Today I will be sharing with you our perspective on the local real estate market here in Spring, Texas, specifically a market update for the neighborhood of Memorial Northwest. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
What is happening in the real estate market in Memorial Northwest?
We currently have 10 homes pending, with 1 home sold in the last two weeks, averaging a sale price of $103 a square foot. One home sold over the asking price.
Compared to the two weeks prior, we haven’t seen big changes in the market. The average sales price in the neighborhood is $515,000. Every home is different, with different features, so don’t forget to ask us for your annual equity review if you are curious about your personal home. You can text AER to 79564 or email us here.
I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways! And the educated buyer still knows, they need to buy ASAP. The most desirable homes in the area are still selling the first weekend or first week they hit the market (a really good coming soon campaign, like we do at Jo & Co. allows you to sell faster, for more money).
Check out the graphic below for a larger overview of the real estate market for the last two weeks in Memorial Northwest.
Jo's Two Cents
In the last three months, we have seen 9 homes sell in Memorial Northwest, with an average sales price of $374,167. This time last year 29 homes sold with an average sales price of $404,071 and $112 per square foot. Almost 70% of our market has disappeared, but when we create a CMA (comparative market analysis) for specific homes, we can tell their comparable are getting more for their home this year compared to last year's sold comparable homes.
We currently have 10 homes pending with an average list price of $461,300 and $115 per square foot. I personally wouldn't let the “slowness” and “high-interest rates” scare you or deter you from selling right now. Inventory is unbelievably low, making any beautiful home that hits the market, sure to sell in the first week or two if listed at the right price and marketed well.
What is happening in the real estate market nationally?
Mortgage rates trended lower at the end of last week, thanks to lower-than-expected numbers from the employment situation on Friday. Mortgage application submissions increased, as did the ADP nonfarm employment change for February. Job openings were lower in January. Jobless claims increased.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
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Mortgage application submissions increased 7.4% during the week ending 3/3. The Refinance Index increased 9% while the Purchase Index increased 7%.
- The ADP nonfarm employment change in February was 242,000, slightly higher than expected.
Job openings were lower in January than they were in December at a level of 10.82 million.
Continuing jobless claims rose higher during the week ending 2/25, climbing to a level of 1.72 million. During the week ending 3/4, initial jobless claims rose to a level of 211,000. Both continuing and initial jobless claims were higher than expected.
The employment situation in February largely underperformed. Average hourly earnings climbed 0.2% month-over-month – they were expected to climb 0.3% like the month before. The average workweek fell to 34.5 hours. Government payrolls dropped to 46,000, manufacturing payrolls declined by 4,000 yet were expected to have increased by 12,000. Nonfarm payrolls were one of the higher-than-expected results at 311,000. The other outperforming data set was private payrolls at 265,000. The participation rate was at 62.5% while the unemployment rate climbed slightly higher to 3.6%.
Review of Last Week
A BIT OF A DOWNER… Following Fed chair Powell's hawkish Congressional testimony, the February jobs report, and the FDIC's shutdown of Silicon Valley Bank (SVB) to protect insured depositors, stocks tanked big time.
SVB is a very small institution with specialized lending practices, so the shutdown should only be a temporary shock to Wall Street. The $19.8 trillion U.S. banking system remains very well capitalized.
Powell told Congress the Fed still has more work to do to cool the economy and inflation, but we later got February's weak 0.2% gain in hourly earnings and rising 3.6% unemployment rate to show that the Fed's making progress.
The week ended with the Dow down 4.4%, to 31,910, the S&P 500 down 4.5%, to 3,862, and the Nasdaq down 4.7%, to 11,139.
Bond prices overall benefited from a flight to safety, although the UMBS 6.0% slipped 0.71, to $100.31. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate edged up again. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… CoreLogic reports annual home price growth fell to 5.5% in January, slowing for the ninth straight month. Their chief economist sees “price declines modest, which are projected to top at 3% peak to trough.”
HOME BUILDING, RETAIL SALES, INFLATION… We should see an uptick in builder activity in February, with Housing Starts and Building Permits ahead for the month. Economists expect a slight increase in Retail Sales for February, a slight decrease when you don't count auto sales. They also see inflation slowing in both the Consumer Price Index (CPI) and the wholesale Producer Price Index (PPI).
Home building data firm Zonda revealed most builders saw a strong start to the year. Their New Home Pending Sales Index (PSI) reported a nonseasonally adjusted 4.3% uptick in demand in January.
Fannie Mae’s February Home Purchase Sentiment Index found most consumers still think it's a good time to sell a home and the share of those who say it's a good time to buy went up 5% from January.
A panel of housing experts surveyed by Zillow and Pulsenomics believes home price growth will pick up again in 2024, hitting a 3.5% annual growth rate every year through 2027, a reassuring prediction for this year’s buyers.
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] & [email protected] or telephone: 832-493-6685.
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.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
We are Waiting for You
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If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by clicking this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
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