This market is a great time to be a Buyer, just not so much for Sellers. If “numbers don’t lie”, then trend lines provide an easy visual to see the direction the market is headed. As per below, every trend line is headed in the wrong direction for Sellers. Active inventory has continually risen, Listings in Pending are down, the number of homes Sold has declined every month and the “Months of Supply” has increased dramatically. Again, all good news for Buyers. Lastly, as additional insight, in August the average Sales Price for the Resales was $715,455 and at $193 per square foot. In September, both stats fell. The average Sales Price was $586,250 and at $181 per square foot.
September Results by Community
There were “mixed” results for September with Active inventory rising significantly to end September at (15). Rewarding is that they stretched in price from the mid $500’s to nearly $3 million. That’s a broad market with a home for most any Buyer. Homes in Pending dropped again though, to just (6), which is disappointing since September should be one of the best months of the year. There were only (5) homes that Sold, yet they did so impressively with an average Sales Price at just under $700,000 and at $197 per square foot. In short, market slowing, yet Prices are holding relatively steady.
Always rewarding for me to post positive results for Fulbrook. Active Listings rose, yet only to a total of (3) which is good news to have more inventory for Buyers. There wasn’t any Buyer activity, however, there was (1) home that Sold and did so by setting 2-records. It was the highest sale ever in Fulbrook, and one of the highest ever in Fulshear. It also did so at an astonishing $458 per square foot, which was another record. This only sets the benchmark for the next one to break the record!
Fulbrook on Fulshear Creek:
Active Inventory dropped significantly to end September at (33). Rewarding though, because it had been climbing too high. However, Listings in Pending Status also dropped; to (16). Still, very respectable activity. And, (8) homes Sold. Most impressive? They did so at an average Sales Price of just under $600,000 and at $203 per square foot. Unfortunately, of those that were Resales, they only averaged $179 per square foot. As always, it shows Buyers want New and are willing to pay more for them.
Cross Creek Ranch:
The Active Listings ended September at (100) which was a drop from (113) in August. That was good news. My concern though, is the days on market (DOM) which is steadily increasing. More ominous? Over 64% of the Active Listings had price reductions. The Listings in Pending Status also fell dramatically to just (33); nearly a 50% drop from August. Only (23) homes Sold too, which was down, but only slightly. Although, not many Sold, they did so averaging $650,000 and $196 per square foot. This was just about the same as August. So, although velocity of Sales is down significantly, Prices appear to be holding steady.
There has been almost no reported Activity for several months, so pleased to see something to at least report in September! Active inventory dropped from (5) to just (3). The best news is that Tri Pointe reported one home that entered Pending Status. It was Listed at a very impressive $943,239; or $200 per square foot. Again, most of the homes sold here, are “contracts to build” and thus never reported in MLS.