August Housing Report
A CONTINUING TREND for Zip Code 77441
Who would have possibly thought that Covid-19 would turn out to be a stimulus to the housing market? Especially, with high unemployment and low oil prices! I was concerned at first that these extraordinary results were an aberration. Not after this many months though. This is a definite trend rewarding both Buyers and Sellers; and not one that is at the expense of the other. Very unusual indeed.
The results below appear somewhat mixed. Yet, they aren’t. Really, it’s all good news. Active Listings have plummeted and Listings in Pending exceeded record levels. Closing was down, but that is only because many of these are New Homes that are under construction. So, no worries, it’s those huge numbers in Pending Status that is worthy of attention.
August Results by Community
My concern has always been the number of Active homes on the market. It is a concern this month too. However, it’s a concern only because there are not enough! There are only (22) homes left. Currently, Buyers are having a difficult time finding a home in Weston Lakes, and now are waiting in line for New Listings to be Activated. As such, we’re selling homes before they are even Listed. Hard to believe! As proof, there are (11) homes in Pending. That’s half of the Actives. Impressively, (13) homes Sold. So, a truly remarkable month.
“Incredible” would be an apt description for the results in August. Active inventory dropped to one of the lowest levels in years, to just (3). As insight, it totaled (9) in July. And that is not even close to the best news. There are now (8) homes in Pending Status. Not only a new record but almost three times the number of Active homes on the market! Even better, most of the homes were at the high-end of the Price Range. So, finally, patient Sellers were rewarded with lots of Buyer activity. Adding to the good news; the home that Sold did so at an impressive $1,275,000; and at $252 per square foot.
Fulbrook On Fulshear Creek:
It was a good month for both the Resale homes and the New. Total Active inventory dropped to just (30), a decline of 24% from July’s total of (40). That was refreshing to see. Even better, just (6) are Resales. Impressively, there are (18) Listings in Pending Status. Wow! That is way beyond the months where there was just a small handful. We were also personally pleased with our Listing, that when it Closes, will set the highest-priced home to ever sell here. Again, the Resales did well with (5), which equals the total Available Resales now on the market. There were (5) Listings that Sold. That too is more good news.
Cross Creek Ranch:
The good news continues in Cross Creek Ranch too. Although, Active inventory rose in July,so it was pleasing that it dropped from (101) to just (85) in August. That is nearing a 3-year low. There are now a total of (79) Listings in Pending Status. That’s a lot, and up from July. The number of homes that Sold declined a little to (41). Yet, that should change for the better next month. So, no worries for residents here.
Here, the statistical results don’t match reality. The number of Active Inventory dropped to just (14). Yet, that is only because the only homes available are under construction. There are (16) in Pending Status which is down from (23) in July. Again though, this is because, until the newest Sections open, there is very little inventory for Buyers to buy. Sales? There were none. Again, that is only because all the homes are under construction. In short, it was a good month, even though the “numbers” indicate otherwise.
The overall message in this Report, was that the results were very “good” in every community. Why? That’s because even amidst the coronavirus, riots in the streets and the upcoming election, you can “feel” that things have changed. To me, there appears to be renewed optimism and that is certainly revealing itself in the housing market. Consumer confidence is always a driving factor, and that must help explain why the market is so good.
However, I believe another factor is that thru the challenges posed by Covid-19, we gained a better appreciation of family, work and community. We came together, bonded and helped one another; just as Americans always do when faced with adversity. In addition, often times, it is only when something is taken away, that we recognize the value of what we had previously taken for granted. Consequently, we have a renewed awakening and renewed interest in what really is important. The epicenter of this is “home” and what it means to us. I hope so, because real estate is not only my passion, it’s “home” that also rewards and replenishes. And, it looks like Buyers feel the same way!