THE MARKET REMAINS HEALTHY
Results for April were reassuring with a continuation of the positive trends that started developing in January. Spring months though, bring increased Listing activity (supply). As long as Sales keep the same pace, then we remain in a balanced market where supply and demand are in equilibrium. That was the situation for April in nearly every community. So, more good news for all.
Weston Lakes: The number of Active homes on the marketed plummeted to just (48). This was due to the increased Buying Activity that resulted in a total of (14) homes that are now in Pending Status coupled with the (12) that Closed. However, when looking behind the numbers there is some concern with how many of the remaining Active Listings that are beginning to age on the market. This indicates Buyers are still being very particular and residents need to do all they can to meet Buyer expectations.
Fulbrook: The number of Active homes on the market remained constant at (7); which is more than pleasing considering this is the time for more new Listings to enter the market. Results were again balanced by the (3) homes that are in Pending Status that offset the new Listings that entered the market. More importantly, the Price Per Square Foot for these homes was very rewarding to see.
Fulbrook On Fulshear Creek: The struggle continues for residents, yet the market here is improving; albeit slower than most would like. The good news is that the number of Active homes remained steady at (22). However, buying activity slowed a little. The number of homes in Pending Status also dropped from (11) in March to (8) in April. This would be somewhat okay were it not for the fact that all but (1) of these were New Homes.
Cross Creek Ranch: It is a tough market here competing against the New Homes that control the market. Actives rose again in April reaching (150). Not healthy. On the other hand, Buying activity remained strong with (63) homes currently in Pending Status. The good news is that the number of homes that Sold rose significantly from (19) in March to (29) in April. An impressive 52% increase. Competition with New Homes still remains strong though. They make up roughly 62% of those homes in both Pending and Sold status. This means residents need to do more to compete.
Market Results for or all of Zip Code 77441: Overall, results were positive. As per below, Active Listings rose slightly which would be anticipated for Spring. The number in Pending Status was little changed. The pleasant surprise is the dramatic increase in the number of homes that Sold. Wow…a 43% increase!
April March Change % Change
Total Active Listings 285 275 +10 3.6%
Listings in Pending Status 104 106 -2 -1.8%
Homes that Sold & Closed 59 41 +9 43.9%
SUMMARY: Although we continue to witness a recovery from a very challenging market, there is still more healing to do before we get back to what most would deem a “normal” market. Yet, we’re heading in the right direction and I’m optimistic that next month will continue the upward trend.
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