IT WAS A CHALLENGING MARKET for almost all of 2018 and that continued into January of this year. However, February’s promising results provided optimism and March continued the favorable upward trend. So, if two months is a trend, then hopefully, this is the beginning for what may be a much better 2019.
March Results For Zip Code 77441:
Although Active Listings rose in March, it was statistically irrelevant and a modest increase would be expected anyway. However, there was plenty of good news that was substantial. Homes in Pending Status increased by more than 35% and the number of homes that Sold increased nearly 20%. This is even more impressive, as these increases were compounded by the very good results in February. Importantly too, the “Months of Supply” is currently at a level that is deemed to be a market “in balance”; one which is neither a Buyers or a Sellers.
March results by Community
The market here is analogous from waking up from a deep sleep. You’re awake, yet you feel sluggish. In March, Active inventory rose again to (51). Still a reasonable number considering the breadth of the price range, but an increase is still an increase. There were (10) Listings in Pending which is (1) less than in February. The best indicator of a sluggish market? Only (1) home went under contract in the last 10-days. The most concerning results though, is that not only did just (5) homes Close in March, the average Price Per Square Foot dropped to just $117. An indication, that Buyers are only “bargain shopping”. All combined, this would foretell a slowing market. However, I don’t believe that is the situation. I’m confident this was an aberration and the market is merely beginning to “wake-up” and that April will be much more positive.