The trends provided below visually show signs of a slowing market with increasing inventory; coupled with slowing Buyer activity and increasing “Months of Supply”. However, as mentioned in the video, prices thus far are remaining stable. The homes that Sold averaged an impressive $592,352 and $195 per square foot. That’s slightly better than in September. Most importantly, this shows Buyers are willing to pay top dollar for the right home that meets all their demands. Yet, it also means they are passing on the ones that don’t. So, if you’re a Seller, it’s vital you have your home show its very best.
October Results by Community
Weston Lakes:
Active inventory rose by just (1) to end October with (16). The concern is that, except for (2), the rest have been on the market for more than 30-days; with most approaching or exceeding (90) days. In addition, there were only (4) homes in Pending and just (5) that Sold. Storm clouds are on the horizon with the much slower winter months approaching. More concerning is that the Fed is about to raise interest rates; yet again. So, it is wise to price your home to where the market is trending and not where it used to be.
Fulbrook:
Active Listings remained the same at (3). The good news is that (1) home is now in Pending and did so impressively at $261 per square foot. Remarkable, because this was a David Weekley home in the Bessie’s Creek neighborhood. Normally, this price per square foot is only found in the custom section. Although, it’s a remarkable single story with a pool.
Fulbrook on Fulshear Creek:
Just like salmon going in the opposite direction; Active Inventory dropped to end October at (31). This also continued September’s decline. However, Listings in Pending Status also dropped from (16) to (12). And, Solds dropped as well, to just (6). Yet, the average Sales Price was $634,968. Even more impressive? They averaged $200 per square foot. Both results were just about equal to September’s. These are mostly new homes though, and again, this confirms Buyers are willing to pay more to get what they want.
Cross Creek Ranch:
“Like a Rock”. No, it’s not the theme song to an older Chevy truck commercial. It is though, what happened to the Active Listings in October. They dropped “like a rock” from (100) in September to end October with just (61). That’s an amazing 40% decline in just one month! Listings in Pending also dropped, but only slightly to (27). What about those that Sold? Only (17) did. And, only (5) were Resales. All this is good news though. Supply is in balance with demand, and Sold prices are remaining steady with an Average Sales Price just under $600,000 and at $204 per square foot.
Cross Creek Ranch West:
We’ve added this new development to our Newsletter. Johnson Development is the developer for Cross Creek Ranch, and Cross Creek West will be its little “sister”. It just broke ground, yet we believe this will be another showcase community in Fulshear; complete with quality builders. Currently, there are (9) new homes under construction with an average List Price of $671,301 and at $204 per square foot. As perspective, when CCR broke ground, prices started in the $200’s. Now, they just need to see some sales activity!
Fulshear Run:
Absent no longer. Pleased to see in October that there are now; both homes for sale along with welcomed Buyer activity. Both of which have been absent for the last several months. Active inventory rose significantly from just (3) to (8) and they average an impressive $1,098,000. There is also (1) home in Pending and another that Sold. Not a lot of activity, yet most activity is not reported because Buyers are choosing to select a Lot and then build. As such, these transactions don’t enter MLS to report.
Polo Ranch:
Okay, another month, another mystery. active listings remained the same at (19) and the month ended with (10) homes in Pending. Interestingly, average prices declined to $399,585. They reported only (1) home that Sold though, and did it so at $295,000 and just under $200 per square foot. The mystery is why they are “hiding” all the other sales. For nearly 2-years they report lots of homes in Pending, and then every month, almost none that Sold. Hmmm.
“Other Agents ask for your Business, WE WORK HARD TO EARN IT.”
