ON AVERAGE, WE ARE WITNESSING steady, consistent improvement in the housing market in our area. Since December, each month has revealed a market that is improving and trending upwards; albeit only modestly so. Overall though, the market is headed on the right track.
Although the averages indicate a reasonably healthy market, that is not the full “picture”. The current market is more analogous to the movie, The Good, the Bad and the Ugly. Homes Listed below $250,000 sell very fast and at near full price. Homes between $250,000 and $500,000 are doing pretty good, yet at the highest end, it is pretty ugly. To illustrate, according to Centralized Showing Service (CSS), in April there were 1,012 showings on Listings between $250,000 and $500,000. Yet, just (43) showings between $750,000 and $1 million. Of these, (27) were between $750,000 and $800,000. Disbelieving so, there were only (7) showings on Listings between $1 million and $2 million. Consider that buyers look at least at (4) homes, so this brings to reality that there simply are not “any” higher-end Buyers even looking.
April Results For Zip Code 77441:
Active Listings rose again in April, which in past months would be a concern. However, when the market is improving, then it is not as much so; that is as long as Sales Activity is keeping pace. And, that is what occurred in April. The number of homes that went under contract increased and so did the number of Listings that Sold. Both good barometers of a healthier market. Most importantly though, was a continued decline in the “Months of Supply” that decreased to a very reasonable level. As in previous months, the worry is that New Homes comprised nearly 50% of the total market in every category listed below.
April Results by Community
Weston Lakes:
March results were “sluggish” at best, and I expressed my thoughts that Weston Lakes is quite resilient and that this was just an aberration. Rewardingly so, April did “bounce” back. Although, Active inventory remained constant at (51), there were (12) Listings in Pending which was an increase and (5) homes Closed; which far exceeded the single one in March. Most rewarding was that the homes that Sold did so at an average Sales Price of $528,000 and at $135 per square foot. Better yet, all were Resales but one.
Weston Lakes
Fulbrook:
First, the good news. Active inventory remained constant and is low at just (5) homes on the market. There was more good news in that there are now (2) homes in Pending Status. One was mine, so that was pleasing. The best news was that a new Listing entered the market at $1,525,000 and received an accepted Offer in just 9-days. Remarkable! This provides hope that there will be other high-end Buyers out looking too. Unfortunately, this was the only Listing priced above $1 million that is either in Pending Status or that Sold in April…for all of Zip Code 77441.
Fulbrook On Fulshear Creek:
Over the last 2-years, it has been difficult for me to post less than favorable results for Fulbrook On Fulshear Creek. So, I can only imagine how it has been for Sellers. I’m optimistic though, that we are witnessing this highly desirable community turn the proverbial “corner” for the better. Both February and March had favorable results and April continued this positive trend (hallelujah). Active inventory dropped to just (26). There are now (12) Listings in Pending Status. Of these, half were Resales, which is the best news and probably a record. And, (5) Listings Sold, which was up (1) from March. Unfortunately, everyone was a New Home. That will change in May though. So, overall a “refreshingly” good month.
Cross Creek Ranch:
The results for April were generally positive. Although, Active inventory rose from (110) in March to (123) in April, this was offset by a significant increase in Pending Status to (68), a 17% increase over March. More importantly, the number of homes that Sold increased to (35) in April. A dramatic increase of 59%. That is the good news. Unfortunately, this positive news was offset by the impact of the New Homes which comprised 58% of the Actives, 56% of those in Pending Status and 57% of those that Sold. So, the fact remains, the New Homes control the market and Sellers must compete; not so much against their neighbors, but more so against the New. And, they are formidable opponents that are armed with advantages over the Resales.
Fulshear Run:
This community continues to do well month-after-month. And, April was another déjà vu month for Fulshear Run. The only change was that Active inventory increased by (2) to (10). Of these, (3) were new homes that broke ground. And, just as in March, there are also (3) homes in Pending Status and one that Sold. In short, just another good month in a long list of such.
Summary
First, does anyone that has lived here for any length of time recognize Fulshear today? I’ve been here since 1989. Wow, 30-years! The transformation taking place is much like having a child. You don’t notice the change on a daily basis, but in the blink of any eye, one day you’rechanging diapers (yes, I did) then the next “day” you are holding their hand walking them to their first day of elementary school. Then, what seems like an instant later, a guy pulls up in my driveway in a 4×4 truck asking me if Jordyn is ready to go to the movies. Yea, right!
Anyway, the transformation that Fulshear is witnessing is a true metamorphosis from that of a sleepy, quaint small town to a bustling small city. Yes, it is the best place to live and that is why it is growing so fast and now needs a divided 4-lane highway going thru the middle of it! Fulshear offers the benefit of big city amenities, yet is maintaining its history and sense of small town char. And, that is the message for Buyers. Once they visit here, they too will fall in love with Fulshear. There is not another place like living here. It only takes Buyers one visit, because when they do, they too will fall in love with the special lifestyle we all enjoy. Importantly, and the message to Buyers, is that moving here is easy with such a great selection of homes from which to choose. So, come take a look!
