Instead of looking back on December 2020 to see what the Houston real estate market is doing, I wanted to give you my Top 3 Takeaways for 2020 as a whole. Later this month, I will give my “Bold Predictions” on where I see 2021 going. Spoiler alert: It’s going to get nuts.
- Think about this: It was March 2020 when COVID-19 really brought things to a halt. That means buyers were not out looking (as much) in March and April. So April and May saw negatives sales months. Even with that 2-month dip, 2020 set a record for highest amount of inventory sold…ever.
- As I type this, there is a 1.9-months supply of inventory here in Houston. What does that mean? We need inventory! I’ll put it this way, a 6-months supply of inventory is considered a “balanced market”. Houston’s 1.9-months supply is a record low. Buyers are ready to buy but they need more options!
- Average Sales Price = $347,164 and Median Sales Price = $273,443. You guessed it…both record highs.
So what does this mean for 2021? It’s going to be a highly-competitive market for Sellers AND Buyers, and they need to hire a Realtor who knows what they are doing. If you know of someone wanting to move this Summer, encourage them to get a hold of us soon.
Comment back with any questions/feedback!
Link for my in-depth info: HAR.com/2020Review