Market Trends Lake Conroe May 2017

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Market Trends Conroe / Lake Conroe 77356 May 2017

Now that we’re through the first quarter, let’s look at the current trends for 77356 / Lake Conroe area, with the help of Market Insider from Keller Williams Realty up to May 2017.

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 May 1st 2017 and shows the median listing price on May 1st to be

almost $323,000. In April, we saw it to be about $315,000. The median sales price for May is just over $213,000, and in April, it was about $200,000.

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 remained steady, other than a spike in October – November, 2016.

In contrast, the Median Sold Price remained steady from June until December, 2016, when we saw the ‘off-peak’ drop with a slight spike in mid-January 2017. The median sold price started to picked up after in March, 2017, suggesting we are heading back into the usual summer sales season.

Market Inventory Trends

The number of active listings in Montgomery (77356) increased by 8% from the previous month.

The median number of days active properties have been listed is 69.The number of sales in January dropped by 44.9% from the previous month.

New listings dipped in January and February, 2017, but have started to pick up since Easter time, again suggesting we are moving into the busier Summer season.

Property Ownership

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 May, 24 2017, there are 2210 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 2,021 homes for sale.
  • The average price of the homes for sale in Lake Conroe Area is $397,794.
  • The average square feet of the homes is 2,797 sqft.
  • There are currently 189 homes for lease in Lake Conroe Area.
  • The average rent is $1,884 at an average price of 1 per square foot.

Conclusion:

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 69 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.

If you are thinking about buying in 77356, look at our Listing Search page or click here.

Once you’ve found some properties of interest call us or email us for more information and to help you find your ideal home.