Year-End Market Report for South Katy or MLS Area 36

Year-End Market Report for South Katy or MLS Area 36

I like to examine year-to-date data throughout any given year and look at year to year comparisons at the end of a year for finding market trends. My primary market is South Katy or MLS area 36. Of course I also am interested in MLS 25 or North Katy; MLS area 37 Fort Bend West; MLS 29 Fort Bend-Sugar Land and Stafford plus a few others in Cypress TX.

The 2015 versus 2014 for MLs for South Katy comparison shows some interesting trends. Here are the salient numbers:

Units sold in 2015 decreased from 3,630 in 2014 to 3,247 during 2015 which is a 7.8% decrease. At the same time Average prices increased by approximately 2.3 % from $339,000 to $347,000 during 2015. Median prices also increased in 2015 by Approx. 2.1 % from $310,000 in 2014 to 316,500. Prices moved upwards virtually all year long while sales volume were down.

New Listings also increased by approximately 11.7% during 2015 and active listing went up 2015 by approx. 40%. Inventory levels of homes priced above $300K have definitely increased and probably will continue to do so during 2016.

Days on the market have moved from 41 days to 46 days and months of inventory which were almost hyper market level numbers went from 1.9 months to 2.9 months in 2015. Obviously South Katy is still very much a sellers market.

Pending sales have increased by a huge amount from 1,992 to 3.025 or about 52%.

Demand for affordable family homes has risen in South Katy and available inventory is very low. I consider affordable to be homes priced at $250 K or less. The demand and supply equation gets much worse when looking for homes priced at less than $200 K. One niche market I will concentrate on during 2016 is affordable family homes in all my market areas. This is not easy task as supply is extremely low. I also plan to concentrate on luxury homes with pools.

I personally think units of sale in 2016 will continue to drop and prices will move upwards but at slower pace than during the last 3 years. Some older neighborhoods will probably experience a price decrease in 2016. I do not see new home builders reducing their prices. the best new buyers might see are larger builder incentives.

If you have questions about South Katy market or any other surrounding area call me and let's get started finding you and your family a home.

Year-End Market Report for South Katy or MLS Area 36