Falcon Point

HAPPY 2010!!!! BRRR!!!! It certainly came in with a blast! Of course, the weather has been INSANE all over the world. A few inches to a few feet of snow in places that NEVER have to worry about the white fluffy stuff! And….Florida…How would you like to be one of those retirees from points north???? So…I guess we have been a bit lucky after all. Let’s all remember that when citrus and other produce prices go through the roof in the near future!

The following information was taken from transactions reported in the Multiple Listing Service of the Houston Association of Realtors. There has been no effort to compare one home or one section to another. The information is not intended to serve as a basis for determining the value of any single home, but rather is offered to demonstrate the trends of the Falcon Point market.

THE ESTATES, THE NEST, FALCON NEST: Currently only six homes are on the market ranging from $233,000 to $334,900. Sales totaled 35 with 2 under $200,000; 22 between $200,000 and $299,999, 10 between $300,000 and $349,999 and 1 over $350,000. The average Days on Market was approximately 75, up from approximately 60 in 2008. The previous year, 2008, recorded 36 sales, comprised of 3 under $200,000, 22 between $200,000 and $299,999, 7 between $300,000 and $349,900 and 4 over $350,000. The average price per square foot was $85 in 2009 and $83 in 2008. We are extremely fortunate that our market remains very stable with only a slight increase in the Average Days on the Market. Other Houston area communities are seeing much longer market times along with a softening of prices while we still have a balanced market.

FALCON LANDING: In all sections of Falcon Landing, three homes are currently on the market ranging from $239,900 to $285,000. Sales totaled 46 with an additional 1 pending. Of that total, 3 sold under $150,000, 30 between $150,000 and $200,000 and 13 over $200,000. The average price per square foot jumped to approximately $78 in 2009 from $74 in 228. The average Days on Market were approximately 31 down from approximately 41 in 2008. As with The Estates, Falcon Landing enjoys an edge for the Seller.

ALL OVER THE MARKET AREA: The average Days on Market for Residential Single Family Homes (Re-Sale Only) is 5.9 months. Annualized sales have risen by approximately 7.1% while Active Listings have decreased by 7.2%. The Average Median Price has increased by 9.4%

FORECLOSURES: The closed sales of 2009 Foreclosures are down by 31.3% from 2008 while Median Price of these sales for 2009 is just south of $80,000--up by 11.8% over 2009. In our MLS market area of Katy (South of I-10 to FM 1093 and East of Highway 6 to FM 1463), the number of foreclosures on the market during 12 months ending November 2009 totaled 208 or 7.6% of a total market inventory of 2734. In November, the total market inventory was 734 homes of which only 20 (2.7%) were foreclosures.

SUMMARY:

• The Houston Area and Katy Real Estate Market has become smaller and more efficient with fewer homes offered and buyers available due to:
  1. Fewer relocation buyers and sellers as companies contract and real estate price become distressed in other markets.
  2. Incentives offered by builders to reduce excess inventory decreasing number of available homes.
  3. The emergence of a more frugal society where more people THINK before purchasing “things” with money they don’t have, save more and refrain from borrowing unless necessary.
  4. Mortgage lenders returning to a more responsible business practice in qualifying buyers.
  5. Home owners less likely to offer their homes for sale unless a move is for financial or practical personal reasons rather than to satisfy a desire for “change”.
• The smaller market--especially in Katy--has retained its stability of the previous larger one as the number of buyers and sellers have declined almost equally allowing homes to continue to sell within reasonable periods of time with very little reduction in values. With the continued economic growth of our area, we continue to attract new families from other areas of the city and more of our share of the reduced corporate relocation factor.

• At the moment, there is very little on the market anywhere in our Katy market. Because of our continued economic growth and new employment opportunities, we may see stable to increasing prices if existing and new homes do not keep up with demand.
• The present government programs to assist homebuyers ends April 30 for executing a contract to purchase with a deadline of June 30 to close the transaction. With the expiration of this program, the government has announced that it will discontinue its program to keep interest rates at the current low level.
• The expectation of higher interest rates and the elimination of the home purchase assistance is likely to stimulate an active market to beat these deadlines.
• Since the first of the year, interest in home purchase has been high. This interest is likely to escalate as April approaches.

KATY MAIN STREET is about to become a reality! If it has not already occurred, the development team is to break ground this month and get this 86 acre project on the road, according to a Houston Business Journal article. It was also stated that the delay in beginning the project was caused by the fact that the grocery anchor had not decided where to be positioned on the property. It would have been costly to change road plans in the middle of the process.

CAN YOU BELIEVE the progress made in constructing the Methodist Hospital and Texas Children’s Hospital at I-10 and Barker Cypress? One can almost imagine the finished product. What a boon for our Katy Community! There should be a multitude of employment opportunities! And….perhaps our good doctors can concentrate on Katy instead of being spread out all along I-10 to Memorial City! Memorial Hermann in Katy is also undergoing an expansion while many of the floors in the new section of Memorial City are now open for treatment of patients!

ANOTHER IMPROVEMENT that will make our lives easier is the widening of Katy-Fort Bend Road north of I-10. Work is scheduled to start in February. It’s not a very long stretch, but it sure is slow through there at times!

Stay Warm!!!!! Until Next Month.........

Of course, for those of you who are considering a move, CALL ME at 281-578-4425  for an enlightening discussion of….PROACTIVE MARKETING, PROFESSIONAL CREATIVITY AND PERSISTANT EXECUTION designed to bring you the PHENOMENAL SUCCESS of a timely sale at the best possible price.

ANNE

  
Anne Solcher