Market Trends 2012 Update for Home Sales in South Katy Cinco Ranch West
What is happening in Cinco Ranch West Real Estate Market in terms of actual sales during 2012?
The Real Estate market in South Katy Texas (MLS area 36) is basically defined by what occurs in the numerous Master Planned Communities which are scattered across this whole geographically large area. I have written several detail market reports about some of these local master planned communities in the past but not for Cinco Ranch. The problem with Cinco Ranch is that there are numerous separate neighborhoods covering a very large geographical area which comprise Cinco Ranch. These separate neighborhoods lose their individual identity in the MLS recording system. The MLS system was revised last year and we can now run reports for Cinco Ranch West (West of Highway 99) which includes all the new construction going on in Cinco Ranch area and other neighborhoods added during say the last 5 years.
The Chart below is showing homes sold in Cinco Ranch in Katy Texas by price point ranges during the first two months of 2012 versus the same period for 2011.
2 MONTHS 2012 |
||||||||
2012 |
||||||||
% |
||||||||
DOLLAR |
NORMAL |
DISTRESSED |
TOTAL SOLD |
% OF |
TOTAL |
CHANGE |
||
PRICE POINTS |
HOMES |
PROPERTY |
HOMES |
Total |
2011 |
year to year |
||
|
0 |
0 |
0 |
0.0% |
0 |
0.00% |
||
100,000-150,000 |
0 |
0 |
0 |
0.0% |
1 |
-1.41% |
||
150,000 - 200,000 |
3 |
0 |
3 |
3.7% |
5 |
-2.82% |
||
200,000 - 250,000 |
16 |
0 |
16 |
19.8% |
13 |
4.23% |
||
250,000 - 300,000 |
16 |
0 |
16 |
19.8% |
13 |
4.23% |
||
300,000 - 350,000 |
19 |
0 |
19 |
23.5% |
11 |
11.27% |
||
350,000 - 400,000 |
10 |
0 |
10 |
12.3% |
15 |
-7.04% |
||
> 400,000 |
17 |
0 |
17 |
21.0% |
13 |
5.63% |
||
0 |
||||||||
Subtotal |
81 |
0 |
81 |
100.0% |
71 |
14.08% |
||
FORECLOSURE |
0 |
0.0% |
||||||
SHORT SALE |
0 |
0.0% |
||||||
TOTAL |
81 |
0 |
||||||
NUMBER |
||||||||
|
35 |
43.2% |
32 |
45.1% |
||||
Median Sales Price |
312,229 |
286,980 |
||||||
Average sales price |
344,694 |
321,199 |
||||||
Median Price /SQ.FT. |
96.68 |
93.75 |
3.1% |
|||||
Cumulative Days on Market |
84 |
93 |
||||||
Sellers Discount from list |
5.00% |
5.00% |
||||||
Pending Sales |
41 |
N/A |
||||||
As we can see from the chart, actual sales in Cinco Ranch West during 2012 are 81 homes with 35 priced less than $300 K while 2011 for the same period there were 71 homes sold with 32 priced less than $300 K. Obviously, it is still early in the year with a lot of activity will occur during the remainder of 2012. Unit sales have increased 14% while homes priced at
The chart is also showing that the median and average prices on the year to year comparison have increased by 8.8% and 7.3 % respectively. A major factor in this increase in price is the number of new homes being sold in 2012 is higher than in 2011 and simple price inflation of materials needed to build a new home is on the rise. The median sq. footage of homes sold is up by 154 sq. ft. or 4.9 %. These figures are all good news for sellers. I have been telling folks for many months that there were numerous reasonably priced homes available throughout South Katy but the supply will only continue to dwindle and prices will also continue to increase. Both of these trends are happening right now in The South Katy market and especially in Cinco Ranch West.
The discount sellers are willing to give has remained constant at 5%. Pending sales are 41 homes in Cinco Ranch West during 2012. I do not have comparable number for 2011. Cumulative Days on the market has decreased in 2012 from 93 days to 84.
The market for sales in Cinco ranch West, Grand Lakes and Firethorne are healthy and I believe will show strength during the rest of 2012. As shown in my March reports of Market Trends the distressed homes are not having very much if any impact on the market for homes in this neighborhood and the others I have covered in my reports. If you are waiting for the golden rainbow deal by buying a distressed home in Grand Lakes, Firethorne and Cinco Ranch West you will still be waiting years from now and interest rates will be back to more normal levels.
Please see Active Rain’s article on Real Estate Recovery or Not?
If you would like to search for homes in Firethorne or any other community in the Katy or surrounding areas go to my web site and construct a search.
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