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 11 homes pending, with 5 homes sold in the last two weeks, averaging a sale price of $97 a square foot. Five homes 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 $487,900 ($442,000 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 Memorial Northwest.
Insight From Jo
Hi friends. Today I was needing to book some listing photography, and I ended up on the phone with one of my favorite photographers. You see, she had no availability for the week, and neither did the other photographer I called. She had mentioned how she knows the market is slow, which is what many realtors were relaying to her. She also told me the last two weeks she had tons of openings, but this week was a different story.
And I am seeing this too. The oncoming onslaught of new listings we should be seeing in the next week. Do you want to know why? Because Spring Break is next week for a handful of school districts, with the week after another handful.
I am so excited to see this set of Spring listings. I feel like too many people have been holding onto their listings, and this is the year I hope we see a record amount of inventory.
Why is inventory good? Well because it allows the buyer to have a more favorable market. More inventory keep the pricing more buyer friendly, and who doesn’t love choices?
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Hear from the experts how tariffs and jobs data will will impact mortgage rates. Listen Now >>
- The pros weigh in on if now the time is to buy. Read Now >>
- Fed Chairman says they are waiting more clarity on Trump policies before making the next move on rates. Read Now >>
Market Recap
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Total construction spending slipped by 0.2% in January. Single family construction spending increased 0.6%.
- Mortgage application submissions surged 20.4% during the week ending 2/28. Refinance application submissions jumped 37% and purchase application submissions increased 9%.
- The ADP nonfarm employment change was well below expectations in February. While economists had expected the number to come in at 141,000, it was actually at 77,000.
- Continuing jobless claims jumped 42,000 during the week ending 2/22, bringing the total number of claims to 1,897,000. Initial jobless claims, on the other hand, decreased by 21,000 during the following week, bringing the total to 221,000.
- The employment situation reports from February came up short. While average hourly earnings climbed 0.3% month-over-month, they fell below expectations annually. The average work week came up short at 34.1 hours, while government payrolls fell to 11,000 added in February. Manufacturing payrolls climbed by 10,000, while nonfarm payrolls climbed by 151,000, which was lower than expected. The participation rate slipped to 62.4% while the unemployment rate climbed to 4.1%. Private payrolls came in below expectations as well at 141,000.
Review of Last Week
ROUGH RIDE… It was a bumpy week on Wall Street as traders worried about tariffs and economic growth. Tariffs for Canada and Mexico were delayed but the three major stock indexes still booked solid declines for the week.
Growth concerns were stoked by some soft corporate earnings and guidance. Plus, February ISM Manufacturing revealed slower activity, rising prices, and weakening employment in that sector.
February saw 151,000 new nonfarm payrolls, though the unemployment rate ticked up to 4.1%. But initial jobless claims fell, and February ISM Services came in stronger than expected for that dominant sector of the U.S. economy.
The week ended with the Dow down 2.4%, to 42,802; the S&P 500 down 3.1%, to 5,770; and the Nasdaq down 3.5%, to 18,196.
Bonds finished a similarly volatile week with losses, the 30-Year UMBS 5.5% down 0.72, to 99.32. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate fell again, its biggest weekly decline since mid-September. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Over 60% of the world’s population—4.9 billion people—use social media, and average users spend 2 hours and 31 minutes a day—over 15% of their time awake—on social platforms.
Market Forecast
MORTGAGE APPLICATIONS, INFLATION, CONSUMER SENTIMENT… After last week's surge, we'll check to see if MBA Mortgage Applications head up again. Inflation is expected to slow in February by both the Consumer Price Index (CPI) and Producer Price Index (PPI). That could be why economists predict a rebound in the preliminary March University of Michigan Consumer Sentiment survey.
Summary
The Mortgage Bankers Association reports purchase mortgage applications shot up 9% for the week. They see purchase activity, “ahead of last year’s pace…more green shoots as we head into the spring homebuying season.”
Spending on residential construction in January came in virtually flat for the month, just a smidge below December’s annual rate. But builder spending is now more than 3% higher than January a year ago.
Inventory continues to grow. In February, there were 27.5% more homes for sale than a year ago, the 16th straight month of annual gains! New listings also were higher and the median price lower than a year ago.
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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