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 77386. 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 77386?
We currently have 46 homes pending, with 5 homes sold in the last two weeks, averaging a sale price of $172 a square foot. Five homes sold over the asking price, with one home selling 5% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 11 sold, and the average sales price is down as well. This is most likely a coincidence, so we will be sure to keep an eye on it over the next couple of weeks. 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 request your free home evaluation here 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 the neighborhoods. 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 77386.
My Two Cents: What I learned this week
I can't help but feel a sense of anticipation – it's like the calm before the storm. My fingers are constantly on the pulse of the market, meticulously tracking website analytics. Recently, there's been an unmistakable uptick in buyer activity, a trend that has me genuinely excited about what's on the horizon.
This surge isn't just a blip on the radar. In my conversations with potential sellers, many are strategically waiting for March to list their properties. This decision isn't arbitrary; it reflects a growing confidence in the market's potential. The promise of increased inventory is exhilarating, not just for us in the industry, but for buyers and sellers alike.
Now, let's talk numbers – specifically, interest rates. Currently hovering in the 5s and 6s, these rates are playing a pivotal role. They're not just figures on a page; they represent the dreams and aspirations of real people looking to find their place in the world.
As we edge closer to spring, I'm struck by a sense of optimism. The market is poised for a revival, reminiscent of the ‘good ol' days.' It's a time when opportunities abound, and the thrill of the hunt for the perfect home is as alive as ever. Stay tuned, as we may soon witness a vibrant spring market, bustling with activity and brimming with potential.
What is happening in the real estate market nationally?
Mortgage rates inched slightly higher last week. Mortgage application submissions increased once again, as did jobless claims. The GDP estimate for Q4 was above expectations, as were new home sales in December. The core PCE index and personal income were as expected in December, while consumer spending was higher than expected. Pending home sales surged in December.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Will spring housing market pick up? Listen Now >>
- Fannie Mae predictions for 2024. Read Now >>
- Expect a gradual rebound in home sales. Watch Now >>
Market Recap
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Mortgage application submissions increased a composite 3.7% during the week ending 1/19. The holiday adjusted Refinance Index decreased 7% while the seasonally adjusted Purchase Index increased 8%.
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Continuing jobless claims were at 1,833,000 during the week ending 1/13, a 27,000 increase from the week before. Initial jobless claims were at a level of 214,000 during the week ending 1/20, a 25,000 increase from the week before.
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The GDP estimate for quarter four of 2023 was at 3.3%, which was higher than expectations.
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New home sales jumped 8% month-over-month in December, rising to a seasonally adjusted annual rate of 664,000. This was higher than the expected 645,000.
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The core PCE index was right on the dot in December at 0.2% month-over-month. Annually, the index was slightly lower than expectations at 2.9%. Personal income was as expected at 0.3%, but consumer spending was higher than expected at 0.7%.
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Pending home sales greatly surpassed expectations in December, climbing 8.3% month-over-month. They were expected to rise 1.5%. The recent downward trend and rates is likely a contributing factor.
Review of Last Week
ANOTHER WIN… The week's economic data provided more evidence the Fed's rate hikes are lowering inflation without throwing the economy into recession, so traders sent the three major stock indexes to a second winning week.
The Advance Q4 GDP read showed the economy grew an unexpected 3.3% the last three months of 2023. Plus, personal spending was up a strong 0.7% in December, as consumers continue to contribute.
Yet inflation keeps moderating. The Fed's favorite PCE Price Index held at 2.6% year-over-year. Taking out volatile food and energy prices, Core PCE fell to 2.9%, closing in on the Fed's 2% target, and the lowest level since March 2021.
The week ended with the Dow UP 0.6%, to 38,109; the S&P 500 UP 1.1%, to 4,891; and the Nasdaq UP 0.09%, to 15,455.
Bonds stayed in a holding pattern, the 30-Year UMBS 5.5% UP a mere 0.06, to $99.28. The national average 30-year fixed mortgage rate rose very slightly in Freddie Mac's Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… The Mortgage Bankers Association reports the demand for purchase mortgages has increased every week this year, rising 8% last week, after surging 9% the week before, and 6% the first week of 2024.
Market Forecast
HOME PRICES, CONSTRUCTION SPENDING, JOBS, THE FED… The S&P Case-Shiller Home Price Index is forecast to show continuing gains in November. Also expected to head up is December Construction Spending. The FOMC Rate Decision should reveal no move yet. Analysts predict Friday's January jobs report will show a smaller number of new Nonfarm Payrolls and a slightly higher Unemployment Rate.
Summary
Sales of new homes finished 2023 up 8.0% in December, 4.2% ahead of 2022, their first yearly gain since 2020. Good news for buyers, the median price of new homes sold has fallen 20.2% from its peak in 2022.
The Pending Home Sales index of signed contracts on existing homes ended the year up 8.3% in December. The National Association of Realtors forecasts a 13% increase in those sales this year, and a 15.8% rise in 2025.
Realtor.com already sees signs the housing market is returning to normal. New listings last week were up 3.4%, and total inventory rose 8.6% from a year ago, while the median listing price was only 1% higher than last year.
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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