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 Gleannloch Farms. 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 Gleannloch Farms?
We currently have 11 homes pending, with 1 home sold in the last two weeks, averaging a sale price of $196 a square foot. One home sold over the asking price.
Compared to the two weeks prior: The number of homes sold is still the same, but the average sales price is up to $825,000 ($325,000 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 request your free home evaluation here 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! 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 Gleannloch Farms.
Insight From Jo
This week and the coming months we are expecting to see a lot of nationwide change that we anticipate affecting our local market. I will be sitting and waiting like the rest of us to see what happens. I am excited to see if any of the real estate predictions we have seen floating around end up being true. How about you?
What is happening in the real estate market nationally?
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Mortgage rates were relatively unchanged last week, while mortgage application submissions rose. Continuing jobless claims and initial jobless claims increased as well. Existing home sales were higher than expected in December. |
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- How will the executive orders impact housing? Listen Now >>
- Fannie Mae pilot program could save homeowners up to $1,692 per refi. Read Now >>
- Mortgage rates probably won’t fall anytime soon. Read Now >>
Market Recap
- Mortgage application submissions climbed 0.1% during the week ending 1/17. The Refinance Index sipped 3% while the seasonally adjusted Purchase Index inched up 1%.
- Continuing jobless claims climbed by 40,000 during the week ending 1/11 to reach a level of 1,899,000. Initial jobless claims climbed as well by 5,000 to reach a level of 223,000 during the week ending 1/18.
- Existing home sales climbed by 2.2% to reach a level of 4.24 million in December, which was a higher-than-expected climb.
Review of Last Week
UP AGAIN… The major stock indexes gained two weeks in a row, as President Trump's comments on interest rates, oil prices, regulations, and taxes, and hints at a softer stance on China tariffs lifted investor sentiment.
Traders' spirits were also elevated by a strong start to Q4 corporate earnings season, but all was not copacetic economically, as continuing jobless claims rose to their highest level in more than three years.
Consumer Sentiment also came in weaker than expected. But we did get that better-than-expected December Existing Home Sales report, plus the S&P Global U.S. Manufacturing read finally landed in expansion territory.
The week ended with the Dow UP 2.2%, to 44,424; the S&P 500 UP 1.7%, to 6,101; and the Nasdaq also UP 1.7%, to 19,954.
On the week, bonds edged up a tick overall, though the 30-Year UMBS 5.5% edged down a tick, 0.03, to $98.13. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate headed back down. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… The Census Bureau reports the median size of new homes started fell from 2,326 square feet in Q3 2021 to 2,158 square feet in Q3 2024—a difference of 168 square feet, good news for buyers looking for smaller, more affordable homes.
Market Forecast
NEW AND PENDING HOME SALES, HOME PRICES, INFLATION, THE FED… Housing experts are forecasting December gains for both New Home Sales and the Pending Home Sales index of signed contracts on existing homes. November's S&P Case-Shiller Home Price Index should report no yearly gain. Economists expect December PCE Prices to show the annual inflation rate steady, though not diminishing. Virtually no one thinks the Fed's FOMC Rate Decision will move rates, but there will be much interest in Chair Powell's presser after the announcement.
Summary
Existing Home Sales finished the year up 2.2% in December and up 9.3% for the year—the fastest annual increase since 2021. It was the third straight month of yearly gains, with inventory higher than the same time a year ago.
Realtor.com reports that last week saw “a pick-up in new listings,” while “prices fell annually by the largest margin in the data’s history for four of the last five weeks, setting buyers up for a more friendly market.”
An estimated 1.628 million new housing units were completed in 2024, up more than 12% over 2023. Title firm First American called this “good news for a housing market that has been underbuilt for over a decade.”
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/
• Download our Moving to Texas ebook! http://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
• Browse our Ebooks and Relocation Guides: http://byjoandco.com/ebooks
• Schedule a phone call or appointment with us! http://byjoandco.com/appointment.
• Email us! [email protected].
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• Ready to find your dream home? Search, http://search.byjoandco.com.
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