Market Trends Lake Conroe August 2016
In this piece, we’re looking at the current trends for 77356 / Lake Conroe area, with the help of Market Insider from Keller Williams Realty up to August.
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 August 1st 2016 and shows the median listing price on August 1st to be just around $310,000. In July we saw it to be just over $306,000. The median sales price for August is about $261,000, whereas in July it 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 Listing Price has increased over the Spring but once we hit mid-April, there was a decline. The medial listing price has not hit the high of April despite this being the busy summer season. In contrast, the Median Sold Price has steadily increased since April, suggesting sellers are pricing more in accordance with what buyers will pay or there are more buyers vying for the same property.
Market Inventory Trends
The number of active listings in Montgomery (77356) dropped by 2.5% from the previous month. The median number of days active properties have been listed is 84.
The number of sales in May dropped by 71.7%from the previous month.
June saw the peak of new properties listed, but ‘standard’ (existing) listings for May, June, July and August 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 August 18, 2016, there are 2103 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 1,954 homes for sale in Lake Conroe Area.
- The average price of the homes for sale in Lake Conroe Area is $402,419.
- The average square feet of the homes in Lake Conroe Area is 2,829 sqft.
- There are currently 149 homes for lease in Lake Conroe Area subdivision.
- The average rent in Lake Conroe Area is $1,880 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 84 days on the market, which is up 10 days from July 2016.
Bear in mind that 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 or second week of being on the market. The kids might be going back to school next week, but it’s still summer time in Texas and buyers want to enjoy the Lake before it cools off in two months.
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 very slightly slower market now we are out of the peak of June and July.
Once you’ve found some properties of interest call us or email us for more information and to help you find your ideal home.