February Results For Zip Code 77441:
Simply put, the last few months have not been good for Buyers or Sellers. February made a sharp turn though, and the market is now “leaning” in the right direction. However, one month does not a trend make, yet it is pleasing to be able to report a dramatic turn-around with positive results in every category.
Active Listing declined substantially. Homes that are under Contract and in Pending Status rose by 35% over January, to a total of (73). More significantly? The number of homes that Sold increased by a whopping 78% and the “Months of Supply” decreased dramatically by nearly 50%. So, finally some great news! However, these results were increases over January, which as indicated, was not a good month. So, although the market is trending in the right direction, it still has a ways to go before there is confidence that we have truly “turned the corner”.
February results by Community
The market has been challenging for most Sellers, so it is somewhat disappointing that Buyers are not taking advantage of this opportunity with still low interest rates, loads of great homes to choose from and competitive prices. The adage of “buy low and sell high” does not seem to apply though. Ummm….
Weston Lakes:
The number of Active homes on the market decreased by only (2), to a total of (46). A decline yes, but as perspective, it still is higher than it was in December. The best news was found in Pending Status. There was a total of (11), which is more than double of that in January. More importantly, in roughly the last 10-days (6) Listings went under contract and are now in Option Pending. This was welcomed news. However, there were only (3) Closings in February, which is very low. However, as insight, where Listings in Pending show current activity, Closings are results of past activity. So, since the previous months were so slow, a low amount of Closing would be expected for February. February was a “balanced” month, yet the market is still a bit precarious.
Fulbrook:
Last month I used the song, “One is the Loneliest Number” as a metaphor for the recent market in Fulbrook. The numbers didn’t change, and “one” is still the loneliest number when just (1) home Sold in February. Pleased it was my Listing, but disappointed there was no other activity. No increase in the number of Active homes on the market and none in Pending Status either. On the surface, the results would be discouraging. Yet, for the first time in several months, there was an increase in showing activity. Not dramatic, but any increase is more than welcomed. I’m a “matchmaker” and now, I just need to find suitable “mates” with great taste who will fall in love with these “attractive” Listings.
Fulbrook On Fulshear Creek:
Hallelujah! It’s been a while, but it looks like Buyers are beginning to find just how desirable this community is. The results were mixed though. Unfortunately, Active inventory increased by (8) to a total of (37). That’s great news for Buyers because it offers even more selection. They can even choose a home with the right colors! And, Buyers are doing just that. There are now (7) homes in Pending Status, up from just (4) last month. Only (3) homes Sold. Normally, not the best news, but it was still better than January. Ugggg….all were New Homes though.
Cross Creek Ranch:
Overall, the results for Cross Creek were mixed. It was refreshing to see that the number of Active homes on the market reversed course from January’s total of (117) and declined in February to (107). A significant decline for this time of year. Also, good news; the Listings in Pending Status increased by (4) to (38). And, there were (22) homes that Closed. An increase of (6) over January, but still well below where it needs to be. These results don’t tell the whole story though. The title of Charles Dickens, “A Tale of Two Cities” is apropos. The market in Cross Creek is being dominated by the New Homes and the results prove it. They comprise 65% of the Active homes on the market, a whopping 76% of those that are in Pending and 59% of those that Sold. New Homes pose a formidable adversary for homeowners to compete against, so the reality is that the Resale homes need to be staged appropriately and priced competitively, else there is not significant motivation for Buyers to purchase a “used” home. Just saying….
Fulshear Run:
Another month, another “job well done”. The results again were positive for Fulshear Run. The Active inventory declined from (9) to (8). In addition, the number in Pending Status increased by (1) to a total of (4). This is an impressive number since most of the homes in Pending are yet to be completed. This was a new community that opened in 2016 and was initially comprised of only new homes (duh). So, the Resale market had not been tested until (2) Listings recently entered the market. How will they fare against the New Homes? Very well was the answer; with one of the two entering Pending Status. Even more important is that it was Listed at nearly $200 per square foot. It does have a Pool though, which enabled it to compete more effectively against the New Homes.
Summary
The market has been challenging for most Sellers, so it is somewhat disappointing that Buyers are not taking advantage of this opportunity with still low interest rates, loads of great homes to choose from and competitive prices. The adage of “buy low and sell high” does not seem to apply though. Ummm….On another note, the Fulshear area is going thru a major transformation. For most that have lived here for a while, it is not recognizable. For me, compared to where it was just a few years ago, it is beginning to resemble this photo of Dubai (okay, not quite…yet). Fulshear is becoming one of the most desirable cities in Texas though. Consider this fact; the List Price of all the homes that are on the market in zip code 77441 averaged$520,000. That is a long ways from just a couple years ago, and that trend will continue…as it does with any desirable location. In addition, Fort Bend has the highest household income in Texas and of all the homes in 77441, every $1 million+ home listed for sale were located in either Fulbrook or Weston Lakes. Interesting too, both Fulshear and Weston Lakes are the wealthiest cities in Fort Bend County.
The message to Buyers. Don’t wait, it will only cost you more if you do.