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/2022/06/13/the-woodlands-real-estate-market-update-june-13-2022/
We currently have 188 homes pending, with 80 homes sold in the last two weeks, averaging a sale price of 221 a square foot. Eighty homes sold over asking price, with one home selling 28.4% above the listing price.
Compared to the two weeks prior: Compared to the two weeks prior: Homes sold are up from 79 sold to 4 sold and the average sale price per Square foot for the last two weeks is on the rise from 217 to 221. 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 getting over current market value for your home.
I just want to make sure to note how mind blowing it is that homes are selling 27% to 28.4% over asking price (over market value) in our neighborhood. 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 5 days, with most homes selling during the first 3-4 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 upward last week. Consumer credit increased, mortgage application submissions decreased, continuing jobless claims were unchanged, and initial jobless claims rose slightly. The consumer price index showed that inflation is still climbing.
MORTGAGE RATES CURRENTLY TRENDING | THIS WEEKS POTENTIAL VOLATILITY |
Notable News
Market Recap
HOME BUILDING HOLDS, INFLATION AND RETAIL GAINS, THE FED HIKES... May numbers for Housing Starts and Building Permits should show home building activity holding steady. The Producer Price Index (PPI) of wholesale price inflation is forecast to continue higher, which typically precedes a hike in consumer prices. Retail Sales are predicted up, and the Fed is expected to boost rates a half percent or more to get inflation under control.
Realtor.com has reported a significant turnaround in the number of homes for sale. For the week ending June 4, active inventory rose to 13% above a year ago, with the new listings part of that inventory up 2% from a year ago.
Nevertheless, Black Knight found there are just two months of inventory of single-family homes across the top 100 metros in the country, a historic low. They say four to six months of inventory puts a market in equilibrium.
Freddie Mac: as mortgage rates increasethe material decline in purchase activity, combined with the rising supply of homes for sale, will cause a deceleration in price growth to more normal levels, providing some relief for buyers.
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. Thoughtfully written for you. Hugs, Jo.
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/callor 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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