Over the last several months, there has been a significant amount of speculation about the role that the declining price of oil will have on the housing market in the Montgomery / Lake Conroe area. As we look at the numbers of homes sold in the area for August 2015, it appears to be having a very limited effect.
There were 254 homes sold in August versus 277 for last month. Part of this decline can be easily attributed to end of summer seasonal pattern where the market is traditionally less active.
The number of homes under contract was 421 down from 451 in July, but still ahead of any other month in the last seven years. Homes for sale in the area totaled 1320, but represented only six months of inventory well under historic highs.
The sale prices with the most activity are the $100,000 to $300,000 ranges with 21% of the sales and homes under contract. Overall, the Lake Conroe/Conroe area real estate market is still performing well and showing the typical seasonal declines as we enter the back to school and end of summer window.
Focusing on the six major subdivisions around Lake Conroe, April Sound continued to excel on the resale market selling 43% of the homes listed for sale and Walden came in second at 37% of listing sold.
Grand Harbor saw 27% of its listings sell and Bentwater saw 16%. April Sound and Walden’s success is largely due to the majority of their homes under contract and sold falling into the in demand $100,000-$300,000 range.
|MONTHLY SUBDIVISION SUMMARY|
|Aug-15||Number of Homes on 8/31/15||Average Days on Market|
|Subdivision||Active||Pending||Sold||% Listings Pending or Sold||Active||Pending||Sold|
|Data derived from Houston Association of Realtors and Multiple Listing Service for single family homes.|
|April Sound||?$??? 320,018||?$????? 222,835||?$???? 334,348|
|Bentwater||?$??? 609,418||?$????? 363,958||?$???? 462,343|
|Grand Harbor||?$??? 667,242||?$????? 488,344||?$???? 424,257|
|Point Aquarius||?$??? 273,113||?$????? 174,987||?$???? 273,113|
|Walden||?$??? 332,723||?$????? 218,750||?$???? 205,834|
The overall days on market declined in most subdivision for active for sale, under contract and sold indicating that the backlog of long term listing has diminished through sale or with drawl. The relatively low days on market for pending and sold listings indicates that well priced and well maintained homes are selling well and quickly.
Overall, the results point to a stable real estate market following historic seasonal trends.
For additional information on Subdivisions near Lake Conroe Texas