ON AVERAGE, WE ARE WITNESSING steady, consistent improvement in the housing market in our area. Since December, each month has revealed a market that is improving and trending upwards; albeit only modestly so. Overall though, the market is headed on the right track.
Although the averages indicate a reasonably healthy market, that is not the full “picture”. The current market is more analogous to the movie, The Good, the Bad and the Ugly. Homes Listed below $250,000 sell very fast and at near full price. Homes between $250,000 and $500,000 are doing pretty good, yet at the highest end, it is pretty ugly. To illustrate, according to Centralized Showing Service (CSS), in April there were 1,012 showings on Listings between $250,000 and $500,000. Yet, just (43) showings between $750,000 and $1 million. Of these, (27) were between $750,000 and $800,000. Disbelieving so, there were only (7) showings on Listings between $1 million and $2 million. Consider that buyers look at least at (4) homes, so this brings to reality that there simply are not “any” higher-end Buyers even looking.
April Results For Zip Code 77441:
Active Listings rose again in April, which in past months would be a concern. However, when the market is improving, then it is not as much so; that is as long as Sales Activity is keeping pace. And, that is what occurred in April. The number of homes that went under contract increased and so did the number of Listings that Sold. Both good barometers of a healthier market. Most importantly though, was a continued decline in the “Months of Supply” that decreased to a very reasonable level. As in previous months, the worry is that New Homes comprised nearly 50% of the total market in every category listed below.
April Results by Community
March results were “sluggish” at best, and I expressed my thoughts that Weston Lakes is quite resilient and that this was just an aberration. Rewardingly so, April did “bounce” back. Although, Active inventory remained constant at (51), there were (12) Listings in Pending which was an increase and (5) homes Closed; which far exceeded the single one in March. Most rewarding was that the homes that Sold did so at an average Sales Price of $528,000 and at $135 per square foot. Better yet, all were Resales but one.
First, the good news. Active inventory remained constant and is low at just (5) homes on the market. There was more good news in that there are now (2) homes in Pending Status. One was mine, so that was pleasing. The best news was that a new Listing entered the market at $1,525,000 and received an accepted Offer in just 9-days. Remarkable! This provides hope that there will be other high-end Buyers out looking too. Unfortunately, this was the only Listing priced above $1 million that is either in Pending Status or that Sold in April…for all of Zip Code 77441.