Let's find out what is happening in the real estate market in the neighborhood of Gleannloch Farms in Spring, Texas. In the last week, 6 homes have sold in Gleannloch Farms, with an average sale price per sqft of 168.84, with all but one going over list price.
4 Homes went pending last week, growing the total to 18 homes currently pending.
There are currently 7 active homes, with 71% of those carrying over from the previous week.
The average on homes staying active are about one week, which is on par with neighboring subdivisions.
For some perspective we can compare the first three weeks in March 2021 to March 2022. We see a 29% increase in average sale price, a drop to 36% less active homes on the market, with an average DOM of 35, almost double from this time last year.
What does this mean for sellers? You should expect to get about 29% more for your home this year and you will have low competition due to inventory, much like last year. The troubling thing you see here is the DOM. Normally in neighborhoods where the inventory is low, the DOM is directly proportional, so why are you seeing an inverse relationship? Simply put, homes aren’t being marketed properly. Price is the major driver, but there is a lot that goes into getting a home sold quickly, and for the right price. The real estate team responsible for the most listings in the neighborhood is also responsible for the 2 active homes with the highest DOM right now,both of which have had price reductions. Just some food for thought. Bottom line, do some research before you list, don’t always hire the name you see plastered all over the neighborhood.
Buyers, you will have slim pickings as usual. Based on DOM some sellers in the area may have some unrealistic expectations of their home value. It does not appear this neighborhood is trending in the direction of a “HOT” market like many others around, though that seems largely due some people being unwilling to follow market trends properly.
Can we sell yours?
So if you are in need of a listing agent, we would love the opportunity to see your home and meet you of course. My husband, Edward, and I, look forward to being the brokerage and team for you! You can reach out to us via email: [email protected] or telephone: 832-493-6685.
Read more:
If you are curious ‘How to get more money for your home when listing it for sale', check out this blog post.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, E + J.
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