Q3 2020 Houston Real Estate Report - Benson Analytics by C. Harris Benson

Property of Benson Analytics,LLC

REAL ESTATE REPORT Houston, Texas | Residential Q3 2020

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Executive Summary It’s my pleasure to present to you the Q3 2020 Real Estate Report for residential properties in Houston, TX. After a “busy” Q2 2020 in which there were fewer new and total active listings in the marketplace compared to a year prior, Q3 2020 brought an influx of properties to the market. Check out the year-to-date performance summary to see how 2020 is currently comparing to 2019.

WELCOME READERS

For Harris County, while there were 23.97% fewer total active listings that hit the market in Q3 2020 v 2019, there were 1.43% more new listings. This influx of new listings was needed to keep up with demand over the summer months. Looking at the 37 local market areas, only 8/37 experienced fewer new listings in Q3 2020 compared to Q3 2019 and 17/37 areas experienced fewer total of active listings year-over-year

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

When it comes to closed sales in Q3 2020, Harris County saw a year-over-year increase of just over 13%. As for the 37 local market areas, only 7/37 areas had fewer closed sales yearover-year in Q3. These figures include all three primary residential property types: singlefamily, townhomes, condos. On the pages to follow, we will dive into the Harris County highlights, market area comparisons, year-to-date performance and then market area dashboards for 37 different local market areas.

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 | Q3 2020 Harris County Highlights

After Q2 2020 brought year-over-year decreases in closed sales for all three residential property types, Q3 2020 produced increases for all three: Single-Family (SF) w/ 14% more, Townhomes (TH) w/ 8% more and Condominiums (CO) w/ 1% more closed sales in Q3 2020 v Q3 2019. Single-Family (SF) homes are the largest property type for residential real estate in Harris Co., making it the most important. Though new listings were up just over 1% in Q3 2020 v 2019, it’s a 7% increase compared with Q2 2020. Total active listings for SF homes continue to stay well below the mark of a year prior with Q3 2020 having nearly 27% fewer active listings compared with Q3 2019. This deficit is 12% larger than what we saw for SF homes in Q2 2020 v 2019. This increase in sales, modest increase in new listings and large deficit in total active listings all resulted in extremely low inventory. For a market as large as Harris Co., a 1.1 month drop in inventory is significant. Compared with Q2 2020, Q3 2020 had a monthly inventory decrease of 0.5 months. Remember, Months of Inventory = 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 of sales from the last 12 months, assuming no new homes come to the market. Due to this decrease in inventory and interest rates remaining low, competition for the best properties certainly increased – resulting in price increases Harris Co. wide for all three property types. As you will see moving forward, not all local market areas experienced the same Q3, which is why it’s SO IMPORTANT to break the market down. Looking at price negotiability, the figure to look at is Closed Price to Original List Price Ratio. Historically, properties in Harris Co. sell between 4-6% of the originally listed price. Looking at Q3 2020 v 2019 for all three property types, both SF & TH sales were slightly closer to the originally listed price. The next section of the report, Market Area Comparison, will show how the local market areas compare in terms of price and price per square foot, broken down by property type. Additionally, you’ll learn which market was a buyer’s market, seller’s market or more of an even market. To follow, you’ll also get a year-to-date look at both Harris Co and the different local market areas to see how Q1-Q3 2020 compares with 2019.

HOUSTON, TEXAS | RESIDENTIAL | Q3 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 Q3 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 | Q3 2020 Market Area Comparison

Top 10 Markets Median Sales Price

Top 10 Markets Price Per SqFt

Market Health Check Inventory Levels (SF Only) Sellerâ&#x20AC;&#x2122;s Market

(0 -5 m ths)

Even Market

(5 -7 m ths)

Buyerâ&#x20AC;&#x2122;s Market

(7 + m ths)

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Year-to-Date Performance

When looking at the activity from Q3 2020 alone, it tells the story of a market on fire as most of the market areas had increases in sales v Q3 2019. In order to put things into perspective, we wanted to show the year-to-date performance for the 37 local market areas as well as Harris County. The table on the right shows the YTD figures comparing 2019 to 2020 including all three primary residential property types: SF, TH & CO. • Total New Listings • Total Active Listings • Total Closed Sales The 2020 market in Houston, TX is a story of availability and more specifically, the lack of listings that have hit the market. Harris Co. had 13.5% fewer total active listings and over 5% fewer new listings. • 23/37 areas had fewer new listings. Of these 23 areas, seven had a deficit of 10% or more compared to 2019 • 22/37 areas had fewer total active listings. Of these 22 areas, six had a deficit of 10% or more compared to 2019. When it comes to closed sales, Harris Co. experienced an increase in sales by just over 1% year-over-year. Looking at our local market areas, the story was a bit different with 25 areas experiencing fewer closed sales. • 16/37 areas had a deficit of 10% or more compare to 2019

HOUSTON, TEXAS | RESIDENTIAL | Q3 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 | Q3 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 | Q3 2020 Market Area Details

Bellaire Market Area *Single-Family Only

Active Closed Listings Sales

551

Med. Sales Mths of Closed Avg Sales Price $/SqFt Price Inventory $:Orig. List $

$899,875

$946,562

$258

10.0

92.23%

After a second quarter that showed a significant year-over-year decrease in SF sales, the pent-up demand in Bellaire came through in Q3 2020 with a nearly 40% year-over-year increase in closed sales. Inventory levels indicate that Bellaire is still in a buyerâ&#x20AC;&#x2122;s market and closed prices are down yearover-year as well. Comparing Q3 2020 v Q2 2020, prices are up due to the increase in demand a lower amount of active listings comparatively. Year-overyear, both new listings and new pendings are up in Q3 2020. YTD SF sales are still behind just over 4% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.25/sqft

$1,995

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Braeswood Place *Single-Family Only

Active Closed Med. Sales Listings Sales Price

172

$885,667

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$940,910

$274

9.8

94.73%

Year-over-year, Q3 2020 sales only exceeded 2019 by one closed transaction when looking at SF homes only. When comparing Q3 2020 to Q2 2020, there were 11 more sales in Q3. In addition to an increase in transactions, prices are also up for SF homes. In terms of inventory levels, Q3 2020 is up significantly compared to a year ago; however, only slightly higher than Q2 2020. This is due to the increase in new/active listings. Both townhomes and condo sales are up in Q3 2020 compared with Q3 2019. YTD SF sales are down just over 25% yearover-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.29/sqft

$2,250

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Briar Hollow

Active Closed Listings Sales

*Single-Family & Townhomes

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$661,946

$655,471

$246

6.5

93.16%

Unlike most neighborhoods, Briar Hollow is filled with commercial properties (i.e. office buildings) and is a less active market area than most. SF and CO sales held even year-over-year, while Townhomes saw a 100% increase in year-over-year sales. Q3 2020 saw a higher number of sales than in Q2 2020. When looking at YTD sales for all three categories, SF sales are up 200%, TH sale are up 40% and CO sales are even year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.43/sqft

$2750

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Briargrove *Single-Family Only

Active Closed Listings Sales

100

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$1,073,750 $1,137,351 $319

5.8

93.93%

Briargrove experienced a slight uptick in closed sales during Q3 2020 compared to 2019 and had 7 more closed SF home sales than in Q2 2020. Pendings in Q3 2020 are down compared to a year ago as well as Q2 2020; however, new listings are up for SF homes. Though there were more SF home sales in Q3 2020 v 2019, the cumulative days on market was 2x in Q3 2020. Though the average sales prices for SF homes are up over 10%, when looking at the median sales prices itâ&#x20AC;&#x2122;s nearly on par with Q2 2020. YTD SF sales are up just over 17% year over year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.51/sqft

$4,900

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Cottage Grove *Single-Family & Townhomes

Active Closed Med. Sales Listings Sales Price

279

$413,083

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$413,274

$185

5.2

97.75%

Looking at SF homes, prices held steady in Q3 2020 v 2019; however, there were fewer closed transactions in 2020. Though Q2 2020 under performed v Q2 2019, Cottage Grove welcomed the healthy uptick in Q3. Due to fewer closings and pendings in Q3 2020, the monthly inventory levels increased slightly compared to Q3 2019. THs saw a slight decrease in TH closings in Q3 2020, though sold prices are higher than in Q3 2019. New listings of SF homes were just below the Q3 2019 figure, while new listings of TH properties exceeded Q3 2019 by 14. YTD SF sales are down just over 9% and TH sales are down just over 5% yearover-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.22/sqft

$2800

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

EADO *Single-Family & Townhomes

Active Closed Med. Sales Listings Sales Price

203

$380,549

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$391,350

$194

4.3

98.17%

EADO is a market area with a more even SingleFamily/Townhome market. Both SF/TH saw moderate increases in sales in Q3 2020 v 2019 after underperforming in Q2 2020 v 2019. SF home sales prices did outperform a year prior; however, are lower than those sales in Q2 2020. Year-over-year prices for TH sales in Q3 are about even. For EADO,

we do not have access to reliable pending listing data. YTD sales are down 35% for SF homes, while they are up 20% for TH properties year-overyear.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.24/sqft

$2,300

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Galleria *Single-Family Only

Active Closed Med. Sales Listings Sales Price

347

$617,667

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$689,028

$219

14.1

93.97%

During Q3 2020, both SF and TH properties outperformed Q3 2019 in terms of closed sales. While TH prices were about even, there was a slight uptick in sold prices for SF homes. Interestingly, there were more new/active listings for SF homes in Q3 2020 v 2019; however, TH had fewer of both. The Galleria market area includes many CO properties, both closed sales and sold prices exceeded that of Q3 2019. YTD SF home sales are down 8% and CO sales are down 7%, whereas TH sales are up over 37% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.35/sqft

$1,550

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Garden Oaks *Single-Family Only

Active Closed Med. Sales Listings Sales Price

105

$563,738

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$653,069

$280

4.6

94.53%

Garden Oaks once again had an on-par performance in Q3 2020 in terms of closed sales of SF homes, which was the case in Q2 2020 v 2019. The avg/med. prices of the closed transactions in Q3 2020 exceeded that of Q3 2019, which also includes an increase in $/sqft sold. Just like in Q2 2020, Q3 included a year-over-year increase in both new listings and total active listings. YTD SF home sales are down over 12% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.61/sqft

$1,850

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Greenway Plaza *Condos Only

Active Closed Med. Sales Listings Sales Price

119

$434,250

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$486,744

$322

11.6

88.47%

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. Q3 2020 was on-par with Q3 2019 in terms of closed transactions for COs within Greenway Plaza though the units sold were of higher value in Q3 2020. The cumulative days on market for the units sold in 2020 was nearly 2x that of Q3 2019, which is means that some of the units that have been sitting on the market finally received accepted contracts. YTD CO sales are down just over 6% yearover-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.67/sqft

$1,185

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Greater Heights *Single-Family Only

Active Closed Med. Sales Listings Sales Price

1406

406

$506,627

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$603,669

$273

4.6

96.73%

After underperforming in Q2 2020, SF sales in Q3 2020 far exceeded that of 2019 in terms of closed sales. Similarly, there was a significant uptick in new listings that hit the market in the Heights (+21%) in Q3 2020. The Heights remains a very active market area with pendings in Q3 2020 also exceeding that of Q3 2019. YTD SF sales are down just over 5%, TH sales are up over 34% and CO sales are down 43% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.55/sqft

$1,998

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Highland Village/ Midlane *Single-Family Only

Active Closed Listings Sales

Med. Sales Price

Avg Sales Price

$1,113,053 $1,068,720

Mths of Closed $/SqFt Inventory $:Orig. List $

$358

6.1

88.73%

Highland Village/Midlane is one of the smaller market areas within Houston. Just like in Q2 2020, Q3 2020 brought a market that just underperformed a year prior. Though lower than a year prior, inventory levels did increase in Q3 2020 v Q2 2020. This is primarily due to the increase in new listings during this past quarter. YTD SF home sales are down just over 4% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.65/sqft

$1,900

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Active Closed Med. Sales Independence Listings Sales Price

Heights

*Single-Family Only

324

$260,617

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$261,227

$172

4.1

97.00%

After a slight increase in activity in Q2 2020, Q3 2020 brought a 72% increase in closed sales for Independent Heights. This is following a significant increase in new/active listings in Q2 2020, which brought an offering of well-located affordable homes for those buyers wanting to be close to the Heights without having to pay the Heights prices. Q3 2020 also saw a year-over-year increase in new/active listings. Due to the increase in sales, inventory levels dropped significantly in Q3 2020 v Q2 2020. For Independence Heights, we do not have access to reliable pending listing data. YTD SF home sales are up 38% year-overyear.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.16/sqft

$1,250

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Knollwood /Woodside *Single-Family Only

Active Closed Med. Sales Listings Sales Price

211

$438,667

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$505,777

$199

8.2

95.37%

Q3 2020 saw a slight uptick in closed sales compared to Q2 2020 SF homes, which followed an even year-over-year performance in Q2 2020. Similar to Q2 2020, Q3 2020 saw a price increase in the closed sales that did occur. Compared with Q3 2019, Q3 2020 saw an increase in both new and active listings hit the market, which resulted in an increase in monthly inventory. YTD SF home sales are down just over 2.5% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.26/sqft

$1,700

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Medical Center Area

*Single-Family & Townhomes

Active Closed Med. Sales Listings Sales Price

306

$284,237

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$308,819

$156

5.4

96.55%

Continuing the performance of Q2 2020, Q3 2020 saw another year-over-year increase in closed sales for SF homes. Interestingly, there were fewer new/active listings in Q3 2020 v Q3 2019. Shifting to TH sales, there was an increase in Q3 2020 v 2019. For both SF/TH properties, sales prices remained similar to that of a year ago. The Medical Center Area includes a very active CO market; however, there were fewer sales in Q3 2020 v 2019. There were 10 more CO sales in Q3 2020 v Q2 2020. YTD SF home sales are up 46%, TH sales are up 34% and CO sales are down over 15% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.28/sqft

$1,300

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Memorial Close-In *Single-Family Only

Active Closed Listings Sales

115

Med. Sales Price

Avg Sales Price

$1,373,650 $1,689,613

Mths of Closed $/SqFt Inventory $:Orig. List $

$316

15.2

91.60%

After an even Q2 2020, Q3 brought increases in year-over-year closed sales for SF, TH and COs. Additionally, pendings were up for all three property types in Q3 2020. Other than THs, there was a healthy increase in new listings that hit the market in Q3 2020. YTD SF sales are up 60% year-overyear.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.31/sqft

$1,560

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Memorial Park *Single-Family Only

Active Closed Listings Sales

Med. Sales Price

Avg Sales Price

$1,712,500 $1,642,182

Mths of Closed $/SqFt Inventory $:Orig. List $

$342

9.2

85.05%

Memorial Park is another smaller market area that includes sales for both Single-Family/Townhomes. After a down Q2 2020, Q3 2020 brought increased activity in SF home sales â&#x20AC;&#x201C; exceeded both Q2 2020 and Q3 2019. Otherwise, activity for SF homes were on par with Q3 2019 as pendings and new listings wee like that of a year ago. Total active listings are higher; however, thatâ&#x20AC;&#x2122;s due to the lack of Q2 2020 sales. TH sales in Q3 2020 were even with Q2 2020 and just under Q3 2019. YTD SF and TH home sales are down 33% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.46/sqft

$4,525

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Memorial Villages *Single-Family Only

Active Closed Listings Sales

534

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$1,679,358

$1,66,939

$335

8.8

92.20%

After a significant underperformance in Q2 2020, Q3 2020 jumped back and nearly met closed sale figures found in Q3 2019. Additionally, both new/active listings made up ground in Q3 2020 with new listings exceeding that of Q3 2019. Inventory levels are even, and pending sales are slightly up in Q3 2020 v 2019. YTD SF home sales are down 23% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.49/sqft

$4,000

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Meyerland Area *Single-Family Only

Active Closed Med. Sales Listings Sales Price

417

$376,167

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$447,355

$165

6.9

91.77%

Meyerland saw healthy closed sales activity in Q2 2020, just underperforming a year prior by a few closed sales. Come Q3 2020, closed sales far exceeded that of a year ago. Prices have held steady and new/active listings have begun to make up ground; however, still below levels found in Q3 2019. Due to the increase in sales activity and lower overall inventory, monthly inventory levels have decreased. YTD SF home sales are up 33% yearover-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.07/sqft

$2,250

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Midtown *Single-Family & Townhomes

Active Closed Med. Sales Listings Sales Price

228

$392,416

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$387,330

$190

5.1

96.33

After underperforming in Q2 2020, Q3 2020 brought a closed sale uptick for both SF/CO properties; however, TH fell behind the mark set a year ago in Q3 2019. For all three property types, prices held steady overall. Other than COs that had more active listings in Q3 2020, TH/SF is still behind in listings that hit the market. CO is currently a buyerâ&#x20AC;&#x2122;s market inventory wise and SF/TH is certainly a more even market for buyers/sellers. YTD SF home sales are up over 5%, while TH sales are down 9% and CO sales are down over 11% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.39/sqft

$1,925

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Montrose *Single-Family Only

Active Closed Listings Sales

399

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$626,150

$681,745

$273

7.4

96.33%

All three property types underperformed in terms of closed sales in Q2 2020 and that continued in Q3; however, performance was much stronger for all three. SF homes are still lagging behind in terms of new/active listings; however, thatâ&#x20AC;&#x2122;s not the case for TH/CO properties. Though sales increased in Q3 2020 for TH properties, due to the increase in new/active listings the monthly inventory level increased by two months. YTD SF homes are up 4%, while TH sales are down 24% and CO sales are down 34% year-overyear.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.41/sqft

$1,250

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Northside Village *Single-Family Only

Active Closed Listings Sales

366

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$309,333

$301,733

$182

4.7

97.70%

Following a Q2 2020 that underperformed significantly in terms of closed sales, Q3 exceeded performance from a year ago. Not only were closed sales up, but prices of those closed sales as well. Though total active listings are down, the new listings that hit the market in Q3 2020 exceeded that of Q3 2019. For Northside Village, we do not have access to reliable pending listing data. YTD SF home sales are down 15% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.32/sqft

$1,473

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Oak Forest East *Single-Family Only

Active Closed Med. Sales Listings Sales Price

476

141

$431,868

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$570,149

$240

5.2

96.63%

Oak Forest East saw a significant increase in closed sales in Q3 2020 after underperforming in Q2 2020. The outperformance of new/active listings hitting the market continued in Q3 2020, which has held monthly inventory levels steady. In addition to the increase in closed sales in Q3 2020 v 2019, new pendings are also up a considerable amount. This figure exceeds the pendings from Q2 2020. YTD SF home sales are down 3% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.37/sqft

$2,000

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Oak Forest West *Single-Family Only

Active Closed Med. Sales Listings Sales Price

221

$294,583

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$335,251

$183

4.9

92.27%

Oak Forest West bounced back after underperforming in closed sales in Q2 2020; however, not as significantly as Oak Forest East. In addition to the increase in closed sales, new/active listings are up both compared with Q3 2019 and Q2 2020. Pending sales are up significantly year-overyear in Q3 2020. Months of inventory held steady compared with Q2 2020; however, is slightly higher than that of Q3 2019. YTD SF home sales are down over 20% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.09/sqft

$1,600

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

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

449

105

$467,117

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$501,227

$208

5.1

96.30%

Both SF/TH properties bounced back in Q3 2020 after underperforming in closed sales during Q2 2020. For both property types, prices held steady overall and new/active listings were on part with Q2 2020. Though pendings of TH slightly underperformed in Q3 2020, SF property pendings far exceeded the figures from Q3 2019. YTD SF home sales are up over 7%, TH sales are down just under 2% and CO sales are up 33% yearover-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.30/sqft

$2,700

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

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

Active Closed Listings Sales

359

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$887,833

$985,986

$322

7.8

93.90%

After underperforming in Q2 2020, both SF/TH bounced back in Q3 2020 in terms of closed sales. TH closed sales are just about even with a year ago, while SF properties exceeded Q3 2019 by a considerable number. Both property types saw a yearly increase in new/active listings, resulting in an inventory increase year-overyear. Another positive sign is the increase in new pendings in Q3 2020 v Q3 2019 and Q2 2020. YTD SF and TH sales are up over 2%, while CO sales are up 42% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.33/sqft

$1,938

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

River Oaks Area *Single-Family Only

Active Closed Listings Sales

255

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$2,166,250 $2,596,156 $493

10.5

89.70%

For both SF/CO property sales, they bounced back in Q3 2020 to meet the performance from a year prior. This followed a Q2 2020 that underperformed. 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. Compared with Q2 2020, new listings and pendings held steady in Q3. YTD SF home sales are down 12% and CO sales are down over 45% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.47/sqft

$4,299

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

River Oaks Shopping *Single-Family & Townhomes

Active Closed Med. Sales Listings Sales Price

178

$671,594

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$726,426

$254

7.4

94.40%

The River Oaks Shopping Area includes a mix of all three property types. For Q3 2020 closed sales, SF properties outperformed Q3 2019 and TH/CO were on par with a year prior. Other than CO proeprties, pending sales were up for both SF/TH in Q3 2020 v 2019. The SF/TH pendings were about even with Q2 2020; however, CO pendings decreased in Q3 v Q2 2020. YTD SF home sales are down 34%, TH sales are down 21% and CO sales are down 14% yearover-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.50/sqft

$1,850

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Riverside *Single-Family Only

Active Closed Listings Sales

103

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$429,500

$541,688

$174

7.3

92.37%

After underperforming in Q2 2020 in terms of closed sales for SF properties, Riverside bounced back in Q3 to exceed the performance from a year prior. Pricing did see a notable increase in Q3 2020 v Q3 2019, which is mostly due to a one off $2M sale in August. Otherwise new listings are slightly down from a year prior and compared with Q2 2020; however, there were more active listings in Q3 2020 than in Q3 2019. YTD SF home sales are on par year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.07/sqft

$1,675

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Roydon Oaks-Afton Oaks *Single-Family Only

Active Closed Med. Sales Listings Sales Price

$951,167

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$991,951

$318

11.1

96.03%

After underperforming in Q2 2020 v 2019, closed sales in Q3 2020 far exceeded a year prior. Unlike other market areas, new/total active listings outpaced the prior year in both Q2 & Q3 2020. When it comes to pending sales, Q3 2020 was just about even with Q2 2020; however, Q3 2020 for exceeded Q3 2019. YTD SF home sales are up over 28% yearover-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.38/sqft

$3,300

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Spring Branch *Single-Family Only

Active Closed Listings Sales

1760

393

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$356,667

$412,581

$182

6.1

94.73%

After underperforming in Q2 2020 in terms of sales, Q3 SF sales bounced back by outpacing the year prior. New listings jumped significantly, giving the market area fresh new inventory for the buyers to take advantage of. Price and price negotiability have remained steady, though the median sales price is higher than Q2 2020 as well as Q3 2019. Though pending sales are way up, monthly inventory levels have remained due to the hefty increase in new listings. YTD SF home sales are down less than 1%, TH sales are down 6% and CO sales are up 15% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.07/sqft

$1,800

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Active Closed Tanglewood Listings Sales

Area

*Single-Family Only

254

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$1,720,833 $1,816,657 $362

10.7

91.70%

Tanglewood sales activity received a major blow in Q2 2020 v Q2 2019; however, it did begin to make up ground in Q3 2020 as it far outpaced the year prior. Interestingly, new listings are only slightly up year over year. Tanglewood CO sales were on part with a year prior and remain even through the year compared to 2019. When looking at YTD SF sales figures through Q3, Tanglewood is still trailing last year by 9 closed transactions as well as many other statistical areas. YTD SF home sales are down 11%, TH sales are down 50% and CO sales are even yearover-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.77/sqft

$2,774

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Active Closed Med. Sales Timbergrove Listings Sales Price

-Lazybrook

*Single-Family Only

278

$531,023

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$565,033

$247

4.2

96.47%

After slightly underperforming in Q2 2020 v 2019, Q3 2020 brought 36 more closed SF sales compared with Q2 2020. Q3 2020 SF sales were 37.5% higher than in Q3 2019. Sales for SF homes also saw an increase and pendings were up year-over-year. Q3 2020 also brought 40% more new listings of SF homes. Just like in Q2 2020 v 2019, TH sales were on par in Q3 2020 v 2019. YTD SF home sales are up 9% and TH sales are down just over 3% year-overyear.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.52/sqft

$2,525

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

University Area *Single-Family Only

Active Closed Med. Sales Listings Sales Price

317

106

$258,296

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$255,429

$148

3.5

96.63%

Similar to Q2 2020 v 2019, SF home sales saw a year-over-year increase with over 30% more closed sales in Q3 2020 v 2019. SF Sales prices continued to pass the mark of a year prior and pendings saw another increase. Both new and active listings of SF homes are down in Q3 2020 v 2019, creating a tighter inventory for the market area. YTD SF home sales are up 30% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.06/sqft

$1,350

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Upper Kirby *Single-Family Only

Active Closed Listings Sales

105

Med. Sales Price

Avg Sales Price

$1,476,333 $1,487,933

Mths of Closed $/SqFt Inventory $:Orig. List $

$369

15.1

99.87%

After underperforming in Q2 2020 for SF home sales, Q3 2020 matched performance with a year ago. New listings are down in Q3 2020 v 2019, but there were more active listings of SF homes. Prices show to be higher; however, thatâ&#x20AC;&#x2122;s not necessarily a reflection of home values increasing for the market area as a whole due to the limited amount of transactions. TH sales were down in Q3 2020 and up for CO properties. YTD SF sales are only up by one closed transaction (4% increase), TH sales are down 33% and CO sales are down 27% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.41/sqft

$1,700

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Active Closed Med. Sales Washington Listings Sales Price

East/Sabine

*Single-Family Only

114

$483,083

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$488,279

$232

4.0

95.57%

Though two fewer than in Q2 2020, the positive year-over-year performance continued for SF home sales, with 20% more sales in Q3 2020 v 2019. Pending sales were on par and sales prices remained higher than a year prior. For SF homes, both new listings and total active listings were down in Q3 2020 v 2019. Due to the increase in sales and fewer new listings, inventory levels lowered in the market area. YTD SF home sales are up over 28% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.49/sqft

$2,400

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

West U â&#x20AC;&#x201C; Southside Place *Single-Family Only

Active Closed Listings Sales

380

Med. Sales Price

Avg Sales Price

$1,419,833 $1,546,576

Mths of Closed $/SqFt Inventory $:Orig. List $

$399

6.2

94.33%

After underperforming in Q2 2020 with 45% fewer closed SF sales, sales bounced back in Q3 2020 by exceeding a year prior by 4%. New listings picked up in Q3 2020, which held inventory levels just about even with Q2 2020. SF closed sale prices reflect higher than in Q3 2019 but remain on par with sales from Q2 2020. Pending sales are also up in Q3 2020 v 2019; however, fewer than in Q2 2020. YTD SF home sales are still down just over 21% year-overyear.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.68/sqft

$3,200

HOUSTON, TEXAS | RESIDENTIAL | Q3 2020 Market Area Details

Willow Meadows Area *Single-Family Only

Active Closed Listings Sales

162

Med. Sales Price

Avg Sales Price

Mths of Closed $/SqFt Inventory $:Orig. List $

$293,967

$320,823

$156

4.9

94.93%

After only slightly underperforming in Q2 2020 v 2019, SF home sales in Q3 2020 exceeded a year prior by over 21%. Sales prices remained on par with a year prior, but pendings exceeded the numbers of Q3 2019. Though by a slimmer margin, there were still fewer new SF listings in Q3 2020 v 2019 and 26% fewer total active listings. YTD SF home sales are down 10% year-over-year.

(All Prop Types) (All Prop Types)

Med. Med. Rental Rental/Sqft Price

$1.08/sqft

$1,900

HOUSTON, TEXAS | RESIDENTIAL | Q3 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.