Local Market Report - Grand Lakes Katy Texas YTD 11 Months 2011
Grand Lakes subdivision is a neighborhood in Katy Texas or MLS area 36 . Grand Lakes is a Master Planned Community developed by Trendmaker and islocated off of the Grand Parkway or 99 at the Fry Road exit. If you and your family turn left and go under the freeway and Grand Lakes is on both sides. If you turn right heading west then Grand Lakes is in the right after all the shopping. There are no more new homes in Grand Lakes as the area was completed several years ago.
Grand Lakes is comprised of 1,250 acres with numerous cul-de-sacs. Approximately 20 % of the land is dedicated to parks, hike/bike trails, lakes and recreational facilities. There are also 100 acres of stocked Lakes. There are numerous pools and a dog park. Residents actively use the various recreational facilities.
There are currently 39 homes available for sale in Grand Lakes ranging from $150, 000 to $649,900. The median or mid-point price is $302,000 or $96.69/ sq. ft. with 84 days on the market while the average price is $324,335 or $101.55 /sq. ft. and average days on the market is 123. There is a good supply of reasonably priced homes now available in Grand Lakes as 19 or 48.7 % of the available homes are priced at less than $300,000. There is about a 2.6 month supply of homes priced at less than 300,000 in Grand Lakes right now. This number of available homes at this price point has down the last 4-5 months at a rather rapid rate. As I have sad numerous times during the last year Buyers don’t wait as these affordable homes are selling quickly and you cannot count on a large number of homes priced at the lower levels coming on the market this spring.
The chart shows the current range of available homes at the various price points:
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HOMES AVAILABLE IN GRAND LAKES |
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|
20-Dec-11 |
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|
DOLLAR |
NUMBER |
NUMBER |
% OF |
CHANGE |
||
|
PRICE POINTS |
OF HOMES |
|
Total |
LAST MONH |
||
|
|
0 |
0 |
||||
|
100,000-150,000 |
0 |
0 |
||||
|
150,000 - 200,000 |
8 |
1 |
||||
|
200,000 - 250,000 |
7 |
(1) |
||||
|
250,000 - 300,000 |
4 |
19 |
48.7% |
(3) |
(3.00) |
|
|
300,000 - 350,000 |
4 |
10.3% |
0 |
|||
|
350,000 - 400,000 |
6 |
15.4% |
(2) |
|||
|
> 400,000 |
10 |
25.6% |
(1) |
|||
|
TOTAL |
39 |
(6) |
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During the first 10 months of 2011, there were 172 homes sold in Grand Lakes with low price being $159,900 and the high being $710,000. The median adjusted price of homes sold so far this year is $316,926 or $95.47/ sq. ft. and the average adjusted price is $ 326,742 or $99.40 sq. ft. There is approximately 2.5 months’ supply of homes in Grand Lakes which normally indicates this is a sellers’ market. The discount from list price is only 2%.
The good news is that units sold so far are up by 37 homes versus 11 months of 2010 or 27.4 % increase in homes sold. The median price of homes sold has increased by $3,426 or 1.1 %. The discount from list price has remained about 2% for both years and for both average and median prices. However, the median cumulative number of days on the market has increased from 41 last year to 49 days for 2011. These statistics track about the same trends as all of MLS area 36. Currently there are 14 pending sales in Grand Lakes.
The Homes sold for 2011 on a year to date basis as of November 30, 2011 are:
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HOMES SOLD IN GRAND LAKES |
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|
11 MONTHS 2011 |
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|
DOLLAR |
NUMBER |
NUMBER |
% OF |
CHANGE |
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|
PRICE POINTS |
OF HOMES |
|
Total |
LAST YEAR |
||
|
|
0 |
0 |
||||
|
100,000-150,000 |
0 |
(1) |
||||
|
150,000 - 200,000 |
20 |
9 |
||||
|
200,000 - 250,000 |
32 |
2 |
||||
|
250,000 - 300,000 |
27 |
79 |
45.9% |
9 |
19.00 |
|
|
300,000 - 350,000 |
31 |
18.0% |
4 |
|||
|
350,000 - 400,000 |
19 |
11.0% |
4 |
|||
|
> 400,000 |
43 |
25.0% |
10 |
|||
|
TOTAL |
172 |
37 |
27.41% |
There are no Foreclosures available right now in Grand Lakes. One foreclosure has a pending sale and it has a list price of 254,900. There are two Short Sales available with one home listed at $178,000 and the other at 380,000. During the first 11 months of 2011 Grand Lakes has had 6 homes sold which were foreclosures and these homes sold at approximately $84/ sq. ft. and with only a small 1% off of list price discount. As I have said in several blogs there are no golden rainbow buy opportunities in Grand Lakes or any of the other master Planned Communities in South Katy. If you or your family is waiting for this tremendous buy opportunity it will never materialize.
As I have advised for months, it is still excellent time to look and buy a home in Grand Lakes even though prices have slightly risen and inventory of available homes is shrinking. If you and your family are interested in this neighborhood or any other neighborhood in Katy I will arrange to take you on a tour of the whole area.
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