I updated my format because we are the only market in the Greater Houston Area that is overwhelmingly impacted by New Homes, which distorts the results of the Resales. The pie chart shows Total Active homes (227) broken into percentage of New Homes (179) Vs. Resales (48). Note: this doesn’t include the huge number of New Home floor plans Buyers may choose to build. I also updated the chart below by only providing the rolling averages of the Resales.
Results by Community
Weston Lakes:
January results reflected the overall market with Active inventory rising to (12), a decline in Pending to just (2), and only (3) homes that Sold. The average price per square foot for both the Active Listings and those in Pending was $201 and $210 respectively. However, the average Sold Price was an even $695,000, or $180 per square foot. That 13% difference is a concern because it shows the disparity between what the list price of Active homes versus the actual Selling Price.
Fulbrook:
January began the year with positive results. There is low available inventory with just (3) homes on the market. Of these, (2) are Listed well above $300 per square foot. So, this will be a good “bellwether” to see if the current market will support these prices. There is (1) Listing in Pending and (1) home that Sold for just under $1 million and at $223 per square foot. It was an “unusual” home, so rewarding too that it Sold quickly and at a reasonable price.
Fulbrook on Fulshear Creek:
Just like I mentioned in my video, the New Homes here dominated the market. There were (26) homes on the market, yet only (5) were Resales. Of the (12) in Pending, only (2) were Resales. Although, there were just (3) homes that Sold, the good news is that (2) were Resales. They beat the New and did so impressively at an average Sales Price of $747,500 and at a very rewarding $197 per square foot.
Cross Creek Ranch:
When the results include both the New and the Resales, all the categories are in significant double digits. However, the results are “head turning” when I just report the Resales. There were only (6) Actives that averaged $622,322, (4) in Pending at $589,200 and (6) that Sold with an average Sales Price of $573,000 and $174 per square foot. However, the Sales Price was distorted because half were over 10-years old and the Sales Prices reflected the fact that Buyers really prefer to buy New. Else they pay less for old.
Cross Creek West:
This is a new, New Home community, so obviously, there were no Resales. Results were more than impressive though. In just a blink of an eye, this development transformed from just an open field, to a developing community where there are (38) homes on the market. Even more impressive is that there are (32) Listings in Pending Status. That’s truly remarkable! There were also (8) homes that Sold in January. They did so at an average Sales Price of $473,054 and $167 per square foot. That’s because they discounted the prices a lot; and this would make for one of the very best opportunities for Buyers in Fulshear!
Fulshear Run:
Since this is also a predominantly New Home community, we won’t see much Resale activity for a few more years. There is (1) Resale and it happens to be the Model home for Partners In Building. They built a new Model, and now this former Model is available for $1,650,000, which is $295 per square foot.
Polo Ranch:
Well, this is interesting. When you omit the New Homes from the total, it provides a much clearer view of the Resale market. Surprisingly, there are (9) Resales on the market with an average List Price of $329,943 and $171 per square foot. It will be “interesting” to see how Buyers respond to the Resales. One did Sell though. It was on the market for (70) days and Sold for $295,000 and $184 per square foot. So, this is a good sign for the Resales.
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