Bob Gilbert's Katy Blog: Four Months 2016 Market Report for South Katy TX- MLS Area 36

Four Months 2016 Market Report for South Katy TX- MLS Area 36

Four Months 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 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; MLS 30 North Western Section plus a few others in Cypress TX.

 

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

 

Units sold in 2016 decreased from 934 in 2015 to 856 during 2016 which is a 8.4 % decrease. At the same time Average prices decreased by approximately 4.8 % from $343,000 to $326,500 during 2016. Median prices also decreased in 2016 by Approx.4.1 % from $315,000 in 2015 to 302,000 in 2016.  Prices have fallen for the first time in several years. I think the price decrease is mainly due to energy prices significantly dropping last year and early this year and energy companies continuing lay 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 it is having a continuing negative impact.

 

New Listings also increased by approximately 16.2 % during 2016 and active listing went up in 2016 by approx. 47%. Inventory levels of homes priced above $400K have definitely increased and probably will continue to do so during the rest of 2016. There appears to be a fairly large inventory of available homes priced at the $500,000 plus level. Sellers at these higher price points will have to wait a longer period of time to get their home sold.  

 

Days on the market have moved from 47 days to 58 days and months of inventory which were almost hyper market level numbers during recent past years went from 2.3 months to 3.7 months in 2016. Obviously South Katy is still, depending on the price point, a seller's market at the lower price points but weakening quickly.

 

Pending sales have increased by a huge amount from 738 to 1,216 or about 65%.

 

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 $300,000 or less. The demand and supply equation gets much worse when looking for homes priced at less than $200,000.  

 

I personally think units of sale in 2016 will continue to drop and prices will continue to move downwards. Some older neighborhoods especially those with a high level of rental homes 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 home 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. These are general market trends and every home needs to be evaluated by itself.

 

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Four Months 2016 Market Report for South Katy TX- MLS Area 36

 

 

 

 

© 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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Comment balloon 15 commentsRobert Bob Gilbert • May 23 2016 12:09PM

Comments

Bob,

Good, clear and concise report on Katy.  Wishing you a good week.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) over 3 years ago

Ron and Alexandra Seigel - Thanks for your nice comment on my market report. Have a great week. Yolanda is feeling much better.. 

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) over 3 years ago

Bob

Thanks for a comprehensive look at the Katy TX market conditions. It will be obvious to any buyers that you are the one to call to assist them with finding and purchasing a new Katy home.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) over 3 years ago

Hi Bob, excellent and detailed Katy Te3xas market report.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) over 3 years ago

Hi Robert (Bob) Gilbert , Wow! what a difference in areas.  I can see why the significant change, due to the energy situation.  Our area is mainly Recreational Vehicle manufacturing and the parts to go with them, so there are a lot of "Now Hiring" signs, but we have an inverntory problem with new buyers coming into the area.

Posted by Larry Johnston, Broker,Friends & Neighbors Real Estate, Elkhart,IN (Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC) over 3 years ago

Bob,

 Though sales have been slower, we feel it will pick up mid-year to end of year as the "oil slump" lessens as you know in my old neighborhood SIlver Ranch the Sales were brisk! Cane Island seems to be doing well too!

Posted by Yolanda Cordova-Gilbert over 3 years ago

Market reports are valuable assets for buyers and sellers.  It helps to have a pulse on home sale statistics in your geographical area.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 3 years ago

Bob 

Thank your for sharing the real estate market update for the first 4 months of 2016 in Katy Texas,

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) over 3 years ago

Bob, excellent market report on Katy Texas.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) over 3 years ago

This is good information for home buyers and sellers in the area. 

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 3 years ago

Bob, I can imagine seeing oil prices decreasing would affect your area's housing market.    Hope it stops decreasing.  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) over 3 years ago

Families on the move will appreciate your local real estate market reports.

Posted by Roy Kelley (Realty Group Referrals) over 3 years ago

Thank you for stopping by and comenting. I have not written very many market posts in the past but I intend to do more going forward. 

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) over 3 years ago

Hi Bob.  Thanks for the real estate market report for the Katy TX area.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 3 years ago

Bob, this is excellent analysis and I think you have connected the dots quite well!  I remember reading about the great Houston area housing market meltdown in the late 80's when oil prices dipped to $18 per barrel!  Hopefully this will not repeat to that extent!

Posted by Sharon & Bruce Walter, West Lafayette homes for sale (Keller Williams Realty Lafayette, IN) over 3 years ago

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