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Springtime in Winter!

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Punxsutawney Phil may have seen his shadow forecasting more winter, yet Spring is coming early for the housing market.  The market results for January may not be realized in the actual numbers, yet I can “feel” the market changing for the better.  As insight, I have (19) properties in Pending Status. No matter how you characterize it, that is a lot! Most impressive, (6) of these were Contracted on in less than 10-days and another (3) in less than (17) days.  Phones are ringing and Buyers are buying.  Unfortunately, not all Listings are getting the activity they deserve.  But, “a rising tide lifts all boats”.  And, that means as we move more towards a balanced market between Buyers and Sellers, more Listings will see an increase in activity.
Market Results for or all of Zip Code 77441:  
January posted less than favorable results.  Although Active Listing posted a slight decline, there was a dramatic drop in both the number of homes in Pending Status and those that Sold.  Difficult to explain declines of 25% as anything other than disheartening results.  As mentioned though, the numbers do not accurately portray what is actually happening in the market place.  The non-measurable signs that you can “feel” or sense, just need to filter their way into the “numbers” category. As such, I believe we will see improvement starting next month.  Summary of the results are below:
                                                            January       December     Change         % Change
Total Active Listings                              223               230              -7                   -3.0%
Listings in Pending Status                      99                79                +8                 -25.4%
Homes that Sold & Closed                      33                43                -10                 -23%
Below are the January results by Community.
Weston Lakes: The results were not overly positive. In January, there was an increase in the number of Active Listings, a slight drop in homes in Pending Status and also a drop in the number of homes that Sold.  The numbers lie though!  Why? The homes that Sold, were contracted in December, so it would be typical to have a slower number of homes that Close in January.  Importantly, I am beginning to see a rush of Buyers entering the market. Agents are also calling our office to see what homes we have coming up.  Of the 7-homes in Pending status, I have over half of them. Of these, we were able to get Contracts on (2) in less than a week!  So, from my perspective, the market “feels” like it is doing much better.
Below is a Summary of the results for January.
For more detailed information, please click on the below:
 
Fulbrook:  The results for Fulbrook continue to be more than impressive.  It is actually good news that the Active inventory doubled, albeit rising from just (1) to now (2)! This is probably the only community that needs more homes on the market. Just curious though, where are all the New Homes? Not having them sure helps the Resales though, with less competition. There is (1) Listing in Pending Status and that is mine. It will be there for a while too, as it is a long-term Closing. There is also (1) that Sold.  It was a New home. It is good news it Sold, as it was on the market for too long and didn’t compete with the Resales.
Below is a Summary of the results for January.

For more detailed information, please click on the below:
Fulbrook On Fulshear Creek: There is a “heartbeat” and the patient is beginning to respond!  This is the first good month in a long time and I hope it foretells more good things to come. The Active inventory has plummeted to just (14).  This is less than half of what it was just a few short months ago. The reason?  There are actually Buyers doing what Buyers are supposed to do…buy. And, they did.  There are now (6) homes in Pending Status of which (2) were Resales.  Considering there was only (1) last month, this is good news.  Only (1) home Sold and that was a New home.  Overall, not great news, yet it does look like the market for residents is moving in the right direction.  Now, would be a smart time for Buyers to take advantage of this opportunity
Below is a Summary of the results for January.
For more detailed information, please click on the below:
 
Cross Creek Ranch: The results for January belie what I believe is occurring in the market place.  By the numbers, the results for January would not be exceptionally positive with an increase in Active inventory, a decrease in those in Pending Status and a significant drop in those that Sold.  How could that be good news?  Well, I think it is.  Active inventory remains low.  The lower number of those in Pending would be typical for January.  Only (19) homes may have Sold, which is a significant decline from December’s (27), yet again, for January that would not be atypical.  Being in the market every day, you gain a sense of what is happening. I am witnessing an undercurrent of activity that is the predecessor for an improving market which I believe will be realized next month.  We’ll see.
Below is a Summary of the results for January.

For more detailed information, please click on the below:

Fulshear Run: We added the new community of Fulshear Run last month because we expect this community to be a significant contribution to the greater Fulshear area.  For a new community, the initial results have been very rewarding.  Especially, when considering that their price point starts in the $500,000 range.  The New home inventory is just (2) and there was (1) home that Sold. However, this Trendmaker home set a new benchmark selling for over $800,000 and at a very impressive $194 per square foot.
Below is a Summary of the results for January.
SUMMARY:  Let’s just say good riddance 2017. Although every year has its bright spots, for our market area, it was a challenging year. We “weathered” both the drop in oil prices and, of course, the impact of Harvey.  All that is past, and everything now looks bright.  The stock market is booming (even with the latest drop), oil prices stabilized and are trending upwards, unemployment is low with rising wages, relocations are beginning again and the rise in interest rates will be a motivator for Buyers to buy.  They will do so to capitalize on historic low rates before they rise too high and before home prices also rise. Thus, if inventory of Active homes remains in balance, this could be a very good year for both Buyers and Sellers.  Sellers will begin to see rising prices and shorter “days on the market’. Buyers will see their current homes appreciating and will feel more confident in selling theirs and moving up. In fact, ‘m already beginning to see the fundamental “signs” (Sold signs) of this happening.  Just like tulips begin to flower in Spring, so it looks like the market is also getting ready to bloom.
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