Hi neighbor,
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 5 homes sold in the last two weeks, averaging a sale price of $114 a square foot. Five homes sold over the asking price, with one home selling 3.5% above the listing price.
Compared to the two weeks prior: Homes sold are up from 1 home sold to 5 homes sold and the average sales price per square foot is also up: $114 ($103 previously). 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.
If we look at how fast the move-in ready homes are going, the demand in this area has not surpassed the supply, making it still a great time to sell. Buyer agents around Houston are seeing a slow in the real estate market, but it isn’t affecting every neighborhood. I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways!
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 sharply lower last week after comments from the Fed that hinted at an upcoming pivot. Existing home sales surged in February and new homes sales inched up as well. Mortgage application submissions increased as did continuing jobless claims. Initial jobless claims decreased.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- The housing market is rich with signs of stabilization. Watch Now >>
- What the Fed’s most recent hike means for mortgage rates. Listen Now >>
- Rent prices are rising FAST. Read Now >>
Market Recap
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Existing home sales surged 14.5% month-over-month in February, ending the year-long streak of declines and jumping by the largest monthly percentage in three years. Compared to February 2020, the median existing-home sales price decreased 0.2% to $363,000.
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Mortgage application submissions increased a composite 3% during the week ending 3/17. Refinance submissions increased 5% while purchase submissions rose 2%.
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The Federal Open Market Committee (FOMC) voted to hike the benchmark interest rate another 0.25% and hinted at just one more quarter-point hike. The markets saw an indication of an upcoming Fed pivot in Fed Chair Powell’s press conference comments, causing a sharp downward trend in mortgage rates.
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Continuing jobless claims increased more than expected during the week ending 3/11 – rising by 14,000 to reach a level of 1,694,000. Initial jobless claims fell by 1,000 despite a predicted increase, dropping to a level of 191,000 during the week ending 3/18.
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New home sales increased by 1.1% month-over-month in February.
Review of Last Week
“WHAT, ME WORRY?”… Traders took their cue from Alfred E. Neuman's trademark motto and sent stock prices north despite another rate hike from the Fed and continuing banking-sector worries.
Yes, the Fed raised rates a quarter percent but made no change to its outlook for a peak rate of 5.1%, indicating nothing more than a possible quarter percent hike. They also called the U.S. banking system “strong and resilient.”
So much for the worries. On the upside, Wall Street liked the rise in home sales and mortgage applications, while initial jobless claims stayed at a low level, showing little change in the good health of the labor market.
The week ended with the Dow UP 1.2%, to 32,238; the S&P 500 UP 1.4%, to 3,971, and the Nasdaq UP 1.7%, to 11,824.
Bond prices overall ended higher as well, the UMBS 5.5% up 0.78, to $101.07. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate continued to slide down. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Realtor.com reports that the best time to list a home in 2023 will be the week of April 16-22. Based on trends from prior years, sellers can expect higher prices, more buyers, and less time on the market.
Market Forecast
PENDING HOME SALES, HOME PRICES, INFLATION… After a January bump, the Pending Home Sales index of signed contracts on existing homes is expected to recede in February. The S&P Case-Shiller Home Price Index is forecast to report price increases declining again in January. PCE Prices, the Fed's favorite measure, should show inflation continuing to slow.
Summary
February Existing Home Sales took everyone by surprise, rising for the first time in thirteen months–by 14.5%!–plus, we got the news that the median price fell year-over-year for the first time in 11 years.
New Home Sales also rose in February—up for the third straight month. In addition, inventories have recently made substantial gains, as the supply of completed homes has started to go up rapidly.
An online real estate database reports the median down payment percentage has dropped from 13.6% a year ago to 10% of the purchase price, while the share of cash buyers has climbed to 32.1%.
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.
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.
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
If you are looking to relocate to the Houston Area, we would love to meet you, and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don't forget to check out our YouTube Channel!
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 click 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.
What next?!
• Navigate our Blog: https://byjoandco.com/categories-to-help-you-navigate-the-blog/
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