Fair Oaks Ranch Housing Report: September 2024

**We are approaching a balanced housing market and trending towards a buyer market.**

Introduction

This is my monthly housing report for the month of September. I use data from various sources to produce these and typically, the data is available on the 6th day of the following month. Some sources are later, and sometimes the data sources do not precisely match. I do my best to interpret the data as best I can.

The market remains ‘haunted.’ Sorry, I couldn’t help but take advantage of a Halloween pun… Generally speaking, the market is slow, interest rates remain high and now we are past the end of home buying season. Per my report last month, it’s just my opinion, but I believe if Donald Trump wins the election in November, the housing market will awaken by next Spring. If he wins, and if you have been waiting to sell your home, start doing all of those curb appeal and minor repair projects you’ve been delaying. Plan on listing your home between late January and mid February.

In the event Donald Trump does not win, all bets are off.

A Balanced Market

The real estate market is currently showing a healthy balance between supply and demand, as indicated by the Months Supply of Inventory being 5.38. This means that at the current rate of sales, it would take approximately 5.38 months to sell all the available homes on the market. 6 months of inventory is generally accepted as being a balanced market. Note that the current months supply of inventory is similar to pre-Covid days.

The 12-Month Change in Months of Inventory has seen a significant increase of +27.49%, suggesting that the market may be experiencing a slight increase in inventory levels. This could indicate a shift towards a more buyer-friendly market, providing more options for potential homebuyers.

Despite this increase in inventory, the Median Days Homes are On the Market remains relatively low at 59 days. This indicates that homes are still selling quickly, likely due to the high List to Sold Price Percentage of 98.2%. This means that homes are typically selling very close to their list price, showing strong demand from buyers. Note that “Median Days on Market” is beginning to climb quickly. If this trend continues we’ll enter a buyer’s market where sellers will need to offer concessions and, perhaps, lower list prices. If your home is on the market longer than 90 days you either have it priced too high, it isn’t being marketed correctly, or both.

Homes Sold and Listed Data

**Number of homes sold is down and days on market is climbing. The home sale figure is likely because of the end of home buying season. The increasing days on market is likely economy related.**

The Median Sold Price of $630,000 is up over 17% from the prior month. Note, however, that the number of homes sold is down almost 24% from the prior month. This may merely be the end result of the end of home buying season. Overall, these metrics paint a picture of a balanced and active real estate market, providing opportunities for both buyers and sellers to make informed decisions.

**The number of active listings is fairly constant. The increasing days on market is cause for concern.**

For current listings, the median price remains relatively the same with a 6% price drop. However, the number of homes listed is down significantly at 35%. This drop is likely merely a seasonal trend.

Boerne Independent School District

**While Fair Oaks Ranch is distinct from Boerne, they are of the same school district. Don't ignore Boerne housing statistics when listing your home for sale.**

Even though Fair Oaks Ranch has a distinct town government, police force and zip code from Boerne, it shares the same school district. And the Boerne school district is a magnet for families with young children. Therefore, while median home prices tend to be higher in Fair Oaks Ranch than Boerne, because they share a very desirable school district, homes for sale in Boerne are in competition for homes sold in Fair Oaks Ranch. Particularly as we move to a balanced market and perhaps even into a buyers market, you will need to keep Boerne proper when you list your home for sale.

A Different Way to Market Homes

What separates me from virtually every real estate agent in Texas is my direct connection with over 100 real estate agents in California. More than 3,500,000 people left California between 2018 and 2023. Many left because buying a decent home and raising a family is no longer affordable and many of them have and are moving to Texas.

Sellers that list their homes with me will have their homes professionally presented to all of these California real estate agents. They know who are selling their homes and can pay cash for yours. They also know those that want to raise a family in a nice home, in a nice community, with good schools, but are priced out of California.

If you are thinking about selling your home, give me the opportunity to discuss my advantages with you.

Bill@HillCountryHomesteads.com | 408.827.8484 | www.HillCountryHomesteads.com