Memorial Northwest Real Estate Market Update | July 18, 2022
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 20 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $128 a square foot. Four homes sold over asking price, with one home selling 5% above the listing price. Compared to the two weeks prior: Homes sold is slightly down from 5 sold, and the average sales price is down as well. This is most likely a coincidence, so we will be sure to keep an eye on it over the next couple of weeks. 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 over 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 4 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 Memorial Northwest.
What is happening in the real estate market nationally?
Mortgage rates remained relatively unchanged last week. Mortgage application submissions saw a composite decrease. Inflation increased according to the consumer price index for June. Continuing jobless claims fell while initial jobless claims climbed. Retail sales increased in June.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
- HousingWire Lead Analyst discusses pros and cons of rising mortgage rates. Listen Now >>
- How the Fed’s rate hikes have actually benefited prospective buyers. Watch Now >>
- Signs that the housing market is finally stabilizing. Read Now >>
- Mortgage application submissions decreased a composite 1.7% during the week ending 7/8. Refinance application submissions increased 2%, while seasonally adjusted purchase application submissions fell 4%.
- The consumer price index for June increased 1.3% month-over-month and 9.1% year-over-year – both higher levels than inflation in May. The core CPI, stripping food and energy, actually decreased year-over-year to a level of 5.9%.
- Continuing jobless claims decreased to a level of 1.33 million during the week ending 7/2. Initial jobless claims rose slightly to a level of 244,000 during the week ending 7/9.
- Retail sales increased 1% month-over-month in June. Year-over-year, retail sales climbed 8.42%
Review of Last Week
UP FINISH TO A DOWN WEEK... Stocks rallied Friday, but not enough to offset earlier losses. The three major indexes ended down for the week on fears inflation would push the Fed to bigger rate hikes and cause a recession.
The Consumer Price Index (CPI) went up 1.3% in June, pushing the annual rate of inflation to 9.1%, a 41-year high. Economists said a 100-basis-point (1%) Fed rate hike was now in play, and that spurred the recession worries.
Friday, we saw Retail Sales head up 1.0% in June to an 8.4% annual rate. That gain was wiped out by the 9.1% inflation, but at least the report shows consumers haven't been turned off by higher prices just yet.
The week ended with the Dow down 0.2%, to 31,288; the S&P 500 down 0.9%, to 3,863; and the Nasdaq down 1.6%, to 11,452.
With stocks retreating, bond prices advanced, the 30-year UMBS 5.0% up 0.03, to $101.19. Yet the national average 30-year fixed mortgage rate shifted back 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 report from the Fed says it was the surge in demand—not lack of supply—that sent home prices skyward the last two years. But economists point out we still haven’t built enough homes to meet the growth in households.
HOME BUILDING GROWS, EXISTING HOME SALES DIP, JOBLESS CLAIMS HOLD... Builders are expected to report increased activity, with both Housing Starts and Building Permits up in June. But Existing Home Sales are forecast to slip a bit for the month, while Initial Jobless Claims should stay where they've been.
A national database reports roughly three out of four markets saw at least 25% of listed homes drop their prices in June. The housing cooldown is making sellers adjust prices so their homes still sell in a reasonable amount of time.
More purchase contracts are including inspection and appraisal contingencies. As evidence of this, an online database reports 14.9% of contracts were canceled in June, the most since the start of the pandemic.
Fannie Mae’s Home Purchase Sentiment Index fell again. More people think it’s a good time to buy, while fewer feel it’s a good time to sell. A negative note: an all-time high 81% of consumers say the economy is on the “wrong track.”
Realtor.com reports that in the week ending July 2, for-sale inventory continued to gain. New listings were up 8% versus a year ago, pushing total active inventory 29% higher 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.
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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