THE DATA

‍

Our internal numbers in 2022 & 2023 compared:

‍

• Average Time on the Market: 49 days | 43 days
  - Down by 12.2%
  ‍
• New Yard Sign Installations: 356 | 381
  - Up by 7.02%
  ‍

• Yard Sign Removals: 347 | 317
  - Down by 8.6%
  ‍

• Additional Services: 181 | 182
  - Up by 0.5%
  ‍

_{*Includes adjustment for larger client base}

‍

‍

WHAT IT MEANS

‍

• Rebills show a HUGE increase! Overall, an almost 92% increase underscores slowing market conditions and difficulty for sellers hoping to get their ideal sale price.
  ‍
• There is not a huge change in the Average Time on the Market. However, we continue to see the trend of high buyer demand and low inventory is creating competition where buyers have a sense of urgency to make an offer before losing out. Homes are selling quickly due to bidding wars.
  ‍
• A steady increase in New Yard Sign Installations is of course again indicating that inventory is growing and providing fresh options for interested buyers. More signs is a positive for buyers hoping to see more options and possible deals.
  ‍
• However, we see a decrease in Yard Sign Removals. This could mean oversupply of homes for sale compared to buyer demand is resulting in more listings expiring or being removed from the market unsold.
  ‍
• Almost no change in Additional Services, which suggests a slight uptick in demand for optional add-ons and value-added services in the home sale process.  

‍

GENERAL ANALYSIS
‍

Key metrics from January suggest Houston's real estate market will remain sizzling throughout 2024. This combination of strong price growth, shrinking inventory, and fast sales paints the picture of a highly competitive seller's market in Houston to begin 2024. These conditions will likely persist throughout the year without major shifts in the supply-demand balance.
‍

Therefore, 2024 as a whole is setting up to be a big year for Houston real estate. We can expect more bidding wars, houses selling almost instantly, and large numbers of buyers competing for the homes available. Sellers will continue having the upper hand in price negotiations. Overall, Houston housing in 2024 is poised for another breakout year.

‍

‍

2024 KICKOFF

‍

January 2024 reflects a red-hot seller's market where purchasers must act swiftly and aggressively to secure homes. The supply and demand imbalance has significantly shifted. The upward momentum that was noted in January 2024 is in line with the pattern that was seen at the end of 2023.
‍

Based on the data, it can be observed that the pending sales index increased steadily in November and December, continuing the upward trend that began in January. These patterns point to a more dynamic market as more buyers are joining the market and sellers are starting to list their properties.

‍

‍

YOUR THOUGHTS?

‍

What are your thoughts on the market? What else would you like to know? Shoot us your thoughts. We plan on sending out these unique market analysis reports regularly to help our agents better grasp what's been going on and more importantly what to expect.

‍