Houston Weekly Market Update 1/1/24

Hey Houston, it's Alex Frank again with your weekly market update from Artemis Realty Group. I hope everyone is staying warm and prepared as the winter storm approaches. We just finished prepping our homes for the cold, and I wanted to share some exciting updates on the real estate market.

Market Overview

We're gradually emerging from the holiday season, and while it wasn't a bad market, we did see some dip in numbers due to holiday travel. However, things are looking up as we navigate through January. Despite the winter storm approaching, our recent open house for a new listing was a success. We had six groups visit, showing promising interest.

New Listings Surge

Our new listings are up by an impressive 85%, a common trend as we kick off the new year. This surge is expected and brings fresh opportunities for both buyers and sellers. The market is lively, and it's reflected in the increased activity we're witnessing.

Positive Trends

• Open House Success: Our recent open house drew in significant traffic just before the impending freeze, indicating a strong interest in the market.
• Option Pendings Increase: Option pendings are up by almost 35%, a positive sign that transactions are picking up.

Market Metrics

• Months of Inventory: There's a slight increase of 0.1 month in the inventory, but it remains at a manageable level.
• Lockbox Activity: The lockbox activity has seen a notable 29% increase, reflecting heightened property showings.

Economic Factors

We anticipated softer CPI numbers, but they turned out to be higher than expected. This could potentially push back the timeline for the Federal Reserve to drop interest rates. The general consensus was a March adjustment, but with the unexpected CPI figures, it might be delayed to May.

Inflation and Interest Rates

Inflation seems to be more persistent than initially thought, leading to speculation that interest rate adjustments might happen later than anticipated. While there are talks of a possible interest rate increase, the prevailing opinion is leaning towards a decrease, possibly in May.

Conclusion

As we keep a close eye on economic indicators and market trends, it's crucial to stay informed. The real estate landscape is dynamic, and adjustments in interest rates can impact buying decisions. We'll continue to monitor the situation and provide updates. If you have any questions or need assistance, feel free to reach out. Thank you for staying connected with Artemis Realty Group!