See link below to article from the Houston Association of Realtors…according to their stats, 2018 was record breaking over 2017 in home sales! What?? Most of my colleagues who work the same areas I do would agree that 2018 was slower than 2017 and in fact even in price points that generally draw the most traffic such as around the $200k mark in desirable Katy area where often sitting for much longer than we anticipated.
The short take away is that buyers are becoming more and more educated with respect to looking at properties as an investment and are more stringent in their criteria and the inventory is not meeting their high criteria. I’d like to think that is due to better and more professional realtors servicing their clients!
Millennials are still living with parents or renting to save more and pay off college debt and save for larger down payments so they are a generation of what should be many more potential buyers but are not yet there. Or maybe it is the creeping interest rates rising and rising. Who really knows for sure but one thing is clear - some areas of Houston market rocked 2018.
In 2019 I know I can still count on the youngest baby boomers who are now retiring and looking to downsize either in the city or rural communities. Many are fed up with HOA rules and fees and MUD districts and rising tax rates and deciding to trade in the local conveniences of living in the city for the peace and tranquility of country living.
Overall, 2019 is projected to be a steady real estate market and in my area with Amazon here now and all the new subdivisions like Jordan Ranch, Young Ranch, and many more on the way. In the rural areas I work the projections are steady as well. Harvey recovery and political uncertainty fueled the slowdown in popular rural areas like Sealy, Columbus, Alleyton, New Ulm, etc. However, we are seeing buyers slowing coming back out to rural areas but are definitely shy of any flood zoned areas or nearby waterways due to the devastation seen during Harvey.