Patience is a Virtue

Early last Saturday evening, I was on FM 1093 leaving Fulshear heading east. Somewhat in disbelief, the traffic was more “stop” than “go”. This allowed me a “moment” to reflect back on the incredible amount of growth that we have witnessed in recent years. No resemblance to the near nothingness that was present when I first moved here in 1989. Ironically, sitting “patiently” in traffic provided the opportunity to better appreciate how remarkable it is to live here. The settings are extraordinary and all the conveniences are now here. I mention this because the market is slow today, and this requires Sellers to have patience in selling their home. However, nothing is going to stop Buyers from moving here and   October is one of the best months of the year.  So, Sellers just need a bit of patience and smart Buyers need not wait!

Market Results for or all of Zip Code 77441:   It’s easier to write these reports when the market is booming and Sellers are happy. Obvioulsy, that is not the situation today. The market is challenging and it is very stressful for Sellers not knowing when their home will sell. Many feel like the “walls are closing in” and feel relatively helpless. Especially, if their homes are “show ready” and updated. Then, there really isn’t much either the Seller or Agent can do to attract Buyers that simply don’t want to buy. The silver lining to September results was that the number of Active Listings dropped, which is definitely good news. However, this was overshadowed by a dramatic decline in the number of homes that Closed. I’m pleased that I had (9) Transactions for the month; respresenting nearly 25% of the total. Rewarding, yet it would have been much better if I had 10% of 100 Sales! Then, everyone would be happy.

Below are the September results by Community.

Weston Lakes:  The Active homes on the market had been trending upwards for several months to concerning levels. Pleasingly, it declined in September from (64) to (60). Not a huge drop, but any reduction is welcomed news. More good news; the number in Pending Status totaled an impressive (14). Unfortunately, the good news ended there, as there were only (4) lucky Sellers. The Average Price per square foot also dropped from $145 in August to $131 in September. Hopefully, these results are an aberration and not the beginning of a trend.

Fulbrook: The current overall market is “soft” and for higher-priced homes, it presents an even greater challenge. Thus, the concern for Fulbrook since it is comprised mostly of homes Listed above $1 million. In September, there was not any new Activity. No new Active Listings entered the market. There are (2) homes in Pending Status, yet they were the same ones in August and both are in the lower price range. Again, the challenge is finding Buyers for the higher-end. There is no place as special as Fulbrook, so there really isn’t any competition. The solution is a simple matter of Buyers, being just that; a buyer.

Fulbrook On Fulshear Creek:  Hallelujah! It has been too long since I was able to report good news. Contrary to the rest of the market and similar to salmon that swim upstream, the results defied the rest of the market and posted mostly positive results. Finally, there was a drop in the number of Active Homes on the market. The total dropped from an August high of (31) to (26) in September. That is huge to have declining inventory. This was even more significant because it was due to an increase in the number of Listings entering Pending Status, which rose to (6). However, (5) of these were New Homes. Not so good. In September (3) homes Sold, which is up from August and only one was a Resale. I am hoping that this is the long awaited reversal of the past trends.

Cross Creek Ranch:  September continued the welcomed and positive downward trend of Active Homes on the market which ended the month at just (112). It wasn’t that many months ago, when it climbed to over (150). The Listings in Pending Status remained the same as August at (38), but there was only (1) Listing that went under Contract in the last 2-weeks. Not a positive indication of needed activity. The number of homes that Sold has been trending downward and it reached a low of just (19) in September. This is a concern, especially when over half were New Homes. Solution? More Buyers out shopping for homes!

Fulshear Run: From both a Developers perspective and a lifestyle choice for Buyers, the results have been nothing short of impressive. September continued the trend. There are only (3) Listings that are Active and they are under construction. There is (1) in Pending only because it is not completed, else it would have entered the Sold category along with the (3) others that did Close in September. So, rewarding to see this new community do so well. This is also good news for the greater Fulshear area when any higher-end community have such results. Hopefully, this will set a trend for other Developers to do more upscale communities

Summary:   Okay, it is not pleasant to report less than favorable results. So, I’m going to end on a positive note. As mentioned, October is one of the best months of the year for Buyer activity. So, I’m betting that it will be again this year too. Certainly, Buyers should not be able to resist all these wonderful homes on the market. They should buy now so they can enjoy the Holidays in their new home. Most importantly, Buyer should do so before interest rates rise any further. So, It is the best time to be a Buyer. I’m confident Buyers will be freed from whatever is holding them back this month and we will see rewarding results of them doing so!

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