Okay, the results were disappointing,
but are not as bad as the graphic depicts, yet it sure feels that way. Normally, October should be one of the better months of the year, since this is a Buyer's last opportunity to purchase before the Holidays. It wasn’t, and Realtors, Title Companies, Builders and Lenders alike, are all experiencing the same thing; a lack of sales. And, now the slower winter and Holiday months are upon us. Let’s hope the midterm Election on Tuesday will have a positive impact and the market makes a miraculous turnaround. If so, then we will have plenty to celebrate this Thanksgiving. Regardless, be sure and VOTE!
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Market Results for or all of Zip Code 77441:
We understand that for Sellers, as time goes by and your home doesn’t sell, it begins to wear on you and you start to feel trapped by the proverbial “ball and chain”. Although this is a great time for Buyers, for Sellers it is a relatively helpless feeling not being able to move forward. Unfortunately, October activity was not very helpful for enough Sellers. Although, the stats below don’t appear to reflect any adverse change, the problem is that September was not a good month and I anticipated the results for October would witness a positive correction. Only, it didn’t’. As insight, just (6) homes went under Contract in the last 10-days. That is not enough for an entire Zip Code…
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Below are the October results by Community.
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Weston Lakes:
This year, the number of Active homes on the market has remained high and rose again in October to (63). As insight, this is 50% higher than it was in October 2017. There were only (5) homes in Pending Status in October and none went under contract in the last 2-weeks. Not rewarding for Sellers. There was some good news though, (9) homes Closed. However, the average price per square foot was averaging above $140 in previous months, it dropped to $131 in September and in October it dropped further to just $125 per square foot. Again, not good news, yet Sellers should “hang in” there, as I’m optimistic that better days are ahead…
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Fulbrook:
Fulbrook homeowners were not immune to the overall market that remains “soft” across the spectrum and even more so at the higher end. Unfortunately, my hopes of an improving market for Fulbrook did not materialize. There simply was no Activity in October. Looking at the proverbial glass half full, the good news is that there was not an increase in the number of Active homes on the market. However, one of the two homes in Pending Status Closed, so that rewarding. The concern is that there were not really any Buyers looking.
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Fulbrook On Fulshear Creek:
Well, September posted rewarding results. Regrettably, October didn’t. Active inventory reversed course and increased to (28). Albeit, only by (2). Yet, any increase is not pleasing to witness. There really needs to be a downward trend to reduce the Active inventory to more reasonable levels. There were (8) Listings in Pending Status in October. That was up a couple. Very good news. However, just as in September, half were New Homes. There were (3) homes that Sold, but all were New Homes. Unfortunately, it is always difficult to compete against the New, even more so in a challenging market because the New Home Builders can cut prices and offer more incentives. For Sellers it must seem like a grueling 15-round boxing match.
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Cross Creek Ranch:
Lately, I look for any good news that I can find. It is proving to be difficult though. Active inventory In CCR had been trending downwards, yet in October it rose. The good news? It only rose by (3) to a total of (112). Sadly, that was the extent of the good news! There was a total of (40) homes in Pending Status which would be okay, yet (32) of these were New Homes. In addition, only (1) Seller received an Offer in the last 10-days. For such a huge community, not very comforting news. The number of Closings also dropped to a low of just (18).
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Fulshear Run:
The shining star of the area is Fulshear Run, a new community of higher end homes. The good news is so good, that it is bad news…for Buyers that is.
They are now just about Sold Out in this Section with only (3) homes remaining; and they are all under construction. There was also (1) home in Pending and it will Close too, once completed. There was (1) home that Closed. Fulshear Run is good news for all of Fulshear because it demonstrates the demand for homes priced above $600,000. We need more Buyers in this price range for the long-term benefit of Fulshear to further cement it as one of the most desirable areas to live in all of Houston.
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Summary: In last month’s report, I optimistically bet the “farm” that October would be a good month for Sellers. I lost, it wasn’t. Surprisingly, it was not good for Buyers either, because not enough took advantage of this excellent opportunity to change their lives for the better by moving to the Fulshear Area. I just can’t imagine what Buyers are thinking! Who wouldn’t want to live here so they can begin to enjoy such a wonderful lifestyle. And, there are so many great homes from which to choose, so maybe Buyers will recognize this and then both Buyers and Seller’s will have a wonderful Thanksgiving. I hope so! Lastly, it is your right to vote and I encourage you to exercise it. They say it every election, yet this time your vote really does matter. So, please be sure and…
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