Real Estate Market: 2017 Report, What To Expect in 2018
What happened this past year in the real estate market and what can we expect in 2018?
Hello Woodlands sat down with Zach Richmond and Marlys Mulkey of Richmond Realty RE/MAX The Woodlands & Spring to learn what homeowners, real estate investors, and those looking for a home can expect in The Woodlands area and Montgomery County.
Zach Richmond shared, “In 2017, we [The Woodlands] did see our inventory levels rise more than what they had in previous years. Not to say that there weren’t sales closing, but we had more inventory on the market. So we got up to one point in the peak of the summer over 1100 homes listed at one point of time. That’s the highest we have been, in previous years we have not got even close to 1100.”
Especially after what our community has been through this year – can we expect any good news in the future?
“Good news is that demand was coming down towards the end of the summer, bad news is that we were hit with a natural disaster, hurricane Harvey. Hurricane Harvey changed up a lot of things. What it did do, it reduced a lot of inventory, so there is now a pent-up demand and we are starting to see a rebound after Harvey.”
Now residents are beginning to get settled back in their homes, slowly returning back to their normal routines, and making decisions that may have been put on hold due to the storm.
“What we are seeing now is that we have 6% less inventory than we had in November last year, so we have an increased demand while we have lower inventory. It’s great out there for sellers that have a home.”
So it’s been an interesting year, but typically when the best time to list a home on the market?
Marlys Mulkey shared, “The hottest time every year is late spring and early summer when people are transitioning from out of town and moving in. They wait until their kids finish school where they are in May and they move during the summer to get their kids ready for school here in August.
…however, right now the inventory is low and it just might be a very good time to list your home when there is less competition.”
Marlys is actually getting ready to sell a home herself in the Dallas/Fort Worth area and may even put the home on the market in the next few months to avoid competing with other houses in the area. Definitely something to think about for homeowners planning to sell their home before or during summer of 2018.
Marlys continued by sharing, “In my opinion, anytime here [The Woodlands] is a good time to list right now.”
With the high demand of homes, new businesses, and new jobs coming to the area, the future looks bright for The Woodlands area and Montgomery County.
Moving forward, what can we expect in 2018?
Zach Richmond stated, “Because there was a hold off on some of the inventory, there could be more inventory on the market during the peak time – late spring, early summer. So like Marlys said – it may be good to beat the rush with low inventory and high demand. Things are looking well for 2018 however you slice it.”
For more information about real estate and market conditions in The Woodlands and Montgomery County, contact Zach Richmond at firstname.lastname@example.org, Marlys Mulkey at email@example.com, and visit Richmond Realty RE/MAX The Woodlands & Spring’s Facebook page at https://facebook.com/richmondrealty.
Stay tuned for more important news and updates on real estate in The Woodlands and Montgomery County from Hello Woodlands!
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