Market Trends Lake Conroe July 2016
As we’re in the middle of the year, and summer is when the property market is busiest, here we look at the current trends for 77356, with the help of Market Insider from Keller Williams Realty.
Price Trends – Sold vs. Listed
By comparing these price trends, we have a good idea of where the market is heading. The graph covers 12 month period up to July 1st 2016 and shows the median listing price on July 1st to be just over $306,000 whereas the median sales price was just over $246,000.
The median listing and sold property prices are calculated based on the market activity each month.
We can see that the Median Sold Price has increased over the Spring and Summer, whereas the Median Listing Price has shown a slight decline, suggesting either sellers are pricing more in accordance with what buyers will pay or they are keen to sell in the busy summer season.
Market Inventory Trends
The number of active listings in Montgomery (77356) dropped by 2.9% from the previous month.
The median number of days active properties have been listed is 74.
June saw the peak of new properties listed, but ‘standard’ (existing) listings for May, June, and July has remained steady.
This chart shows home occupancy within an area.
A high percentage of ownership can indicate an area where people like to live and stable property prices. While a high percentage of rentals could indicate an area with shifting demographics, a younger community, or possibly a downtown area.
High vacancy rates can indicate that the market is unhealthy and that it could be tough to sell a home in this area.
77356 has a strong rate of owned properties of almost 70%.
Statistics from HAR.com
HAR.com states as of July 14, 2016, there are 2092 Homes for Sale/Rent in Lake Conroe Area, though this is a larger area than just 77356. They provide the following statistics:
- Currently there are 1,953 homes for sale in Lake Conroe Area.
- The average price of the homes for sale in Lake Conroe Area is $400,006.
- The average square feet of the homes in Lake Conroe Area is 2,843 sqft.
- There are currently 139 homes for lease in Lake Conroe Area subdivision.
- The average rent in Lake Conroe Area is $1,947 at an average price of 1 per square foot.
Additional Statistics for Single Family Homes and Condos in Montgomery TX:
The figures show that the market is moving quickly, with properties having an average of 74 days on the market.
However, if you are selling or buying ‘prime real estate’ with direct lake access, properties, particularly Condos (properties considered prime as second residences), sell within the first week of being on the market. That’s the summer season for you! People realize they want to have a weekend retreat on the water.
If you are thinking about selling, call us or email us today to discuss your options and whether now is the right time for you to take advantage of the lower inventory.
Once you’ve found some properties of interest call us or email us for more information and to help you find your ideal home.