Windhaven - Community Real Estate Market Statistics for Q4 2016

Windhaven
# of Sales

Avg. Days on Market

Avg. Sales Price

Avg. Square Feet(sqft)

Avg. Price/Sqft

Single Story
2
54
$239,000
2,361
$101.23
Two Story
0
0
$0
0
$0
TOTALS:
2
54
$239,000
2,361
$101.23

Overview: There were only 2 sales in all of Windhaven in the last three months of 2016, both of which were single stories. This is down significantly from the 8 that sold in the third quarter of 2016, but is comparable to the fourth quarter of 2015 when only one home sold over the same time span. 

Average days on market was 54 days in the fourth quarter 2016 which is slightly down from 60 days in the third quarter 2016. The one in the fourth quarter of 2015 sold in 13 days. The average sales price was down a bit at $239,000 compared to last quarter at $243,075. The sales price per square foot was up to $101.23, compared to the average of the 8 that sold last quarter at $95.17 per square foot. 

Our Outlook: There is not a lot of data that can be gleaned from only 2 sales. It was a pretty typical quarter when compared to the last 5 years, except for 2013 when 5 homes sold. Certainly, the holiday season and to some extent the elections were on the minds of many buyers and sellers as it was a down quarter for much of Cypress. 

The two that did sell were fairly different also, which skews the numbers a bit. One of the homes was larger and sold for $93.18/sqft, while the smaller one backed to the neighborhood lake and sold for $110.45/sqft. This should give you better insight on your home's value, so congratulations if you read this far!

We ended the year with 23 total sales which gives us a healthy annual turnover rate of 6.34%, down from 27 sales and 7.4% turnover from 2015. 

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Lone Oak Village - Community Real Estate Market Statistics for Q4 2016

Lone Oak Village

# of Sales

Avg. Days on Market

Avg. Sales Price

Avg. Square Feet(sqft)

Avg. Price/Sqft

Single Story

328$199,6672,141$93.13
Two Story

2116$257,500

3,324$77.47

TOTALS:

563$222,8002,614$85.23

Overview: There were 5 total sales in the last 3 months of 2016 compared with 6 in the third quarter this year and 4 in the same period in 2015. The average days on market was 63 which is down surprisingly from the previous quarter 78 and 2015's Q4 of 81. Average sales price was down to $222,800 over last quarter's $242,983 and up from Q4 2015 $200,000. Price per square foot was down to $85.23 to last quarter's $86.35 and up from last year's Q4 $81.20. 

Our Outlook: At the beginning of the fourth quarter there were 19 active home listings as we discussed in the third quarter market update. Sure enough, only 5 ended up selling and many homes came off the market or were still sitting on the market when we started the new year. 




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Windhaven - Community Real Estate Market Statistics for Q3 2016

Windhaven
# of Sales

Avg. Days on Market

Avg. Sales Price

Avg. Square Feet(sqft)

Avg. Price/Sqft

Single Story

2
29
$218,500
2,198
$99.41
Two Story
6
70
$251,267
2,673
$94.00
TOTALS:
8
60
$243,075
2,554
$95.17

Overview: There were 8 total sales in the third quarter of 2016 in Windhaven matching the 8 that sold in the second quarter of 2016 , and falling a little short of the 11 that sold in the third quarter of 2015. 

The average days on market for Windhaven for the third quarter was 60, up from 44 in the second quarter of 2016 and significantly up from 11 days in the third quarter of 2015. Average sales price for the community was $243,075, which is up from $231,350 last quarter and up from $214,509 in the same span of 2015. Price per square foot was down some at $95.17/sqft compared to $99.59/sqft last quarter and down significantly from $101.76 in the third quarter of 2015.

Our Outlook: We did not think that it would be possible given the overall market to surpass 2015's blistering pace of 27  re-sale homes sold, but with two months to go there have been 22 homes sold so far this year! 

The turnover rate in the neighborhood has been on the rise over the last year or so, which with our count of 363 total homes in the neighborhood that would put us at a 7.4% annual turnover rate. This is not necessarily an uncommon or unhealthy rate, but it may feel like it for a subdivision of this size to many of you have seen so many for sale signs around the community this year and last.

Obviously, there are many reasons people move, but we attribute a large part of the flurry of sales activity due to the record rise in taxes over the last 3 years and to the fact that everyone was waiting for DR Horton to leave so they do not have to face the stiff competition from a builder.

Home prices do not seem to be rising at the moment, however there is no urgent signals that we might expect a decline. There are only 5 active homes on the market currently, 3 of which has been on the market for most of the year. The overall market is slow now though, so it is important that  if you list to hit the market priced and presented well from the start. If you want to sell now, we do not see anything that should hold you back, especially with some of the amazing deals you can find in the area if you are looking to move up!

Key Takeaways: 

  • 22 homes have sold for the year which is on pace for 2015's re-sale record of 27
  • Home prices are not really on the rise, but we do not see any significant declines at the moment. 
  • It is not a terrible time to sell if you are considering moving soon, but understand that the overall pace of the market is down significantly(Days on market is way up over last year)

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Lone Oak Village - Community Real Estate Market Statistics for Q3 2016

Lone Oak

# of Sales

Avg. Days on Market

Avg. Sales Price

Avg. Square Feet(sqft)

Avg. Price/Sqft

Single Story

1

38

$232,000

2,272

$102.11

Two Story

5

86

$245,180

2,922

$83.91

TOTALS:

6

78

$242,983

2,814

$86.35

Overview: There were 6 total sales the third quarter of 2016 in Lone Oak Village compared with 10 in the second quarter of 2016, and 4 in the third quarter of 2015. 

The average days on market was 78 for the quarter, compared to 13 days in the second quarter of 2016, and only 13 days also in the third quarter of 2015. The average sales price was $242,983 for the third quarter, compared to $230,444 in the second quarter of 2016, and $203,610 this time last year in third quarter of 2015. Price per square foot was $87.41 this quarter, compared to $90.55 last quarter, and $81.71 in the third quarter of 2015.

Our Outlook: The six homes selling for the quarter is a very reasonable and healthy number. Home values are still up significantly since last year, however there are a few things of note about those numbers. One of the trends in 2016 we have seen is the south side of the community where the larger homes with detached garages are located has really seen a huge turnover this year. These homes are typically more expensive because of the size and style, so they may have overstated this year's price gains. 

There are a number of reasons for these owners selling in large numbers this year, but we feel that it is possibly due in large part that the rise in tax values have finally made a significant impact to move the homeowners off the fence to take the equity in their current home and find a new home with better terms while interest rates are still low.

Let's talk about something that is concerning. There are 16 active re-sale homes on the market(plus 3 new construction) currently. That number is alarming. For reference, 17 homes sold in Lone Oak in all of 2015, and 18 homes have sold so far this year meaning we will have more sales than last year, but it is inevitable that many of the homes on the market right now will fail to sell. 

What's more, out of the 16 homes on the market the average days on market is 77 days which is way up compared to previous quarters and years, 12 of the 16 homes have had price reductions, and home sales prices have declined steadily since the beginning of the year. 

And, a final dismal statistic, only 4 and 2 homes sold in the fourth quarters of 2015 and 2014 respectively. This is a buyer's market, and for the time being home values have peaked and some are declining. If you have to sell, it is important that you pay close attention to the smaller details that many sellers have overlooked when the market was stronger. Be sure to hire a professional who knows how to help you best present your home to the market and can help you price correctly.

Key Takeaways:

  • 16 active homes on the market and only 17 sold in all of 2015; 12 of 16 active homes have had price reductions
  • Lone Oak Village is a buyer's market. There is a lot of competition between listings, and now may not be the best time to sell if you do not have to.
  • Home prices have likely peaked for the near future. 

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All numbers we report for Windhaven and Lone Oak Village are pulled directly from the Houston MLS. We focus on re-sale homes only for reporting, no new construction including when previous years are referenced.

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