Q2 2020 Houston Real Estate Market Report - Benson Analytics by C. Harris Benson

Property of Benson Analytics,LLC

REAL ESTATE REPORT Houston, Texas | Residential Q2 2020

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Executive Summary It’s my pleasure to present to you the Q2 2020 Real Estate Report for residential properties in Houston, TX. In our Q1 2020 report, we predicted that the Spring/Summer buying season would “feel” very busy due to what otherwise would have been two different groups of buyers now actively participating in the market at the same time. This “busy” feeling is also based on having fewer new listings in the marketplace and thus more competition for the best properties that do come up for sale.

WELCOME READERS

For Harris County, there were 17% fewer new listings that hit the market in Q2 2020 compared to Q2 2019 and 13% fewer active listings in total. Pending sales are a good indicator of new activity and Q2 2020 only saw a 1% decrease year-over-year for Harris County. Looking at the 37 local market areas, 29/37 experienced fewer new listings in Q2 2020 compared to Q2 2019 and 20/37 areas experienced a lower total of active listings year-over-year. Of the 37 areas, 21 local market areas experienced fewer pendings year-over-year in Q2.

If you are a buyer, seller, investor or just someone wanting to better understand the local market, this report is for YOU. - Benson Analytics Team

As expected, closed sales were down in Q2 2020 compared to Q2 2019 with 15% fewer across Harris County. As for the 37 local market areas, only 32/37 areas had fewer closed sales yearover-year in Q2. These figures include all three primary residential property types: single-family, townhomes, condos. On the next page, we will dive into the Harris County highlights with detailed dashboards for each local market area to follow. These dashboards were added to make this report more user friendly for the reader.

SECTIONS OF THE REPORT Click Section Title To Navigate 1. Harris County Highlights

2. Market Area Comparison

3. Market Area Details

Understand the market at the macro level: Harris County. Includes period-over-period comparisons, price segment distributions as well as other historical data trends.

Out of 37 total local market areas tracked, this section will show you how they stack up with one another: 1) Top 10 Markets based on Median Sales Price & Price Per SqFt per property type; 2) Presenting the Market Health Check for 2019 (buyer’s, seller’s or even market).

Get a detailed breakdown of all 37 local market areas tracked with period-overperiod changes included.

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Harris County Highlights

As expected, as a result of COVID-19, closed sales were down in all three residential property types: Single-Family (SF) w/ 13% fewer, Townhomes (TH) w/ 26% fewer and Condominiums (CO) w/ 34% fewer closed sales in Q2 2020 compared to Q2 2019. Single-Family (SF) homes make up around 90% of all residential sales transactions within Harris Co., making it the most important property type. Though units sold and volume are both down, it’s interesting to find that median sales price had an increase in Q2 2020. The median sales price in Q2 2020 is just over $8k more than in Q1 2019. As illustrated (1), months of inventory levels for SF homes has decreased 0.6 months due to the significant decreased in both new listings (-17%) and total active listings (-14%) compared to a year ago. This creates more competition for homes that are in good condition and well priced – driving up prices. When looking at Q1 2020, the monthly inventory level is the same as Q2 2020. New Pendings is a good indicator for new activity in the marketplace. For SF homes, there were 0.50% MORE pendings in Q2 2020 v Q2 2019. With some of the lowest interest rates ever available, buyers who are comfortable with their employment situation are taking full advantage. Prices for Townhomes have held steady overall; however, there has been a 7% increase median sales price yearover-year. Price negotiability is always a hot topic and for all three categories the Close Price:Original List Price ratios are fairly similar to Q2 2019. Beyond the sales figures, one of the most important factors in understanding the real estate market is performing is the Months of Inventory figure – otherwise known as absorption rate. This figure measures how long (in terms of months) it will take for the current inventory of homes on the market to sell based on the pace over the last 12 months of sales, assuming no new homes come to the market. We consider this to be a Market Health Check as it measures the general ”health” of a market area (i.e. Buyer’s Market, Seller’s Market or Even Market). Looking at the Months of inventory Trends chart (4), Harris Co. shows as a seller’s market for both TH and SF homes; however, a more even market for CO. The true outlook becomes clearer when looking at the local market areas. For more information on the local market areas, we invite you to continue reading.

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Section Introduction

Market Area Comparison

TOP 10 MARKETS

HEALTH CHECK

MEDIAN SALES PRICE

PRICE PER SQFT

INVENTORY LEVELS

When working to understand residential real estate in Houston, it’s important to break things down on a local market level. Due to limited zoning found throughout near-town Houston market, each area is unique in many ways – not just location. This is among the many reasons why we track 37 different local market areas. The next section of The Report will break down the Top 10 Market Areas by both Median Sales Price and Price Per Square Foot for Q2 2020. Months of Inventory is one of the most important market statistics in real estate as it helps to answer one of the most frequently asked questions, “what type of market are we in?”. The next section will put each of the 37 local market areas into different buckets based on this vital health check: Seller’s Market (0-4.9 months), Even Market (5 – 7 months) or Buyer’s Market (7+ months).

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Comparison

Top 10 Markets Median Sales Price

Top 10 Markets Price Per SqFt

Market Health Check Inventory Levels (SF Only) Seller’s Market

(0 -5 m ths)

Due to the impacts on New Activity in the month of March, it’s likely that the scale was tipped for some local market areas near the cusp of a changing market (i.e. from Buyer’s to Even Market, etc.) On the next page, we will show you impacts of new activity per local market area.

Even Market

(5 -7 m ths)

Buyer’s Market

(7 + m ths)

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Comparison

As mentioned in the Executive Summary, we correctly predicted what would “feel” like a very busy Spring/Summer buying season. This feeling was primarily driven by fewer new listings and historically low interest rates. Simple supply/demand factors were at play. The table to the right will show Q2 v Q1 2020 comparisons for the following data points: • Total New Listings • Total Active Listings • Pending Sales • Closed Sales These figures include data for all three primarily residential property types: SF, TH, CO. When it comes to pendings, three local market areas (listed below) are showing blanks on the data table. Unfortunately, the data sources we use does not have a reliable pending figure for this local market area at the time this report was written. • EADO • Independence Heights • Northside Village Ahead in the report you will be able to see a breakdown of each local market area; however, this data table will show you how each compares for these four key data points.

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Section Introduction

Market Area Details

37 LOCAL MARKET AREAS

THREE PROPERTY TYPES

FULL DETAILS

The next section will provide full details for 37 local market areas actively tracked on a monthly basis, representing the most relevant market areas to the “near town” Houston residential real estate market. As markets can differ by both location and property type, the data is broken down by property type for further accuracy: Single-Family Homes, Townhomes and Condominiums. Keep in mind that this data doesn’t break it down by new construction v existing homes, but reach out to us if this is something you are interested in. The data provided has been sourced from outlets deemed reliable and every effort has been made to ensure its accuracy. Properties sold outside of the public marketplace are excluded. As previously stated, this is not meant to replace a specific property analysis; however, it will provide you the real data for your market area broken down by property type.

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Section Introduction

Market Area Details Click Market Area Button To Navigate

Bellaire

Knollwood/Woodside

River Oaks Area

Braeswood Place

Medical Center Area

River Oaks Shopping Area

Briar Hollow

Memorial Close-In

Riverside

Briargrove

Memorial Park

Roydon Oaks/Afton Oaks

Cottage Grove

Memorial Villages

Spring Branch

EADO

Meyerland Area

Tanglewood Area

Galleria

Midtown

Timbergrove/Lazybrook

Garden Oaks

Montrose

University Area

Greenway Plaza

Northside Village

Upper Kirby

Heights/Greater Heights

Oak Forest East

Washington East/Sabine

Highland Village/Midlane

Oak Forest West

West U./Southside Place

Independence Heights

Rice Mil./Wash. Corridor

Willow Meadows Area

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Bellaire Market Area *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

575

$879,817

Avg Sales Price $/SqFt

$896,355

$236

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

10.4

Bellaire is primarily a Single-Family market. Compared to Q1 2020, there have only been three more closed sales of Single-Family homes. Q2 2020 has seen fewer active/new listings in comparison with Q2 2019, but the months of inventory is essentially the same. With fewer new listings hitting the Bellaire market, competition for the prime properties is stronger - causing an increase in median prices year-over-year. Though competition may be strong for the prime properties, the high inventory levels offers buyers an upper hand in negotiations.

91.3%

$1.29/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Braeswood Place *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

165

$838,333

Avg Sales Price $/SqFt

$904,138

$257

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

9.1

Braeswood Place is primarily a Single-Family market. Compared to Q1 2020, there have been 5 fewer closed sales of Single-Family homes in Q2 2020. Q2 2020 is not too far behind the levels seen in Q2 2019 in terms of new/active listings, but the months of inventory has increased by nearly 3.5 months - pace of sales is down. Looking further into the sales and the year-over-year price increase, six in Q2 2020 were built before 1999 (5 from 1950s/60s) whereas in Q1 2019, eighteen fit that age group. This is important as these older homes sell for much less due to the specifications of the newer homes.

94.63%

$1.20/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Briar Hollow

Active Listings

Closed Sales

Med. Sales Price

$1,003,188

*Single-Family & Townhomes

Avg Sales Price $/SqFt

$990,969

$277

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

9.0

Unlike most neighborhoods, Briar Hollow is filled with commercial properties (i.e. office buildings) and is a less active market area than most. Looking at Townhomes, there have been more active listings overall and two fewer new listings in Q2 2020 compared to Q2 2019. New/Active listings in Q2 2020 for Condos is well below the numbers from Q2 2019. Due to the limited levels of activity within this market area, prices will fluctuate more due to the influence of one or two sales that are high/low.

98.45%

$1.52/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Briargrove *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

Avg Sales Price $/SqFt

$888,750

$1,001,123

$314

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

5.3

Briargrove is primarily a Single-Family market. Yearover-year sales totals are on par and new/active listings is slightly below in Q2 2020 v Q2 2019. With sales totals being similar and having fewer available listings, months of inventory has been cut down nearly four months. Compared to Q1 2020, there have been two more closed sales; however, three fewer pending sales overall. Keep in mind that not all pending properties close and this data doesnâ&#x20AC;&#x2122;t include contracts that have fell through.

94.87%

$1.98/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Cottage Grove *Single-Family & Townhomes

Active Listings

Closed Sales

Med. Sales Price

211

$414,875

Avg Sales Price $/SqFt

$409,099

$179

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

3.8

Though there are more single-family home sales within Cottage Grove, the Townhome market is relevant due to the similarity in property style. For Single-Family homes, there are more new listings in Q2 2020 v Q2 2019; however fewer active listings overall. In terms of sales/pendings, both are significantly lower in Q2 yearover-year. Compared to Q1 2020, Q2 has seen 31 fewer closed sales and 21 fewer pending properties. For Townhomes, the opposite is true with more sales & active listings and fewer new listings year-over-year. Compared to Q1 2020, Q2 has two more sales and three fewer pending listings. For both types, prices are up Q2 2020 v 2019.

96.57%

$1.23/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

EADO *Single-Family & Townhomes

Active Listings

Closed Sales

Med. Sales Price

201

$383,001

Avg Sales Price $/SqFt

$379,337

$191

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

7.2

EADO is a market area with a more even SingleFamily/Townhome market. Both property types have seen increases in price year-over-year looking. In terms of listings, both are on par to last year Q2. For Single-Family homes, months of inventory is much higher in Q2 2020 v Q2 2019 with 19 fewer sales. Compared to Q1 in 2020, there are six more SingleFamily home sales and four more Townhome sales in Q2. The same goes for new listings in both property type categories. For EADO, we do not have access to reliable pending listing data. For both property types, inventory favors the buyer in the current market.

96.88%

$1.23/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Galleria *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

339

$634,253

Avg Sales Price $/SqFt

$736,323

$233

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

14.0

The Galleria is a large market area with solid activity from all three property types. In terms of closed sales, all three are down in Q2 2020 v 2019 â&#x20AC;&#x201C; condos are down nearly 37%. For new listings, both townhomes/condos are down north of 10% but are essentially on par when it comes to total active listings. Single-family homes have seen a decrease in sales and an increase in total active listings in Q2 2020 v 2019 â&#x20AC;&#x201C; resulting in an increase in monthly inventory. Compared to Q1 2020, both singlefamily/condos are similar for closed sales; however, 11 fewer Townhomes have sold.

92.60%

$1.34/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Garden Oaks *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

121

$502,667

Avg Sales Price $/SqFt

$629,191

$270

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

5.1

Garden Oaks is strictly a Single-Family market and has seen one additional sales in Q2 2020 v 2019. Both new/active listings are also up, which has resulted in a higher monthly inventory level. Prices have increased; however, itâ&#x20AC;&#x2122;s important to note that there have been more newer construction properties sold in Q2 2020 v 2019. Garden Oaks is a neighborhood filled with many original homes (mid1900s), so these newer sales push the prices up. Compared to Q1 2020, there have been eight additional sales and four additional pendings in Q2.

94.27%

$1.59/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Greenway Plaza *Condos Only

Active Listings

Closed Sales

Med. Sales Price

120

$121,750

Avg Sales Price $/SqFt

$145,729

$155

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

11.9

Similar to Briar Hollow, Greenway Plaza is filled with commercial properties and is a less active market area than most. Condos are the most active property type for this market area. Though there has been two fewer closed sales in Q2 2020 v 2019, there are two additional pendings. In terms of new/active listings, there are fewer new listings and a 27% increase in total active listings â&#x20AC;&#x201C; monthly inventory up. Technically the new luxury building, The River Oaks, is located within Greenway Plaza so those recorded sales in Q2 2019 are the reason for the heavy price decrease yearover-year. Compared to Q1 2020, sales/pendings are about even; however, there are 19 fewer new listings.

91.97%

$1.59/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Greater Heights *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

1347

287

$518,015

Avg Sales Price $/SqFt

$593,726

$273

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

4.5

The Heights is primarily a Single-Family market and is unique for a few reasons: 1) Size – spans across a large area; 2) Prices – home can range from the lower $300s to well over $1M+; 3) Age – many original early 1900s homes and new construction, splitting the market. Compared to Q2 2019, there were 25% fewer sales and 12% fewer pendings; however, essentially the same amount of new/active listings in Q2 2020. Compared to Q1 2020 there were 45 more closed SF sales, more new/active listings and pendings in Q2 2020. Of the 287 closed SingleFamily home sales, the majority sit between $350 $600k.

96.37%

$1.48/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Highland Village/ Midlane *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

Avg Sales Price $/SqFt

$1,007,317 $1,151,150 $377

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

4.8

Highland Village/Midlane is primarily a Single-Family market. Compared to Q2 2019, there have been two fewer sales and one more pending listing in Q2 2020. With 52% fewer new listings and 38% fewer active listings overall, months of inventory has been reduced by over three months. For most measures, including price, the year-over-year sales performance is similar. Compared to Q1 2020, this past quarter has had two more closed sales.

94.17%

$1.69/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Active Independence Listings Heights *Single-Family Only

388

Closed Sales

Med. Sales Price

$277,358

Avg Sales Price $/SqFt

$257,372

$169

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

9.4

Independence Heights is primarily a Single-Family market. Compared to Q2 2019, closed sales are on par; however, weâ&#x20AC;&#x2122;ve seen an increase in new/active listings in Q2 2020. With a 27% increase in new listings and 32% increase in total active listings and sales staying roughly the same in Q2 2020, the months of inventory figure has increase by over two months. Most new listings are new/recent construction, which is bringing the price up. Compared to Q1 2020, weâ&#x20AC;&#x2122;ve had an increase in closed sales by six properties and only a slight increase in new/active listings. For Independence Heights, we do not have access to reliable pending listing data.

97.00%

$1.10/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Knollwood /Woodside *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

161

$452,500

Avg Sales Price $/SqFt

$505,148

$211

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

6.5

Knollwood/Woodside is primarily a Single-Family market. Compared to Q2 2019, the closed sales are exactly the same and there are fewer new/active listings in Q2 2020. Monthly inventory levels in Q2 2020 decreased by just over one month. When looking at the increase in sales price year-over-year, Q2 2020 had four closes over $850k where as Q2 2019 didnâ&#x20AC;&#x2122;t have any that high. Compared to Q1 2020, there were six more sales and three more pendings in Q2 2020.

94.67%

$1.10/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Medical Center Area *Single-Family & Townhomes

Active Listings

Closed Sales

Med. Sales Price

318

$286,958

Avg Sales Price $/SqFt

$300,402

$152

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

6.3

The Medical Center Area is another large market area that includes sales from all three property types. For both Single-Family/Townhomes there were more closed sales in Q2 2020 compared to Q2 2019; however, there were 19 fewer closed Condo sales. In all three categories, months of inventory decreased as there were fewer new/active listings in Q2 2020 compared to the year prior. Looking at Q1 2020, all three categories have had more closed sales in Q2. For both Single-Family/Townhomes there were more pendings in Q1 2020 and fewer Condo listings pended compared to Q2 2020.

96.02%

$1.23/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Memorial Close-In *Single-Family Only

Active Listings

Closed Sales

110

Med. Sales Price

Avg Sales Price $/SqFt

$1,446,000 $1,855,547 $396

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

18.1

Memorial Close-In covers a large area and includes transactions for all three property types, but we are going to focus on Single-Family homes. Due to the limited amount of sales each quarter, avg/med prices are influenced greatly influenced by a couple sales. Q2 2020 saw one less sale than Q2 2019 and Q1 2020. In terms of new/active listings, the new listings are on par; however, there is an increase in total active listings compared to one year ago and Q1 2020. Due to the limited sales activity in this market area, monthly inventory remains high.

88.15%

$1.59/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Memorial Park *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

Avg Sales Price $/SqFt

$2,295,000 $2,295,000 $414

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

11.9

Memorial Park is another smaller market area that includes sales for both Single-Family/Townhomes. Sales transactions for both are down quite significantly compared to Q2 2019, but on par with Q1 2020. There are four more pendings in Q2 2020 compared to both Q1 2020 and Q2 2019. New/active listings are similar to that of a year ago. There were 12 more new Single-Family homes listed in Q1 2020 compared to Q2. Due to the variety of property styles and limited sales transactions overall, prices within this market area are a bit volatile as illustrated in the chart.

95.70%

$1.48/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Memorial Villages *Single-Family Only

Active Listings

Closed Sales

530

Med. Sales Price

Avg Sales Price $/SqFt

$1,308,083 $1,616,455 $356

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

8.4

The Memorial Villages is primarily a Single-Family home market. Compared to Q2 2019, there has been 56% fewer transactions in Q2 2020 and 10 fewer than Q1 2020. Sales prices are also lower when comparing Q2 2020 to Q2 2019. In terms of new/active listings, there are around 20% fewer new and active listings in Q2 2020 compared to a year ago. Looking at Q1 2020, the new listing count is essentially on par; however, there are more total active listings in Q2 2020 â&#x20AC;&#x201C; driving up monthly inventory by around two months. New Pendings are also down 29% compared to Q2 2019, but are up by a count of six compared to Q1 2020.

92.00%

$1.76/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Meyerland Area *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

444

$386,500

Avg Sales Price $/SqFt

$437,560

$163

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

8.3

Meyerland is primarily a Single-Family home market. There have only been three fewer closed sales compared to Q2 2019, but 11 more than Q1 2020. There are 24% fewer new listings and 17% fewer total active listings in Q2 2020. Looking at Q1 2020, total active listings are on par; however, there were more new listings by a count of 12. With New Pendings up 20% compared to a year ago and 18 more than Q1 2020, buyer activity is strong. This speaks to the year-over-year increase in sales prices.

92.23%

$1.00/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Midtown *Single-Family & Townhomes

Active Listings

Closed Sales

Med. Sales Price

205

$387,695

Avg Sales Price $/SqFt

$398,077

$181

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

5.2

Midtown has an active market in all three property categories. Looking at closed sales, activity in Q2 2020 is fairly similar to Q1 2020 as well as Q2 2019. Overall, sales prices are holding stead compared to a year ago. Except for Townhomes, new listings are up in Q2 v Q1 2020 and the same goes for Q2 2020 v Q2 2019. In terms of total active listings, there are fewer listings for both Single-Family/Townhomes and more Condos on the market in Q2 2020. The reduction in sales and increase in listings for condos has driven up monthly inventory levels further since a year ago and Q1 2020.

95.17%

$1.24/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Montrose *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

356

$656,000

Avg Sales Price $/SqFt

$693,513

$262

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

6.6

Montrose certainly has an active Townhome market, but most sales are Single-Family homes. For both categories, closed sales are down compared to Q2 2019. Looking at Q1 v Q2 2020, Townhome sales are steady while there are 9 fewer sales of single-family homes. Pendings sales are down for single-family homes compared to a year ago and last quarter. For single-family homes, there have been fewer new/active listings in Q2 2020 than Q2 2019 and Q1 2020 â&#x20AC;&#x201C; pushing monthly inventory down. Monthly Inventory levels for townhomes are about even compared to last year; however, due to limited sales in Q2 2020 inventory is up two months compared to Q1 2020.

95.03%

$1.42/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Northside Village *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

384

$268,817

Avg Sales Price $/SqFt

$281,077

$183

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

13.9

Northside Village is primarily a Single-Family home market. Closed sales are down significantly v Q2 2019 and down 24 transactions v Q1 2020. Due to the influx of development in this area, new/active listings is good to look at here. There are fewer new listings in Q2 2020; however, there are more total active listings compared to both Q2 2019 and Q1 2020. That combined with fewer closed transactions results in a significant increase in monthly inventory levels. For Northside Village, we do not have access to reliable pending listing data. Though year-over-year sales prices are lower, the median sales prices have been working its way up over the last few years.

94.87%

$1.24/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Oak Forest East *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

479

$457,832

Avg Sales Price $/SqFt

$564,516

$236

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

5.5

Oak Forest East is strictly a Single-Family home market. Though only down by two sales compared to Q1 2020, sales in Q2 2020 are down significantly v Q2 2019. That being said, pending sales are on part with a year ago and up by 13 v Q1 2020. New/Active listings are up quite a bit compared to Q2 2019 and Q1 2020. Compared to Q1 2020, monthly inventory levels are up nearly two months in Q2. Sales prices are slightly down compared to a year ago, due to the increase in inventory and significant decrease in sales activity. Q3 2020 may be a different story based on the increase in new pendings since Q1 2020.

96.20%

$1.53/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Oak Forest West *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

207

$288,666

Avg Sales Price $/SqFt

$288,902

$188

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

4.5

Oak Forest West is primarily a Single-Family home market. Though only six fewer than Q1 2020, there was a significant decrease in closed sales in Q2 2020 compared to Q2 2019. There were also 44% fewer new listings and total active listings are down 14%. Since Q1 2020, total active listings are up; however, mostly due to the 54% drop in sales in Q2 2020. Similar to Q1 2020 when New Pendings were down 28%, there have been 38% fewer pendings in Q2 2020 compared to Q2 2019. With the combination of fewer listings and pendings, sales prices and monthly inventory have held steady for single-family homes compared to a year ago.

96.10%

$1.20/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Rice Military- Active Closed Washington Listings Sales Corridor *Single-Family Only

445

Med. Sales Price

$485,733

Avg Sales Price $/SqFt

$500,033

$211

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

5.2

Though there is a strong Townhome market in Rice Military, Single-Family homes make up the most sales in this market area. Though there have been five more closed SF homes since Q1 2020, there have been 16% fewer homes sold v Q2 2019. For both categories, new/active listings are down 20-30% since a year ago, but there has been an uptick in new single-family listings since Q1 2020 (townhomes on par). In terms of Pendings, both are up compared to Q2 2019 and Q1 2020. Though sales for Q2 2020, buyer activity is strong and prices are holding steady â&#x20AC;&#x201C; fewer good listings for buyers. Monthly inventory levels are also lower than a year go, but fairly similar to Q1 2020.

95.77%

$1.28/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Rice â&#x20AC;&#x201C; Museum District *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

Avg Sales Price $/SqFt

347

$781,833

$1,041,956 $339

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

8.0

Though there are some Townhome sales, Rice/Museum District is primarily a Single-Family market. Closed transactions are down 38% compared to Q2 2019 and there have been five fewer than Q1 2020. Compared to Q2 2019, there are about as many new listings and actually 4.5% more total active listings. Q1 2020 brought more new listings, but due to fewer closed sales total active listings are up in Q2. As a result Monthly Inventory levels are up. Overall, sales prices have held steady year-over-year. Pending sales are down only slightly, with three fewer than Q1 2020.

92.87%

$1.53/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

River Oaks Area *Single-Family Only

Active Listings

Closed Sales

266

Med. Sales Price

Avg Sales Price $/SqFt

$1,932,142 $2,514,345 $454

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

10.4

Though there are some Condo sales, River Oaks is primarily a Single-Family market. River Oaks is an area where sales prices can reach into the eight figures, so sales prices as a whole can be quite volatile. Looking at new listings, there are fewer than last year and Q1 2020. Though total active listings are lower than Q2 2019, there were 20 more homes than in Q1 2020. Pendings are up for singlefamily homes since Q1 2020; however, down by eight since last year. Private sales do occur within River Oaks at a higher frequency than most other market areas and those sales arenâ&#x20AC;&#x2122;t included in the data.

85.07%

$1.86/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Active River Oaks Listings

Shopping

*Single-Family & Townhomes

161

Closed Sales

Med. Sales Price

$653,550

Avg Sales Price $/SqFt

$642,292

$225

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

7.0

The River Oaks Shopping Area includes similar sales of all three property types. Closed sales are down compared to a year ago but are up since Q1 2020 for all three. New listings and Pendings are similar to that of a year ago for each; however, there are far fewer available townhomes (total active). Compared to a year ago, monthly inventory for townhomes/condos has tightened a bit since last year; however, there was a three month increase for single-family homes.

94.27%

$1.56/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Riverside *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

110

$355,950

Avg Sales Price $/SqFt

$362,328

$163

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

8.1

Riverside is primarily a Single-Family home market. Since last year, there have been eight fewer closed sales and two fewer than Q1 2020. Similar to Q1 2020, there has been an increase in new listings compared to a year ago in Q2. That combined with fewer closed sales in Q2 has driven up total active sales â&#x20AC;&#x201C; there are 22% more available properties in Q2 2020 v 2019. Looking at Pendings, there have been eight more in Q2 2020 v Q1 2020 and three more since a year ago. Buyer activity has held strong and prices are holding strong compared to a year ago.

95.97%

$0.90/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Roydon Oaks-Afton Oaks *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

Avg Sales Price $/SqFt

$1,117,813 $1,117,813 $295

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

10.6

Roydon/Afton Oaks is a neighborhood that is primarily a Single-Family home market. Year-overyear for Q2, there have been fewer closed sales; however, unlike other areas there are more new listings and total active listings. Looking back at Q1 2020, there were five more closed sales during that time period than in Q2 2020. When it comes to pendings for Q2 2020, Q2 2020 saw the same amount while in Q1 2020 there were 12 pendings. With the decrease in sales, equal amount of pendings and increase in new/active listings, the inventory levels naturally increased.

91.55%

$1.56/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Spring Branch *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

1807

256

$327,799

Avg Sales Price $/SqFt

$394,839

$174

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

6.5

Spring Branch is a large market area with many different sections, so location is very important. Across the market area, Single-Family homes are the primary property type. Q2 2020 v Q2 2019, there were nearly 25% fewer closed sales; however, total active listings are up by 5% with nearly 7% fewer new listings. With pendings down just over 8%, inventory levels increased by 0.5 months. Year-overyear, prices are down a few percent. Compared to Q1 2020, Q2 had 10 more closed sales, an increase in total active listings and fewer pendings.

94.63%

$1.12/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Active Tanglewood Listings

Area

*Single-Family Only

255

Closed Sales

Med. Sales Price

Avg Sales Price $/SqFt

$1,574,000 $2,068,833 $322

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

11.0

Though there are condo sales, Tanglewood is primarily a Single-Family market area. Q2 2020 v Q2 2019, closed sales are down just over 50% and both new/active listings are down as well. Prices are holding steady based on what has sold; however, pendings are down. Looking at Q1 2020, Q2 had seven more closed sales and more pendings as well. With more active listings in Q2 2020,monthly inventory did increase by about two months for single-family homes in the area.

86.93%

$1.47/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Active Timbergrove Listings

-Lazybrook

*Single-Family Only

304

Closed Sales

Med. Sales Price

$485,143

Avg Sales Price $/SqFt

$523,258

$235

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

4.9

Timbergrove/Lazybrook is primarily a Single-Family market. Compared to Q2 2019, Q2 2020 saw 6 fewer closed sales and an increase in both new and total active listings. Additionally, there were ten more pending sales. Prices and activity overall held steady looking at Q2 year-over-year. Looking at Q1 2020, Q2 saw 23 more closed sales, an increase in new listings as well as pendings. Due to the increase in new listings, monthly inventory did increase about 0.5 months compared to Q1 2020.

95.93%

$1.46/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

University Area *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

381

$239,981

Avg Sales Price $/SqFt

$253,545

$148

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

4.6

University Area is primarily a Single-Family market area. Unlike many other areas, Q2 2020 saw a 23% increase in closed sales in comparison to Q2 2019. Sales prices have also seen a significant increase year-over-year, which is due to the increase in development going on in the area. Compared to Q1 2020, Q2 saw more closed sales and one more pending sale. Though fewer than Q1 2020, Q2 2020 had the exact same amount of new listings as Q2 2019. In terms of total active listings, there were fewer in Q2 2020 compared to last quarter and Q2 2019. This resulted in a slight decrease in monthly inventory.

92.80%

$1.05/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Upper Kirby *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

Avg Sales Price $/SqFt

$1,124,275 $1,225,886 $332

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

13.1

Upper Kirby is a smaller market area with a three property types present; however, the majority of Q2 2020 sales were Single-Family homes. Though there were two fewer closed sales year-over-year, Q2 2020 v 2019 had the same number of pending sales. Both new and total active listings are similar, looking year over year. With few sales and being that itâ&#x20AC;&#x2122;s an area with a wide price range, sales prices can fluctuate when looking at the market area as a whole. Compared to Q1 2020, Q2 saw more closed sales, new listings and pendings.

90.50%

$1.84/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Active Washington Listings

East/Sabine

*Single-Family Only

122

Closed Sales

Med. Sales Price

$475,000

Avg Sales Price $/SqFt

$480,875

$224

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

4.8

Washington East/Sabine features many townhomes; however, itâ&#x20AC;&#x2122;s primarily made up of Single-Family homes. Compared to Q2 2019, 2020 saw 12 more closed sales, 14 more pendings and a significant increase in new listings. These numbers eclipse Q1 2020 as well for all three categories. This is an area that has seen growth over the last few years with new development coming to the area. Though there has been an increase in new listings year over year, there were fewer active listings in Q2 2020 v 2019. Compared to Q1 2020, Q2 has more active listings due to the influx of new listings.

97.40%

$1.37/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

West U â&#x20AC;&#x201C; Active Closed Southside Listings Sales Place *Single-Family Only

380

Med. Sales Price

Avg Sales Price $/SqFt

$1,400,583 $1,562,519 $408

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

6.1

West U/Southside Place is primarily a Single-Family market area. Compared to Q2 2019, 2020 had 45% fewer closings in Q2 and 22% fewer new listings that have hit the market. Looking at Q1 2020, new listings are barely up in Q2; however, total active listings are up by 41. When it comes to pendings, the numbers are down year-over-year; however, are up by 30 in Q2 compared to Q1 2020. Due to the limited amount of new listings in Q2 2020, competition for the best homes has increased pushing prices up year-over-year. Compared to Q1 2020, closed prices are fairly similar in Q2.

92.80%

$1.62/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020 Market Area Details

Willow Meadows Area *Single-Family Only

Active Listings

Closed Sales

Med. Sales Price

185

$282,000

Avg Sales Price $/SqFt

$287,517

$157

Mths of Closed $:Orig. Med. Inventory List $ Rental/Sqft

5.6

Willow Meadows is primarily a Single-Family market area that has seen only two fewer closed sales yearover-year. That being said, both new listings and total active listings are down quite a bit â&#x20AC;&#x201C; bringing monthly inventory levels down. Looking at pending sales, Q2 2020 saw 7 fewer pendings compared to last year and 23 more than Q1 2020. Unlike Q1 2020, Q2 saw a year-over-year decrease in sales prices within the area â&#x20AC;&#x201C; this is a trend to keep an eye on for Q3 2020 and beyond.

92.33%

$1.04/sqft

HOUSTON, TEXAS | RESIDENTIAL | Q2 2020

Questions? Don’t Hesitate to Connect!

RESEARCH METHODOLOGY The information within this report is the result of a compilation of information on residential real estate located in the Houston Metropolitan Area. Properties sold outside of the public marketplace are excluded from this report and any analysis included. All information included has been sourced from outlets deemed reliable and every effort has been made to ensure its accuracy. Data used is sourced from the Texas REALTOR® Data Relevance Project, a partnership among Texas REALTOR® associations throughout the state. Analysis provided through a research agreement with the Real Estate Center at Texas A&M University. Data is also sourced directly from HAR/MLS.

CONTACT BENSON ANALYTICS

ABOUT BENSON ANALYTICS Officially formed in 2020, Benson Analytics, LLC is solely focused on providing the consumer with accurate, reliable and relevant information. Data integrity is at the forefront and every reasonable effort is made to ensure its accuracy, although it cannot be guaranteed due to the ebbs and flows of the market.

Harris Benson E: Harris@bensonanalytics.com M: +1 713.299.3015 www.bensonanalytics.com

The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies and readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. If your home is presently offered for sale, this is not a solicitation of the listing.