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 9 homes pending, with 5 homes sold in the last two weeks, averaging a sale price of $130 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 up from 0 home sold to 5 homes sold with the average sales price of $474, 800. 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 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.
My Two Cents: What I learned this week
Did you know?
Houston Metro's Population Growth is Outpacing New York, Los Angeles, and Chicago’s
A notable shift in population trends has been observed across the United States, with many Americans opting to move away from large metropolitan areas such as New York, Los Angeles, and Chicago. Amidst this change, the Houston metro area, which encompasses 10 counties and is home to over 7.5 million people, has emerged as a standout, experiencing a significant population spike that has outpaced the growth of other major cities.
Between July 2022 and July 2023, the Houston metro area witnessed a staggering population increase of nearly 140,000 residents. To put this growth into perspective, it translates to a new resident arriving approximately every four minutes. This impressive growth rate has positioned Houston as the second largest gainer in the U.S., closely following Dallas.
In stark contrast to Houston's thriving population, the country's three largest metros—New York, Los Angeles, and Chicago—have experienced population losses during the same period. This shift in demographics highlights a broader trend of Americans seeking new opportunities and lifestyles beyond the traditional urban centers.
One of the key factors contributing to Houston's population boom is its robust job market. The area has not only regained all the jobs lost during the pandemic but has also seen a remarkable 50% increase in pre-pandemic job numbers. This economic resilience and growth have undoubtedly attracted many individuals and families seeking employment opportunities.
Metro areas such as Chicago and San Francisco have yet to recover all the jobs lost due to the pandemic, while New York has only recently managed to regain its lost positions. The disparity in job recovery rates between Houston and these other major cities underscores the unique economic advantages that have fueled Houston's population growth.
Another significant driver of Houston's population increase is international migration. Harris County, which lies within the Houston metro, recorded nearly 42,000 international migrants in the past year—the highest number since at least 2016 and the second highest in the U.S., trailing only Miami-Dade County. This influx of international residents has accounted for nearly 40% of Houston's total population growth last year.
In addition to international migration, Harris County experienced the largest natural population increase in the U.S., with approximately 35,000 more births than deaths during this period. This natural growth, coupled with the influx of international migrants and domestic movers, has contributed to Houston's overall population boom.
As the Houston metro area continues to attract new residents at an unprecedented pace, it serves as a testament to the city's thriving economy, diverse opportunities, and appealing quality of life. While other major metropolitan areas grapple with population losses and slower job recovery rates, Houston stands as a beacon of growth and resilience, drawing in individuals and families from across the country and around the world.
What is happening in the real estate market nationally?
Mortgage rates trended higher last week thanks to a strong retail sales report. Home builder sentiment was unchanged and building permits and housing starts fell. Mortgage application submissions climbed. Continuing jobless claims increased while initial jobless claims were unchanged. Existing home sales fell in March.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Freddie and Fannie address buyer’s agent commission questions. Read Now >>
- Do housing starts indicate we’re headed for a recession? Read Now >>
- Rising rates complicate spring outlook. Read Now >>
Market Recap
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Retail sales surged in March, rising 0.7% month-over-month. The expected increase was 0.4%.
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The National Association of Home Builders (NAHB) housing market sentiment index remained unchanged at 51 in April.
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Building permits slipped 4.3% month-over-month in March. Housing starts took a tumble as well, falling by 14.7% month-over-month.
- Mortgage application submissions increased by a composite 3.3% during the week ending 4/12. The Refinance Index increased 0.5% while the seasonally adjusted Purchase Index increased 5%.
- Continuing jobless claims were at a level of 1,812,000 during the week ending 4/6, an increase of 2,000 from the week before. Initial jobless claims remained unchanged at 212,000 during the week ending 4/13.
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Existing home sales were at a seasonally adjusted annual rate of 4.19 million in March. This was a decrease of 4.3% from the month before.
Review of Last Week
MARKET PULLBACK… Continuing geopolitical concerns, plus persistent uncertainty about when the Fed would start rate cuts, sent the S&P 500 and the Nasdaq down once again, and left the Dow unchanged.
Four Fed officials said they wanted to wait on rate cuts, led by Chair Powell, who noted, “it is likely to take longer than expected” to achieve the confidence that inflation is on a sustainable path to the 2% target.
Retail Sales continued growing in March and are up 4.0% the past year, although, adjusted for inflation, retail sales are up just 0.5% for the year. Industrial Production rose in March and weekly jobless claims stayed low.
The week ended with the Dow flat, at 37,986; the S&P 500 down 3.0%, to 4,967; and the Nasdaq down 5.5%, to 15,282.
Bond prices gently drifted southward, the 30-Year UMBS 6.0% finishing at $99.10. 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… A recent study found the reasons most frequently cited by homeowners planning to sell were: 1) to make a profit (24.4%); 2) lifestyle changes (23.7%); 3) more space (23.4%); and 4) to downsize (22.9%).
Market Forecast
NEW AND PENDING HOME SALES, Q1 GDP, INFLATION… We should see an uptick in New Home Sales for March, as well as for the Pending Home Sales index of signed contracts on existing homes. The GDP Advanced read is forecast to show that the economy slowed in Q1. Analysts predict the Fed's favorite PCE Prices inflation measure will be up in March at the same rate as February, well above the central bank's 2% target for rate cuts.
Summary
Existing Home Sales took a breather in March after posting in February their largest monthly gain in a year. But the modest sales dip was accompanied by a 14.4% rise in inventories over last year, giving buyers more choices.
Housing starts fell 14.7% in March, following their big surge in February. Starts are still above where they were last August, and, more importantly, single-family starts are up more than 21% the past year.
Building Permits saw a small dip in March, but single-family permits are up more than 17% for the year. April homebuilder sentiment stayed above 50 for the second month in a row, indicating a positive outlook for the majority of builders.
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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