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What Happened in March?

March Results for Zip Code 77441 

In almost any other area of Houston, Resales dominate the market, and the New Homes have very little impact. Not so here! Most Buyers want New, and this pie chart shows the number of Available homes and how formidable the competition is for the Resales.

 

 

Now, let’s look at the results for just the Resales. What immediately stands out is the dramatic drop in the average Sales Price by over $82,000; or 12%. In one month! The sky is NOT falling though. As mentioned in the video, it’s only because more homes Sold in the lower price range. However, the key factor is that the average Price Per Square Foot actually rose.  

 

 

Results by Community

Fulshear Lakes: 

This is a NEW Planned Development directly across the road from Weston Lakes. It will have a variety of Builders, with homes priced from the $300’s to $800’s. Currently, there are(7) very reasonably priced homes for sale by Anglia; mostly in the low to mid $300’s. In addition, they already have (4) homes in Pending Status. However, since this is a prime location, I’m waiting to see how the higher-end homes do when they open their Models.

Pecan Ridge: 

This too, is another NEW Development. I have a personal interest in this community, since I sold the land to Tri Pointe and Toll Brothers. They promised it would be very nice! So, excited to see just how nice. Having just opened, they have (6) homes Available for sale and (2) already in Pending. Prices in their first phase are very reasonable. Those in Pending averaged $424,825 and just $172 per square foot. Quality builders, building in a quality community at a reasonable price, should be a formula for success. We’ll see!

 

Weston Lakes: 

February was a good month, March was even better! Active inventory dropped from (13) to (11). The month ended with a very respectable (9) in Pending Status. Most rewarding? Although there was only one home that Sold in February, that rose to (5) in March; averaging an impressive $694,600 and $193 per square foot. So, good results because Buyers, were back buying!

Fulbrook:  

What a great month for Sellers. Not so good for Buyers though, with just (1) Available home left on the market. However, there are now 3 homes in Pending Status. We were pleased one was our Listing and went under contract in 4 days with multiple Offers. And, above List Price! Most impressive, there was (1) home that Sold and did so at $1.65 million and $394 per square foot. Amazing!

 

 

Fulbrook on Fulshear Creek: 

Good news for Buyers. Active inventory rose, albeit slightly to (22) homes on the market. Listings in Pending dropped though, from (21) to just (14).  However, the number of homes Sold increased, to end the month at (10). They did so by averaging $629,922 and $181 per square foot.

 

Cross Creek Ranch: 

Mixed emotions. Normally, I like to see Active inventory decline. Not here though. So, pleased it rose from just (36) in March to total a respectable (43). The month also ended with (19) homes in Pending Status. Down just slightly. There were also (12) Listings that Sold, which was the same as in February. Importantly, the average Sales Price was $595,861 and $196 per square foot.

Cross Creek West:

The appropriate metaphor is “Field of Dreams”. Just a few months ago, this was a vacant field. Not so today! Now, there are (40) Active homes averaging a very reasonable $473,639 (before any Discounts), an incredible (33) homes in Pending Status, and (17) that Sold. They did so at an average price of $466,416 and $172 per square foot. Value-wise, CCW certainly looks like a preferred choice for reasonably priced homes in a quality community. 

Fulshear Run:

March was almost a repeat of February’s results. There are (2) Active homes on the market, down just (1). The (7) homes in Pending Status remained constant. There was (2) home that Sold and averaged $831,686 and $200 per square foot. However, there’s more than meets the eye. These results do not include all the homes that were custom-built. And, there are a lot of these! 

 

Polo Ranch:

As mentioned previously, this is no longer a New Home community. So, in March there was a healthy mix of New and Resales. Yet, they only totaled (8) Available homes, (5) in Pending Status and (6) that Sold with an average price of $292,578 and at $186 per square foot. 

 


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