the area was actually noticeably higher than in 2014. The 2014 average sales price came in at $601,470 versus $634,977 in 2015. That amounts to a 5.6 percent year-over-year increase. Average sales price per square foot also rose once again, climbing 2.1 percent from $275.27 in 2014 to $281.09 last year. Not only were these both year-over-year increases, but they set new records for the Heights.

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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