Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in The Woodlands, Texas, specifically a market update for the neighborhood of The Woodlands. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
See this blog post in its original form at: https://byjoandco.com/2022/05/30/the-woodlands-real-estate-market-update-may-30-2022/
We currently have 201 homes pending, with 79 homes sold in the last two weeks, averaging a sale price of 217 a square foot. Seventy-nine homes sold over asking price, with one home selling 27% above the listing price.
Compared to the two weeks prior: Homes sold are down from 213, and the average sales price per square foot is also down: 217 (233 previously). This is good for the buyers, but 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. We cannot pinpoint another time in history where you were almost guaranteed to get 10% over your homes current market value, but we are thinking at some point it must plateau.
I just want to make sure to note, how mind blowing it is that a home sold 27% over asking price in the last two weeks, and that barely compares to the two weeks prior, at one home selling for 16.7% over asking price!
Buyers agents around Houston are seeing a slow in the real estate market, but it isnt affecting the neighborhoods with such high demand, like The Woodlands, so that is good news for anyone that waited until summer to sell. I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isnt your ideal buyer anyways! And the educated buyer still knows, they need to buy ASAP.
P.S. The median days on market is only 5 days, with most homes selling during the first 2-3 days (aka a really good coming soon campaign like we do at Jo & Co. boosts that and your over asking price ratio!)
Check out the graphic below for a larger overview of the real estate market for the last two weeks in The Woodlands.
Mortgage rates trended downward last week. New home sales decreased, as did mortgage application submissions. Continuing jobless claims increased slightly while initial jobless claims fell. The GDP estimate for Q1 of 2022 dropped. Pending home sales declined as well. Inflation according to the PCE index showed a slower pace. Personal income increased as did consumer spending.
MORTGAGE RATES CURRENTLY TRENDING | THIS WEEKS POTENTIAL VOLATILITY |
Notable News
Market Recap
REBOUND... After seven straight weeks of declines, the three major stock indexes bounced back sharply on news of positive retail earnings, hints the Fed may slow rate hikes, and signs inflation may be peaking.
All was not copacetic, however, as University of Michigan Consumer Sentiment fell from 82.9 a year ago to 58.4, its lowest level in 10 years. Continuing jobless claims rose and new home sales cratered.
But, hey, the Feds favorite PCE Prices inflation measure slowed to 6.3% from 6.6% in March, indicating rising prices may have peaked. And minutes from the Feds May confab suggested rate hikes could ease in September.
The week ended with the Dow UP 6.2%, to 33,213; the S&P 500 UP 6.6%, to 4,158; and the Nasdaq UP 6.8%, to 12,131.
Bond prices overall rose strongly for the week, the 30-year UMBS 4.5% UP 0.85, to 102.04. Higher bond prices signal lower rates, so the national average 30-year fixed mortgage rate fell for the second straight week in Freddie Macs 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… Since December, increased home prices and mortgage rates have resulted in a 42% boost in monthly payments for a median priced new home with a 30-year mortgage and a 20% down payment.
CONSTRUCTION SPENDING GAINS, MANUFACTURING, SERVICES, AND JOB GROWTH SLOWS... April Construction Spending should come in stronger overall but well monitor the residential part of the data. The ISM Manufacturing and ISM Services Indexes are expected to show slower rates of growth in May, same as the number of new Nonfarm Payrolls in Fridays jobs report.
New Home Sales dove 16.6% in April, falling for the fourth straight month, to a 591,000 annual rate, down 26.9% from a year ago. The big drop was blamed on declining affordability due to higher mortgage rates and home prices.
The National Association of Realtors Pending Home Sales index of signed contracts on existing homes fell 3.9% in April. But they noted, “There is an ongoing housing shortage, and properly listed homes are still selling swiftly.”
Realtor.com reports that active listings posted size-able gains for the first time in three years—up 5% versus a year ago. The number of sellers has grown year-over-year six of the last seven weeks, as inventory gradually builds.
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: jordan@byjoandco.com & edward@byjoandco.com or telephone: 832-493-6685.
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 yall 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.
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. Dont forget to check out our YouTube Channel!
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: https://byjoandco.com/call or just send us an email: jordan@byjoandco.com. 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.
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