Local Market Report - Grand Lakes Katy Texas YTD 10 Months 2011
Local Market Report - Grand Lakes Katy Texas YTD 10 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 45 homes available for sale in Grand Lakes ranging from
$169,000 to $649,900. The median or mid-point price is $307,500 or
$95.57/ sq. ft. with 76 days on the market while the average price is
$324,588 or $100.55 /sq. ft. and average days on the market is 108. There
is a good supply of reasonably priced homes now available in Grand
Lakes as 22 or 49 % of the available homes are priced at less than
$300,000. There is about a 3 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 3-4 months at a rather
rapid rate. 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.
During the first 10 months of 2011, there were 163 homes sold
in Grand Lakes with low price being $159,900 and the high being
$719,000. The median adjusted price of homes sold so far this year is
$312,000 or $97.44/ sq. ft. and the average adjusted price is $ 325,793
or $99.18 sq. ft. There is approximately 2.7 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 36 homes versus 10 months of 2010 or 28 % increase in homes sold. The median price of homes sold has increased by $2,189 or .7 %. 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 40 last year to 49 days
for 2011. These statistics track about the same trends as all of MLS
area 36. Currently there are 13 pending sales in Grand Lakes.
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 is one
Short Sale available and it is priced at $380,000. During the first 10
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. 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.