Bob Gilbert's Katy Blog

Three Month 2016 Market Report for South Katy TX - MLS Area 36

Three Month 2016 Market Report for South Katy TX- MLS Area 36

 

I like to examine year-to-date data throughout any given year and look at year to year comparisons each quarter for discovering market trends. My primary market is South Katy or MLS area 36. Of course I also am interested in MLS 25 or North Katy; MLS area 37 Fort Bend West; MLS 29 Fort Bend-Sugar Land and Stafford plus a few others in Cypress TX.

 

Three months YTD 2016 versus three months YTD 2015 for MLS for South Katy comparison shows some interesting trends. Here are the salient numbers:

 

Units sold in 2016 decreased from 622 in 2015 to 573 during 2016 which is a 7.9 % decrease. At the same time Average prices decreased by approximately 4.7 % from $347,000 to $330,500 during 2016. Median prices also decreased in 2016 by Approx. 3.7 % from $320,000 in 2015 to 308,000 in 2016.  Prices have fallen for the first time in several years. I think the price decrease is mainly due to energy prices dropping significantly last and early this year and energy companies laying off almost 20% of their Houston workforce. The low levels of available inventory for the previous several years has cushioned the impact for many months especially in late 2015 and now it is starting to have have a negative impact.

 

New Listings also increased by approximately 19.9 % during 2016 and active listing went up 2015 by approx. 45%. Inventory levels of homes priced above $300K have definitely increased and probably will continue to do so during the rest of 2016.  

 

Days on the market have moved from 47 days to 59 days and months of inventory which were almost hyper market level numbers went from 2.2 months to 3.5 months in 2016. Obviously South Katy is still, depending on the price point,  a seller's market but weakening quickly.

 

Pending sales have increased by a huge amount from 499 to 838 or about 68%.

 

Demand for affordable family homes has risen in South Katy and available inventory is still very low. I consider affordable to be homes priced at $250,000 or less. The demand and supply equation gets much worse when looking for homes priced at less than $200,000. One niche market I will continue to concentrate on during the rest of 2016 is affordable family homes in all my market areas. This is not easy task as supply is extremely low. I also plan to concentrate on luxury homes and luxury homes with pools.

 

I personally think units of sale in 2016 will continue to drop and prices will continue to move downwards. Some older neighborhoods will probably experience a fairly large price decrease during the remainder of 2016 and some neighborhoods will probably experience a small price increase. I do not see new home builders reducing their prices. The best new buyers might see are larger builder price incentives which has started to occur in certain communities.

 

If you have questions about South Katy market or any other surrounding area call me and let's get started finding you and your family a home.

 

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Three Month 2016 Market Report for South Katy TX- MLS Area 36

 

 

 

© 2015 Bob Gilbert Real Estate

 

Accredited Luxury Home Specialist

 

Note: Katy TX is about 25 -30 miles due West of downtown Houston TX.

 

If you have any questions about Katy Homes for Sale or Katy Homes for Rent in the Katy Texas and/or Sugar Land TX, and/or Cypress TX and/or other surrounding areas, contact me via my cell: 281-904-6772 or via Email:

 

 

 bobgilbert2003@msn.com or bob@bobgilbert.com

or visit me on my web site at

 

http://www.katyhomefinder.com

or visit me on Google plus

and FaceBook at https://www.facebook.com/bobgilberttx

 

Scan me with your smartphone to bookmark
our mobile website at http://katytx.realbird.com

 

 

 

 

 

 

 

 

 

 

 

Start “Living the Luxurious Dream” Katy TX

 

  

 

 

 

 

 

 

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Read my blog at http://bobgilbertblog.com

 

© 2007- 2015 Bob Gilbert 

 

 

 

 

 

 

 

 

 

  

       

                      

 

 

 

 

 

 

 


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Three Month 2016 Market Report for South Katy TX - MLS Area 36
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