Pearland and Friendswood Real Estate Markets: A Look at the Data
If you are looking to buy or sell a home in the Pearland or Friendswood areas of Texas, you may be wondering about the current state of the local real estate markets. After all, buying or selling a home is a big decision, and it's important to have a good understanding of the market conditions in order to make informed choices. In this post, we'll take a look at some key data points for both markets and draw some conclusions about what they mean for the next 6 months of the selling season.
Pearland and Friendswood Real Estate Markets
According to the data we have, the number of properties for sale has been decreasing steadily over the past year, from 569 in August 2021 to 366 in February 2023. This indicates a strong seller's market, as there are fewer properties available for buyers to choose from.
However, the number of properties under contract has also been declining, from 300 in August 2021 to 138 in February 2023. This suggests that while there is still strong demand from buyers, they may be encountering more competition from other buyers and therefore having a harder time getting their offers accepted.
On the other hand, the number of properties sold has remained fairly consistent over the past year, with 107 sold in February 2023 and a high of 263 sold in June 2022. This indicates that there is still healthy activity in the market and that buyers who are able to successfully navigate the competitive landscape are able to find and purchase homes.
Another key metric to consider is the average days on the market (DOM) for properties that are for sale, under contract and sold. For properties that are for sale, the average DOM has been steadily decreasing, from 31 in February 2022 to 56 in February 2023. This indicates that homes are selling more quickly, which is another sign of a strong seller's market.
For properties that are under contract, the average DOM has remained fairly consistent over the past year, with a low of 13 in July 2022 and a high of 42 in December 2022. This suggests that once a buyer is able to get their offer accepted, the transaction moves fairly quickly.
For properties that are sold, the average DOM has fluctuated somewhat, from a low of 11 in June 2022 to a high of 43 in January 2023. However, the overall trend has been downward, which again indicates a strong seller's market where homes are selling more quickly.
Now let's turn our attention to the Friendswood real estate market. According to the data we have, the number of properties for sale has also been decreasing steadily over the past year, from 615 in July 2021 to 366 in February 2023. This is a similar trend to what we saw in Pearland and again suggests a strong seller's market.
Similarly, the number of properties under contract has been declining, from 301 in July 2021 to 138 in February 2023. This again indicates strong demand from buyers, but also more competition for the available properties.
The number of properties sold has also remained consistent over the past year, with 107 sold in February 2023 and a high of 292 sold in June 2021. This indicates healthy activity in the market, and that buyers who are able to successfully navigate the competitive landscape are able to find and purchase homes.
Based on the data, the real estate markets in both Pearland and Friendswood are performing well, and the next 6 months of the selling season should be robust. The number of properties for sale has remained relatively stable over the past two years, while the number of properties under contract and sold has fluctuated slightly but has generally remained strong. Additionally, the average days on the market have remained relatively low, indicating a healthy level of demand for homes in the area.
Looking at the Months Supply of Inventory (MSI) data, we can see that both Pearland and Friendswood have remained in a healthy seller's market for the past two years, with an MSI consistently under 3 months. This indicates a relatively low level of inventory and a high level of demand for homes, which can lead to multiple offers, bidding wars, and higher sale prices for sellers.
Overall, the data suggest that both Pearland and Friendswood are desirable places to live and own property, with a strong real estate market that is expected to continue performing well in the coming months. However, as always, real estate markets can be subject to changes in economic conditions, interest rates, and other factors, so it's important to stay informed and work with a knowledgeable real estate professional when buying or selling a home.
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