Below are the December results by Community.

Weston Lakes: 

The rise in Active homes on the market was a real concern thru most of the Summer and Fall. Fortunately, November witnessed a modest reversal. Impressively, December posted even better results and Active Listings declined from (57) in November to a reasonable level of (44), which is nearly half off its 2018 high. However, Santa did not bring gifts for all. There are only (4) homes in Pending Status, so a lot of Sellers are still waiting to “open” their Offer. Actually, this result is not too bad for a cold and rainy December, but it does mean that there won’t be many Closings in January. The best news is that (8) Listings did Close in December and that made for (8) very happy Sellers. And, (8) very happy Buyers that will now be enjoying the very special “Weston Lakes Lifestyle”. 

Fulbrook:

In both October and November there was no activity. None! December continued this unwanted trend. Active inventory remained constant at (8), so I guess the proverbial glass was “half full”, as at least there was not an increase. There were (2) Listing in Pending in November and (1) in December. That is because one in Pending Closed and did so over $1 million and at nearly $200 per square foot. I’m hoping that this primes the proverbial “pump” and more Buyers will soon realize the value of living in extraordinary Fulbrook. They better come soon because we have several Sellers that have laid out the red carpet and are waiting for them! 

Fulbrook On Fulshear Creek: 

I keep checking to make sure the roads are open. There has to be some reason why Buyers are overlooking this wonderful community with large Lots, lovely views and reasonable prices. Sadly, not enough did so in December. Being positive, the good news is that Active Listings declined from (30) to (29). Not much, but a drop is better than an increase. Only (2) homes in Pending Status, but 50% were Resales (sounds better that way). The best news is that (5) homes did Close. Unfortunately, (4) were New and it looks like the Builders offered huge Discounts to attract these Buyers. Resales are attractively priced too, so a great time for Buyers to take advantage of this opportunity. Dreams come true, so Buyers should visualize how wonderful it would be to live here! 

Cross Creek Ranch: 

The decline in the number of Active homes on the market continued in December and ended the year at a very rewarding (108); which is down nearly 25% from its high in 2018. That is good news. Unfortunately, there is a battle going on, and it’s not a fair one. New Homes can offer more incentives and greater discounts and they used this to their advantage in December. Of the (37) Listings in Pending status, (26) or 70%, were New Homes. Even more telling how the battle between Resales and New Homes is going? Of the (28) homes that Closed, 71% were New Homes. If this was a boxing match, they would have to call the fight! However, this does offer a great opportunity for Buyers. It means there is plenty of Resale inventory from which to choose. And normally, a Resale home can offer a better value. 

Fulshear Run:

The results continue to impress month after month. This new community of higher-end homes is already nearing completion of its first phase of ½-Acre settings. Currently, there are (9) Available homes on the market, of which (5) are under construction. And, (2) of the completed homes are Resales, each with pools. There are (2) homes in Pending and both were purchased prior to completion. Again, showcasing the strong demand. It also proves that when developers offer value and quality homes in a desirable community, Buyers will come. 

Summary:   Interestingly, the real estate market is a reflection of the economy. When the economy is good, so is the real estate market; and vice versa. Since the start of a New Year is a unique moment in time to “reflect” back to what was and forwards to what may be; we’ll do just that. First a quick look back at 2018. Bluntly, it was a challenging year. There are three major factors that impact our local real estate market. They are oil, interest rates and population growth. At the beginning of the year, there were thoughts of oil hitting $80 a barrel, yet ended December at less than $48. In January, mortgage interest rates were hovering around 3.75%. They ended the year close to 5%. Both negatively impacted the market. However, the Fulshear area is one of the fastest growing areas in Houston, and that helped the market by providing a steady demand for housing. Taken together, 2018 was a difficult year. 

The outlook for 2019? My prediction is that this will be a transitional year. I believe oil will rise to acceptable levels. Yet, interest rates will rise further too, and will serve as a “boat anchor” to the market. However, as the widening of FM 1093 nears completion unites with more commercial and retail development, this will entice even more Buyers to move here. These mixed economic factors will pose yet another challenging year with homes staying on the market longer than Sellers want and very modest, if any, increases in prices. I hope I’m proven wrong and we turn the corner and have a remarkable year. We’ll see…