The slowing of the market is made visually clear in the chart below. Since May, Active Listings have increased just over 50% and Pending’s are down 27%. Most illustrative of the market slowing is the number of homes that Sold is down over 52% and the Months of Inventory is up more than 100%. However, although the market is slowing, prices have yet to be adversely affected. Impressively, the RESALES in Pending Status averaged $703,895 with an average Sold Price of $659,500. At the moment, this means Sales Prices are stable. Yet, the message to Sellers is that they need to be very patient because it’s taking a lot longer to sell their homes. Impatience often leads to price reductions though…
Monthly Sales Report
Months of Supply
November Results by Community
Weston Lakes:
Not much favorable news to report this month. Although, Active inventory dropped by (2) to end November at (14); nearly half had price reductions and only (2) have been on the market less than (30) days. Most are well above 60 days. In addition, there were only (5) homes in Pending Status and only (2) Sold. So, most Sellers will be concerned when their home will sell, especially as we enter the slower, winter months.
Fulbrook:
Fulbrook again is beginning to experience a lack of Activity. Although Active Listings declined by (1) to end the month at just (2), it was only because the Listing Expired after being on the market for nearly 6 months in addition to a price reduction. Unfortunately, I feel this will become common elsewhere too. The good news is that there was (1) home that Sold. However, it did so $35,000 under List Price which is another indication Buyers are being more aggressive.
Fulbrook on Fulshear Creek:
Pleasingly, Active Inventory had been dropping in previous months. Unfortunately, November was witness to an increase and ended the month at (37), with an average List Price of $679,080. Good news was found in Pending Status with (17) and at an impressive average of over $670,000. Most of these were new homes though, that were not completed. So, that means they were contracted on months ago, in a different market than today. There were (6) homes Sold with an average Sales Price of $622,863.
Cross Creek Ranch:
Last month, Active Inventory plummeted “like a rock”. Well, it dropped even further in November to end at just (53). That’s less than half of what it was not too long ago. So, rewarding to see! Even more, impressive? The Listings in Pending rose to (32). A sizable increase from October. The number of Sold homes remained steady at (18) with an average Sale Price of $652,837 and $195 per square foot. Surprisingly, the results pleasingly show the market is in balance; which is good news for both Buyers and Sellers.
Cross Creek Ranch West:
I added this new community last month since it is physically separate from its big sister; Cross Creek Ranch. I’m hoping that it will do very well since it will be one of the highest-end communities along FM 359. There are (9) homes that just broke ground and most of the infrastructure is not completed. However, I was also hoping that there would be some “pre-sales”; yet disappointed there were not any. Prices are reasonable though and average $625,000 and $190 per square foot. I also know that the Builders are offering some attractive “incentives”. So, this would be a good opportunity for Buyers.
Fulshear Run:
Active inventory declined from (8) in October to (6) in November. So, always pleased to see at this time of year a decrease. They averaged $1,023,735, with the majority well below the average. Even better? There are (3) homes in Pending; up from just (1) in October. These averaged slightly higher at $1,137,859. And, there was one home that Sold in the lower price range, just at $800,00. In short, very good results for a higher-priced community.
Polo Ranch:
I mention how frustrating it is trying to report their results. November was no different. Active Listings dramatically increased from (19) to (34) in November. There were (9) homes in Pending. And, get this; last month they reported only (1) sale, and now NONE none in November. For some reason, they don’t want to report their sales activity. However, for the year, the Solds total (106), which by any means is very good.
“Other Agents ask for your Business, WE WORK HARD TO EARN IT.”
