Becky's Best Bungalow Bets for the Week of Apr 30, 2023: Top 4 + RE Market Update

Hello BBBB Friend,

And just like that, two weeks of solid gains in single-family home inventory were wiped out by a slow week for new listings paired with a stronger showing in sales. I have 4 new listings and one "coming soon" listing to share with you today. I also have a number of price reductions, new contracts, and final sales for homes that areStill on My List. ClickHEREto see these changes.

HEIGHTS REAL ESTATE MARKET UPDATE-MARCH HIGHLIGHTS

For those who prefer a detailed analysis of the numbers, I have created a separate blog post this month. You can access it by clickingHERE.For those who like the "big picture", read on:

• The Houston housing market, including the Heights, has been experiencing a prolonged period of declining sales, with March being the twelfth consecutive month of negative year-over-year sales.
• While there was a significant month-over-month increase in sales between February and March of this year, that is likely attributed to the start of the Spring selling season. Despite this increase, year-to-date sales in the Heights are still significantly behind last year's figures, with a 51% decline, but only 19% behind sales figures from 2019, suggesting some signs of stabilization and improvement in the housing market in the Heights.
• The average and median sales prices in March increased by 4% and 5%, respectively, year-over-year, a much slower rate than the previous year.
• The "Close to List Price Ratio" for all sales in March was 99%, with a range of 87% to 125%, and 100% for homes under contract within the first seven days of listing. The lack of inventory is producing multiple and over-list price offer situations for many homes.
• The median number of days on the market for homes in the area decreased by 15% on a month-over-month basis, from 26 to 22 days, although homes are taking longer to sell this year compared to the previous year.
• Months of single-family home inventoryon hand hovered around 2.5 months for most of March, indicating we are still in a solid seller's market.

REMINDER: PROPERTY TAX PROTEST WEBINAR

Are you looking to challenge the appraisal district's valuation of your home and save money on property taxes? Join our upcoming webinar with Ray Holtzapple, a former HCAD Board Member with years of experience in the property assessment industry.

This webinar will teach you best practices for appealing your home's valuation and reducing your tax burden. Ray will provide insider tips and strategies for presenting your case effectively, navigating the appeals process, and achieving a successful outcome.

When: Wednesday, May 3rd, from 4 PM to 5 PM via ZOOM

ClickHEREto register.

Have a great week, and,

Let's look at houses or talk about selling yours!
Becky

CLICK HERE FOR THIS WEEKS BEST BUNGALOW BETS