Heights sales numbers for July represent a very healthy market. The Houston market as a whole has been seeing very good numbers the past few months and the Heights falls in line with this. Year-over-year numbers were up for homes sold, average sales price and median sales price.
The number of Heights homes sold in July was 71. This amounts to a modest 2.9 percent increase over the 69 homes sold in the area in July 2014, but any sales increase over a robust 2014 is a positive. In addition, it is the most Heights homes sold in any month this year.
Sales prices have been on the rise in Houston and prices in the Heights are up as well. The average sales price in the Heights in July rose to $663,040. This represents a 14.4 percent increase over the average sales price of $579,348 in July 2014. Median sales prices in July were 15.8 percent higher than in July 2014. This is an increase from $539,900 to $625,000.
While year-over-year sales prices were up a significant amount in the Heights, the prices per square foot did not see nearly as large of a jump. The average sales price per square foot only increased 4.8 percent from $270.72 to $283.84 year-over-year. And the median price per square foot essentially stayed the same. It was $282.97 this July compared to $282.27 in the previous July. This means that the higher prices in July were likely a result of many larger houses being sold.
Sales and prices were up in July, but days on the market (DOM) were also up. The average DOM rose 10.9 percent from 46 last July to 51 this July. Median DOM nearly doubled year-over-year from 11 to 21. That is a 90.9 percent increase! The sharp increase in DOM can be largely contributed to high inventory levels. The Heights currently sits at 6.5 months of inventory. That is well above Houston’s 3.4-months supply and even higher than the national average of 5.0 months of inventory. The combination of good sales numbers despite increasing DOM reflects the Heights’ high inventory levels.
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