The Woodlands, TX Real Estate Market Review for March 2023

March marks another roller coaster of a ride for the real estate market. Coming off of a challenging February where we saw mortgage rates climb back up to 7% after briefly touching 5.99%...we experienced another drop in mortgage rates.

The luxury market, once again, is outpacing homes between $200k and $599k by selling faster and closer to their list price. Particularly homes in the $600k to $999k range. The $1M+ segment saw the lowest list-price-to-sales-price ratio of 97.77%. However, if you remove the two homes that severely dragged the LP/SP % down, it shoots up to 99.64%.

We had 198 new listings hit the market...down 13.54% from March 2022 and down 50.75% from our last normal year in 2019. But it was a 67.80% jump from February as cooling rates brought more sellers to the market, so this is welcome news and hopefully we can continue on this trend throughout the year.

110 homes sold, a 34.91% decrease from the 169 sold in March 2022, but only 33.33% down from the 165 sold in 2019.

Last month the median sales price was down 11.75% year over year and I had mentioned it was not a definitive turning point that home prices, overall, are falling. This month proves that point, as the median sales price was UP 13.77% to $595,000

Average days on market has dropped to 44 days and the average list-price-to-sales-price ratio remained strong at 98.89%.

Despite seeing a big month-over-month jump in new listings, Months of Inventory dropped significantly to 1.6 due to a small rush of demand as mortgage rates cooled from February, keeping The Woodlands deep into Seller's Market territory.

The 30-year fixed averaged 6.54% for March.

There is a lot of noise in the news and on social media about the real estate market. It is more important than ever to lean on your local expert who actually understands what is happening in your community based on facts and data. And if you want to know what your equity position is in today’s market...whether you’re thinking about making a move, wanting to pull equity out for projects around the house, or you’re just curious...let’s connect today.