Bob Gilbert's Katy Blog: Texas: Cypress: Towne Lake

Twelve Months 2016 Market Report for Far West - MLS Area 25

Twelve Months 2016 Market Report for Far West - MLS Area 25

I always prefer to examine year-to-date data throughout any given year and look at year to year comparisons for discovering market trends as I think there is too much volatility on a given month to month basis to make any good conclusions in this areas. My primary market is South Katy or MLS area 36. This Report covers MLS Area 25 of Far West/ North Katy. I am also interested in MLS area 37 Fort Bend West; MLS 29 Fort Bend-Sugar Land and Stafford plus a few others in Cypress TX.

 

Twelve months YTD 2016 versus Twelve months months YTD 2015 for MLS area 25 or Far West/North Katy comparison shows some interesting trends which probably will continue into 2017.  

 

Units sold in 2016 have increased from 3,661 in 2015 to 3,976 during 2016 which is equates to a 8.6 % increase and this trend existed for most if not all of 2016. At the same time Average prices increased by approximately 4 % from approx $222,300  to $ 231,200 during 2016. Median prices also increased in 2016 by Approx. 6 % from $184,000  in 2015 to $$195,000 in 2016.  Prices have continued to increase in this area and my crystal ball says this trend will continue at least through the most of 2017.  Usually Far West/North Katy over several prior years has enjoyed a fairly  stable market which shows gradually rising prices over time.

Far West/North Katy encompases a huge geogrpagical area and also includes areas considered to be Cypress.

The highest demand price points in the whole Houston area are:

  1. $200,000 to $249,999

  2. $250,000 to $299,999

  3. $300,000 to $399,999

  4. $150,000 to $199,990

  5. $400,000 to $499,999

Far West has more available homes priced in the lower price points shown above than other areas and especially compared to South Katy or MLS 36. My crystal ball sees 2017 continuing in a large growth trend in terms of units sold and prices in this Far West/ North Katy area.

 

 

 

New Listings also increased  by approximately 12.5 % during 2016 and active listing went up by a large amount of approx.23.8 %. Inventory levels of homes priced above $400 K have definitely increased and I believe this will probably continue to do so during the first half of 2017 and maybe beyond. There is a lot of homes available for sale priced at $500,000 and above price level throughout the whole Houston area and many of these homes are languishing on the market.  If you are thinking of listing a home priced at $500 K level or higher you might want to wait till March or April 2017 to put this home on the market plus hope for the best.

 

Days on the market have moved from 47 days to 53 days and months of inventory went from 2.5 months to 2.6 months in 2016. Obviously Far West/North Katy is still, depending on the price point,  a seller's market and this will continue during 2017 in my opinion .  

 

Pending sales have increased  to 3.960 or over 8 % which is good news for sellers.

 

The closing price to original list price is 96 % and has deteriorated during 2016 from 97 % in 2015.  This discount f will continue to remain stable  during 2017.  

 

Demand for affordable family homes has risen in Far West and available inventory is still fairly low and frankly is very hard to find if the condition of the home is good or better. I consider affordable to be homes priced at $300,000 or less. The demand and supply equation gets much worse when looking for homes priced at less than $200,000. This part of the market will continue to be vibrant with only a low levels of available inventory being a negative in 2017.

 

I do not see new home builders reducing their prices at all and that was case for the majority of 2016. The best new home buyers might see are larger builder’s price incentives in several communities and this trend will continue during 2017 as builders need to move inventory homes.

 

If you have questions about the Far West market or any other surrounding area call me and let's get started finding you and your family a home. There are still excellent opportunities to buy a really nice home. If you like some information about these available family homes, I can create a custom search for you which will be presented to you on your own web page. These are generalized market trend numbers and every home needs to be evaluated by itself and based on many factors. Computer models estimates on the internet are extremely inaccurate.

 

There is no implied or express warranty or guarantee of accuracy of the above figures. All figures were obtained from the Houston Association Realtors MLS system. These market numbers are constantly changing on a daily basis as this is a very dynamic market and will continue to be during 2017.  

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Twelve Months 2016 Market Report for Far West - MLS Area 25

 

 

 

© 2016 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

 

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© 2007- 2016 Bob Gilbert 

 

 

 

 

 

 

 

 

 

 

 

  

       

                      

 

 

 

 

 

 

 



Comment balloon 7 commentsRobert Bob Gilbert • January 25 2017 07:48PM
Twelve Months 2016 Market Report for Far West - MLS Area 25
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