June Housing Report
FIRST, GOOD NEWS, you’ll not have to watch my video this month! To obtain a clearer picture of what is happening to the market though, simply look at the chart below.
You’ll note that Active Listings have trended consistently upward and have nearly doubled in volume since March. The number of homes in Pending Status have continually declined and the number of homes that have Sold is trending slightly downward. These trends unite to support that the market is slowing. Great news for Buyers, yet a warning to Sellers. In short, we are not in the same market that we were in just a few months ago and Sellers would be wise to adjust to the “new” market.
June Results by Community
Weston Lakes:
The number of Active homes on the market dropped to just (8). What’s interesting is the average List Price was $817,967. This would normally be good news, but it’s not. The higher end homes are all nearing a year on the market. The others are aging, and I’m concerned how gracefully they will. There was a reassuring news with the (12) homes in Pending Status. However, there were only (7) that Sold, which was down from May, as well as, the Price they Sold for and the Price Per Square Foot.
Fulbrook:
There remain (2) homes on the market. And, there are (2) in Pending Status and (1) that Sold. All pretty rewarding results for June. However, it’s what’s behind the numbers that is interesting. No doubt, Fulbrook is the premier acreage community in Houston. Yet, the results show that the older homes that are dated are not meeting the demands of Buyers, and are either sitting on the market too long or being heavily discounted in price. While the New and those that have been updated, are selling quickly and setting records on price. The best example is the New home on Fulbrook Road that is Pending with a List Price of $2.8 million and at nearly $500 per square foot. Buyers are very demanding in this price range, and they are not motivated to “settle” for a home that is not what they want. Else they build.
Fulbrook on Fulshear Creek:
The Active inventory climbed to new heights to end June at (42), a significant increase of 40%. Good news for Buyers looking for homes though. For Sellers, June was not the best month with the number of homes in Pending Status dropping from (21) in May to just (14) in June. A decline of 33%. Good news for all with the (8) homes that Sold though. They did so at an average Sales Price of $664,555 and at $210 per square foot.
Cross Creek Ranch:
Active inventory rose dramatically in May, yet corrected in June and dropped to (76). Of these, (66) were New Homes. That is good news to have lesser Actives, if the market is slowing. The results in Pending plummeted from (59) to end June with just (37); while the Solds declined by (16) to only (26). So, that answers the “what if” question! The market did slow significantly in June. An even better indication? Of the (74) Actives, (49), or 66% of the Active homes on the market, had a PRICE DECREASE!
Fulshear Run:
June ended with (5) Available homes on the market. What is impressive is that they range in price from $1million to nearly $2 million. There was (1) home that Sold. However, this is not the full picture. If you drive thru the community you’ll see how many homes are actually Sold. It’s just that they were Sold before being Listed and therefore never entered MLS.
Polo Ranch:
The number of available homes on the market, grew dramatically from (21 to (38). Good news for Buyers, especially in this price range. There were also an impressive (22) homes in Pending Status, yet as usual, it does not appear they report their Sales, as there were none for June.
