Memorial Northwest Real Estate Market Update | August 15, 2022
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 15 homes pending, with 7 homes sold in the last two weeks, averaging a sale price of $122 a square foot. Seven homes sold over asking price, with one home selling 9% above the listing price.
Compared to the two weeks prior: Number of Homes sold are still the same and the average sales price is also up: $537,429 ($465,857 previously). 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 more than your homes current market value. Buyers agents around Houston are seeing a slow in the real estate market, but it isn’t affecting the neighborhoods with such high demand, like Memorial Northwest, 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 isn’t your ideal buyer anyways! And the educated buyer still knows, they need to buy ASAP. P.S. The median days on market is 8 days, with most homes selling during the first 6-7 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 Memorial Northwest.
What is happening in the real estate market nationally?
Mortgage rates trended downward last week after encouraging inflation data. Mortgage application submissions saw a composite increase. The consumer price index showed annual inflation is cooling. Both continuing and initial jobless claims increased.
|MORTGAGE RATES CURRENTLY TRENDING
|THIS WEEK'S POTENTIAL VOLATILITY
- CMG Financial launches CMG Home Loans. Read Now >>
- Refinances are on the rise again. Watch Now >>
- More Americans are turning to HELOCs for extra cash. Read Now >>
- Mortgage application submissions increased a composite 0.2% during the week ending 8/5. Refinance application submissions increased 4% while purchase application submissions decreased 1%.
- The consumer price index finally showed cooling inflation in July – rising 0% month-over-month. Annual inflation fell to 8.5% from 9.1% in June. Core inflation – stripping food and energy – increased slightly month-over-month, up 0.3%. Annual core inflation, however, was unchanged at 5.9%.
- Continuing jobless claims increased slightly to 1.43 M during the week ending 7/29. Initial jobless claimed increased as well during the week ending 8/6, up from 248,000 to reach 262,000.
Review of Last Week
INFLATION DOWN, STOCKS UP...The annual rates of both consumer and wholesale price inflation dropped in July. Hoping inflation has turned the corner, investors sent stocks north, big time.
Unfortunately, the Consumer Price Index, at 8.5% year-over-year, and the Producer Price Index, at 9.8%, are still elevated compared to almost any time in history, and miles above the Fed's 2% inflation target.
But Wall Streeters felt the Fed will now go easier on rate hikes, and were buoyed by University of Michigan Consumer Sentiment at a better-than-expected 55.1, though still historically low and well under its 70.3 read a year ago.
The week ended with the Dow UP 2.9%, to 33,761; the S&P 500 UP 3.3%, to 4,280; and the Nasdaq UP 3.1%, to 13,047.
Bonds overall moved higher, the 30-year UMBS 4.5% UP 0.74, to $101.02. After falling for the three straight weeks, the national average 30-year fixed mortgage rate made a small jump up in Freddie Mac's 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… A national online listing site reports that “stale” listings—homes listed longer than a month—grew to 61.2% in July, up 12.5% from a year ago, the first annual gain since the start of the pandemic.
HOME BUILDING, EXISTING HOME SALES SLIP, RETAIL SALES SLOW, FED MINUTES...Analysts expect Housing Starts and Building Permits will slide for July and Existing Home Sales will drop below 5 million units a year. July Retail Sales are forecast up just a tick, scaling back from their growth in June. We'll scrutinize FOMC Minutes from the Fed's July meet to gauge their view of future rate hikes and the economy.
Realtor.com reports active inventory continues to grow, up 30% from a year ago. This jump in supply gives today’s shoppers an extra home to consider for every three that were on the market this time last year.
Freddie Mac tells us: “Declines in purchase demand continue to diminish while supply remains fairly tight….The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.”
Home price growth may be slowing, yet the National Association of Realtors reports 148 of 185 metros still saw double-digit annual price growth in the second quarter—that’s 80% of the markets, up from 70% in the first quarter.
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.
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.
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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.
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