Houston area real estate agents and brokers have been carefully watching the housing market to better understand the impact of Hurricane Harvey on home sales. Recovery is well underway, though it will take months or even years for some areas to make a complete recovery.
Some families displaced by the floods have signed short-term leases or otherwise obtained temporary housing. These families are looking for permanent housing and will purchase a home, or planning to buy a home in the near future. It goes without saying that neighborhoods that did not flood during the storm wil be sought after.
Windhaven faired extremely well during the storm, with residents reporting that rainwater drained away quickly without accumulating at high levels in the streets or threatening to enter homes.
From October 1st through December 31, 2017, a total of 15 homes were sold in Windhaven, at a median sale price of $238,500. This is a significant increase in total homes sold over the same period the prior year. For comparison, only 6 homes sold in the 3rd quarter, at a median sale price of $224,950 (one home sold at $175,000 impacted the median downward). This is not typical, since summer months normally record greater sales than the last 3 months of the year.
From October 1st to December 31, 2016, only 2 homes were sold in Windhaven, at a median sale price of $239,000. This indicates that prices have remained stable, and the potential exists for prices to rise as the demand for existing homes increases. (See my article "Texas housing sales above national average with Houston at record high.")
It's rumored that some neighborhoods saw dramatic price increases as a result of demand created by flooding, but this hasn't been statistcally observed at this time. However, the Real Estate Center at Texas A&M predicts an increased demand for existing homes as buyers seek affordable housing. Over the coming months, high demand combined with low inventory could potentially fuel moderate increases, depending on market area. (This is not a prediction of confirmed price increases.)
As you can imagine, homes that had been on the market during and before the storm and didn't sustain damage, were sought after. While this was good news for those sellers, it's unfortunate that it came at such a cost to others.We will be examining housing data for months to determine the long term impact of Harvey's destruction. One thing is for certain; we've gained valuable insight into what should be done to deter such catastrophic flooding in future weather events. (See "Retention ponds aid storm water runoff in Houston area neighborhoods.")
If you're planning to sell your area home, click here to receive a complimentary home valuation. Homes receive the most attention from buyers during the first few weeks of going on the market. Pricing your home within market value is crucial, as homes that linger on the market often have a lower chance of receiving an offer at asking price.
It's always important for buyers (and sellers) to work with a qualified, LOCAL real estate agent. Experienced agents know what to look for and can best protect your interests.
Windhaven is located just off West Road, directly across the street from Lone Star College in Cypress, Texas, near the Berry Center. Windhaven is a D.R. Horton community. Homes were built between 2007 and 2014. This community and many other Cypress area neighborhoods were developed with storm water drainage systems that proved reliable during Hurricane Harvey.
There are currently only 2 homes available for sale in Windhaven, with 6 homes under contract or pending (as of 1/20/18). Two homes have closed so far this month. Homes in this neighborhood are selling fast.
Drone image used in this article courtesy of Yasir Ortega.
Images below: (L) Lake at Windhaven before Harvey. (R) Lake at Windhaven just after storm.