One of the most asked questions of real estate agents is how is the market?
While the media touts the national real estate market, each local market can often vary greatly from the national real estate market with many factors such as business growth, school districts and more driving local markets.
Today, we'll explore the market in one of the Houston area's most sough after school districts - Friendswood Independent School District.
The City of Friendswood is actually home to two school districts, Clear Creek ISD and Friendswood ISD. While both are highly regarded, well rated districts often noted as the top districts in the city and state, today we'll focus on homes zoned to Friendswood ISD as many homebuyers moving to the Friendswood area specifically seek out homes zoned to Friendswood ISD.
Friendswood ISD is home to approximately 6,065 students. The district continuously receives A and Exemplary ratings for their students outpacing the state averages on academic test scores.
Here is data for the Friendswood ISD real estate market in 2023:
2023 ACTIVE AND SOLD DATA PER MLS:
Active homes for sale: 65
Listing price range of homes for sale: $280,000 - $5,000,000
Pending Homes under contract: 47
Homes closed since 1/1/2023: 58
Average Days on Market sold homes: 37 days
Average Sales Price Sold Homes: $546,395
Average Days on Market pending homes: 39 days
Months of Inventory: 1.9 months
2022 SALES DATA
Friendswood ISD single family homes
Homes sold: 444
Average Sales Price: $581,377
Average Days on Market: 24
To interpret the data, sales prices in Friendswood ISD on average have decreased slightly and homes are taking a little longer to sell. Interest rates have fluctuated greatly in 2023 and when they dip down we have seen flurries of home buying activity increase. In January/February some homebuyers were able to secure interest rates in the upper 5% range, helped to fuel activity. Generally, activity picks up during spring and summer seasons.
We are seeing a normalization of the market after last year's extremely low inventory market. However, a balanced market is typically when the months of inventory are around 6 months. As the data shows, Friendswood ISD has 1.9 month's inventory which is still relatively low.
Months of inventory is the current supply of homes offered for sale relative to the number of homes being purchased.
So, while the market in Friendswood ISD has slowed some, the inventory remains relatively low. Meaning, if you fall in love with a home, don't wait or another buyer may get the home of your dreams. Be prepared and get pre-approved for a loan prior to beginning your home search so you are ready to make an offer as soon as you find the perfect property.
My family spent the last several years searching for a home in Friendswood ISD and have been Friendswood ISD residents for almost a year now. I am extremely familiar with the market and schools and can offer an abundance of information regarding the surrounding area.
I also worked in land development for several Friendswood communities when they were developed including Autumn Creek and West Ranch.
For a list of available homes for sale in Friendswood ISD or more information regarding the Friendswood area, please contact us today for more information.
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