2023 Week 19: Houston Real Estate Update

The most recent figures for Week 19 have been made public by the Houston Association of Realtors. Using these figures, you can decide if now is the ideal time for you to buy or sell a home. The essential details are broken out as follows:

New Listings: There were 19.6 percent fewer new listings in week 19 than there were in the same period last year. This week, realtors listed 2,760 homes in the Multiple Listing Service (MLS), compared to 3,434 listings at the same time last year.Pre-Pandemic Comparison: New listings are down 12.9% when compared to week 19 of 2019. Realtors added 3,168 properties to the MLS in 2019.

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Pending Listings: The number of pending listings, which indicate homes that have been put under contract but haven't closed yet, is also down 14.9 percent from the previous year. 2,448 listings went under contract in total during week 19, compared to 2,876 during the same week last year. Pre-Pandemic Comparison: Pending listings are down 1.5% from last year.In week 19 of 2019, 2,486 real estate listings were sold.

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Property Showings: In week 19 of this year, fewer properties were seen than in week 18 of the previous year. This week saw 41,319 viewings, compared to 44,828 viewings the same week last year. Property showings are down 8.2% from week 19 of 2019, when there were 44,993 showings (pre-pandemic comparison).

Closings of Single-Family Homes: Single-family house closings are still below where they were last year. 1,760 units were sold in week 19, which represents a 17.3% decline from the 2,127 units sold in week 19 of 2022. This is the 19th straight week that the number has decreased. Pre-Pandemic Comparison: Comparing closings to the same week in 2019, when 1,680 units were sold, there was an increase of 4.8 percent.

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Based on the information given, it looks like it's more likely to be a seller's market than a buyer's market. Here are a few key points.

New Listings: There are fewer new listings than there were last year and before the pandemic, which means that fewer homes are going on the market making competition among buyers stronger.

Pending Listings: There are also fewer pending ads than last year and before the pandemic. This means that homes are being bought up quickly, leaving buyers with fewer choices.

Property Showings: The number of property showings has gone down since last year and before the plague. This could mean that buyers are still interested, but there aren't many places for them to look.

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Single-Family Home Closings: The number of single-family home closings has been going down week after week. This means that the number of transactions is going down, which is another sign that the market is tight.

Taking these things into account, it looks like buyers may have an edge in the current market. Because there are fewer new listings, homes are going under contract quickly, and the number of home closings is going down, buyers may have fewer choices and more competition. But it's important to remember that the real estate market can be different in different places and because of other things. It's always a good idea to talk to a local real estate agent who is up-to-date on the market you're interested in. This will help you decide if now is the right time to buy or sell a home.

If you have more questions about your specific home buying or selling situation please feel free to email or call me: broker@marathon.realty or 832-827-3545.

*Information sourced from HAR.com