2022 Housing Market Review

mroller

1 year ago

Mike Roller shares his thoughts about the 2022 Housing Market and his predictions for 2023.

December Results for Zip Code 77441

Since it’s year-end, a few comparisons with 2021 will be insightful. First, below compares just the month of December 2021 with December 2022. You’ll note the dramatic difference by the huge increase in the number of Available Homes coupled by a sharp drop in those that Sold. Both, factual indications of a slowing market. However, the best indicator of such, is the almost doubling in the Months of Supply.

What Sellers look at most though is the increase in the Sales Price. Both years are impressive. Yet, 2022 is even more so.

December Results by Community

Weston Lakes:

December ended with favorable results. Active inventory declined to just (10) with (5) Listings in Pending. Yet, only (3) Sold in December. For the year though, Sales totaled (93), which was only down slightly from (99) in 2021. However, they did so at an incredible average Sales Price of $716,200 and $190 per square foot! That’s up 14% from last year.

Fulbrook:

A surprising way to end the year! There were (4) Active Listings last month, December ended with none. That’s because (2) went into Pending. Good News. Unfortunately, the other (2) were Terminated. Not so good! Maybe they will re-enter the market later. There were no Pending or Sold Listings though. So, a very quiet way to start the New Year!

Fulbrook on Fulshear Creek:

Active inventory declined to end the year at (32). Pending Sales dropped to (14) and there were (6) homes that Sold. However, the competition from the New Homes continued to challenge the Resales; evidenced by the fact that a remarkable (94) homes sold, yet only (34) were Resales. They did so though, averaging an impressive $616,438 and $179 per square foot. So, we’re optimistic the Resales will hold their own this year.

Cross Creek Ranch:

December ended the year with just (48) homes available on the market; dropping like a rock compared to (144) in December 2021! There were also (29) Listings in Pending Status and (24) that Sold. For the Year, (262) homes Sold at an average of $610,171 and $198 per square foot. As a comparison, in 2021 (297) homes Sold, yet averaged just $496,713 and $159 per square foot.

Cross Creek Ranch West:

Hallelujah! This new community posted surprising results. The year ended with (5) homes available (most under construction) and (4) homes that entered Pending Status, all in December. Even more satisfying? They reported their first sale. It was discounted heavily though. That’s the opportunity though, for Buyers being one of the first…enticing discounts and the best selections.

Fulshear Run:

Well, December ended with (6) Active Listings, (3) Pending Listings, and astonishingly, (9) that Sold. They did so averaging $1,079.697 and $221 per square foot. There were also plenty not reported in MLS at even higher sales prices. So factually, all residents who are fortunate to call this home, can truly say they live in a “million dollar” community.

Polo Ranch:

December ended the year with (23) available homes on the market and only (8) in Pending. Yet, only reported (3) Solds. For the year though, MLS reported an even 100 homes Sold, averaging $337,389 and $185 per square foot. What is satisfying though, is that for year 2021, the average Sales Price was only $284,653 and $158 per square foot. The increase in prices was due by moving up from “starter” homes with modest finishes to more upscale homes.