MIXED RESULTS FOR JUNE
Results for June were truly mixed and were most influenced by which neighborhood in which you live. Those residents in more mature neighborhoods with less New Homes, such as Weston Lakes, faired pretty well in June. Those living in communities where New Homes comprise a significant percentage of the market, such as Cross Creek Ranch, did not do quite as well. However, regardless of the community, the cloud hanging over all is the lack of a significant number of Buyers to begin absorbing an oversupply of inventory.
Weston Lakes: The number of Active homes remained exactly the same at just (50). This is good news and means that the Sold activity kept pace with New Listings. Also, rewarding to witness were the (12) homes in Pending Status which is up a bit from May and supports continued Buyer activity. There were (8) that Closed which would be average, yet the Sold Price Per Square Foot was pleasing at $131.
Fulbrook: The number of Active homes on the market dropped by one to just (5). That is two months in a row with lowering inventory. Very good news! There is just (1) home in Pending Status, but with such low inventory, that too is good news. More importantly, there were (2) Closings and they averaged over $200 per square foot. Again, more good news. So, across the board, Fulbrook residents should be pleased with the results in June and be able to look forward with renewed confidence.
Fulbrook On Fulshear Creek: It is proving to be quite a challenge for residents here that are wanting to sell their home. The good news is that the number of Active Listings dropped in June to (22) which was down from May’s (28) but equal to April’s. However, the concern is the lack of Buying activity. There are no homes in Option Pending, which means no homes went under contract in the last 2-weeks. There are (8) in Pending though, which is a bright spot. However, there were only (2) that Closed in June. That would mean with (22) in Active and (2) that Closed, then at this rate there is (11) months of inventory on the market.
Cross Creek Ranch: The market dynamics are somewhat similar to that of Fulbrook On Fulshear Creek; in that residents in both communities are in a fierce battle with the New Homes. In June, the total number of Active homes on the market remained nearly the same as May with (164). That is good news on the surface. However, (74) of these, or 45%, are New Homes. Yet, of the (56) Listings in Pending Status, New Homes comprised 61% of the activity. So, there are lesser New Homes, but they are significantly out-performing the Resales. The same is true for those that Sold. There were a total of (36) and 49% were New Homes. So, it’s a war against the New and homeowners must figure out how best to compete. We’re happy to help show you how!
Market Results for or all of Zip Code 77441: Overall, results were encouraging, yet just on the margins. The most rewarding result is that the number of Active Listings declined, albeit ever so slightly. However, that is much better than an increase. So, good news. The number of homes in Pending Status increased significantly while the number of Closing remained almost the same as in May. Overall, the results would indicate stability. Unfortunately, the market is stable at a precarious level. If you take the total inventory of Active homes and those in Pending (395) and divide that by the number of Closings (56), then that would mean there is 14-months of Inventory on the market. Not good news!
June May Change % Change
Total Active Listings 302 310 -8 -2.6%
Listings in Pending Status 93 85 8 9.4%
Homes that Sold & Closed 56 58 -2 00.3%
SUMMARY: In June, all three categories that comprise Active inventory, Pending and Sales posted reasonable results. However, these results are compared to preceding months which were not good. The below picture is a visual metaphor of the market. Overall, there are the remains of dark clouds hanging over the market due to an over-abundance of Active homes on the market coupled with a lack of sufficient number of Buyers. Some communities are experiencing scattered thunder storms as they try to weather the storm against the New Home Builders. Other communities have some rays of sunshine peeking thru the dark clouds as inventory remains stable and signs of improvement are witnessed. Yet, for all residents in Zip Code 77441, the challenge facing Sellers and Agents alike is to confront the reality that there simply are too few Buyers chasing too much inventory.
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