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Bob is always looking for news about Katy Texas and the surrounding areas. Please e-mail me at bobgilbert2003@msn.com with any news you may feel needs a forum!
Market Trends 2012 Update for Home Sales in South Katy Cinco Ranch West

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.   

HOMES SOLD SOUTH KATY CINCO RANCH WEST

   

2 MONTHS 2012

   
   

2012

     
             

%

 

DOLLAR

 

NORMAL

DISTRESSED

TOTAL SOLD

% OF

TOTAL

CHANGE

 

PRICE POINTS

 

 HOMES

PROPERTY

HOMES

Total

2011

year to year

 
                 

<100,000

 

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

               

< 300,000

     

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 <$300 K have also increased by 9.4 %. During 2012, 43.2 % of the homes sold were priced at less than $300 K level and statistic is much lower than most of the neighborhoods in South Katy as well as in other areas of Houston. .

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.

Real Estate Recovery

If you have any questions about homes for sale or homes for rent in the Katy or Sugarland, Cypress or surrounding areas, contact me at:

bobgilbert2003@msn.com or bob@bobgilbert.com

or visit me on my web site at http://www.katyhomefinder.com


Katy Texas Real Estate Expert


 

Read my blog at http://bobgilbertblog.com

Bob Gilbert

                          

ship

Published Tuesday, March 27, 2012 3:28 PM by Bob Gilbert

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