We have all seen the news footage and have either been personally affected by the storm or know someone who has, and I have had a lot of people asking me how Hurricane Harvey has affected the real estate market. Some people are scared about whether they should buy a home now or wait. So I want to talk about that in this video. As a side note that have asked about myself and my family personally, we are fine. I was flooded into my home for 5 days but our home never flooded.
October saw a little over 18,000 homes as new listings last month, totally 51000 homes active on the market, of with 10,000 homes sold. We are currently seeing 4.8 months of inventory over the whole market, and this is exactly what we saw pre-Harvey. It helps to gauge the strength of real estate market and it will vary too depending on the price point. Houston saw an average sales price of $245,000 which is up from last month’s 235k. Needless to say… the Houston market is back and stronger than ever.
Post-Harvey we are seeing a HUGE demand for rentals and especially shorter term rentals. Condo and townhome rentals are up almost 100% when compared to pre Harvey.
If your home has been flooded and you need to sell. Please call or email me as I have clients that are currently looking to buy flooded properties. We can help you out of a bad situation