Market Trends Lake Conroe December 2016In 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 December 2016.
Price Trends – Sold vs. ListedBy comparing these price trends, we have a good idea of where the market is heading. The graph covers the 12 month period up to December 1st 2016 and shows the median listing price on December 1st to be just around $300,000. In November we saw it to be $318,000. The median sales price for December is
just under $172,000, whereas in November 2016 it was about $160,000.
The median listing and sold property prices are calculated based on the market activity each month.
We can see that the Median Listing Price increased over the Spring but once we hit mid-April, there was a decline until mid-September when there was a spike. In contrast, the Median Sold Price has steadily increased since April 2016, suggesting sellers are pricing more in accordance with what buyers will pay or there are more buyers vying for the same property, until end of September / beginning of October 2016, when the median sold price dropped significantly, then dropped again in November. This could be the usual off-season decline, though the Presidential elections in November 2016 could account for the substantial decline. The median sold price picked up slightly in at the beginning of December 2016.
Market Inventory Trends
The number of active listings in Montgomery (77356) increased by 9.5% from the previous month.
The median number of days active properties have been listed is 89.The number of sales in September dropped by 96.7% from the previous month.
New listings have remained steady over the summer. with ‘standard’ (existing) listings slowly declining until a peak in December 2016. This might be because new listings declined in December.
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 December 31, 2016, there are 1861 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 1,661 homes for sale in Lake Conroe Area.
- The average price of the homes for sale in Lake Conroe Area is $394,778.
- The average square feet of the homes in Lake Conroe Area is 2,790 sqft.
- There are currently 200 homes for lease in Lake Conroe Area subdivision.
- The average rent in Lake Conroe Area is $1,799 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 89 days on the market.
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 few weeks of being on the market.
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.