Champion Forest Market Update | March 23, 2022
Champion Forest is one of the pillars of North Houston, and fueled the suburban growth back in the 80s and 90s. Today we will be sharing with you a market update on Champion Forest. Only 2 homes sold this week in Champion Forest, with an average sales price of 115.73, being within 1% of the list price. One house was on the market for 4 days, and the other 123.
There are currently 10 pending homes, 4 of which went pending this week.
We have 3 active homes on the market, with an average DOM of 31.
The first 3 weeks of March last year and this year both had 11 homes sold. Compared to last year the average DOM has dropped over 40%, but the median has almost doubled. The average sales price was 111.18 per SqFt last year, up almost 20% this year.
Sellers, in Champion Forest the best forecasting tool is the DOM comparisons. This is because there are so many variables within the subdivisions. From age, home size, lot size, and many more. Let's geek out for a minute. Our data sets are medians and averages. What we are trying to accomplish is symmetrical distribution, meaning the average and median are close to the same number. From those two numbers we can explain what is generally happening in the market area and the direction the market is trending. So this year we have a reduction in average, and an increase in median, which is getting us closer to symmetrical distribution.
What this means is not only is the market becoming more desirable, but the list prices, marketing, etc. for homes are also improving. This is a great thing because it shows that your real estate agents have a good grasp on the market, not perfect, but better. Let’s compare that to last year where you had a much higher average and lower median. This means that the market is unstable, and homes are more than likely priced incorrectly, sellers have unrealistic expectations,home conditions are poor, or possibly all 3. So in short, you are trending in the right direction right now. Yay!
Buyers, symmetrical distribution also favors you because you are able to take the list price more seriously. You don’t have to speculate on if they listed low to start a bidding war, or high to just see what they can get. This makes it far easier to come in with a competitive and reasonable offer. Like many of the sought after subdivisions around, Champion Forest has low inventory as well, so making a solid offer really counts. Also like many areas around, the prices are going up at unprecedented rates. If you want to buy, do it now!
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] 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.
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