A preview of some of the trends we will examine in greater depth in our upcoming semi-annual River Oaks Market Report
We’re going to keep it simple and skim over the highlights of what we’ve noted in the market since January. We will drill down deep next month in the print publication of our mid-year report.
1) March and May were the busiest months for showings so far this year. It’s unusual to have a double peak for showing activity (see graph below Over $2m Central-Houston Showing Activity). Furthermore, that late activity in May was at higher levels than we have seen for several years.
2) May was also the busiest month for new contracts, for the second year in a row. In mid-June as I write this, it’s also very busy for new contracts, and we’re only half-way through the month.
3) We anticipate seven closed sales for June 2018, for a total of 30 sales of houses (plus two lots) for the first half of 2018. That’s almost on a par for the first six months of 2016, another exceptionally busy first half.
4) Inventory is high, yet we desperately need more. Let me explain: About 25 percent of the houses for sale in River Oaks are in pending contracts; more than 40 percent of those that are not in contract are priced higher than $4 million. So, let’s clarify: We desperately need fresh, sensibly-priced inventory of the non-fantasy type.
5) With only a handful of exceptions, all 2018 purchases have involved some sort of financing. Not necessarily purchases made with a classic 30-year mortgage, but clearly cash is no longer king.