Real Estate Solutions of Texas | Perspective: March 2007

Monday, March 05, 2007

Sales Statistics

Below is an analysis of homes that sold in the last 6 months and homes that are on the Market. The same criteria was used as before:

77382, 2 or 3 BR, < 1800 sf

A - 3 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1656	2	2	0	110.447	182900	0	0	0 %	4
Avg	1715.333	2.333	2	0	115.002	197267	0	0	0 %	6.67
Max	1792	3	2	0	122.712	219900	0	0	0 %	11
Median	1698	2	2	0	111.307	189000	0	0	0	5

S - 12 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1455	2	2	0	86.348	140000	86.348	140000	94 %	3
Avg	1615.25	2.833	2	0	95.377	154058	93.741	151415.833	98.3 %	28.83
Max	1776	3	2	0	107.072	170000	105.155	161500	100 %	105
Median	1625.5	3	2	0	94.709	152900	92.686	151220	97.5	14.5

77382, 2 or 3 br, 1800 to 2300 sf

A - 23 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1860	3	2	0	85.561	160000	0	0	0 %	1
Avg	2091.522	3	2	0.391	100.98	211201	0	0	0 %	41.26
Max	2293	3	2	1	133.418	305928	0	0	0 %	251
Median	2105	3	2	0	100	209500	0	0	0	21

S - 48 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1820	2	2	0	80	164900	79.135	160000	93 %	0
Avg	2047.771	2.917	2	0.229	96.033	196654	94.534	193584.688	98.4 %	43.33
Max	2293	3	2	1	120.658	249900	119.109	249900	103 %	181
Median	2035	3	2	0	95.342	194400	93.819	190000	98	31.5

77382, 4+ br, 1800 to 2300 sf

A - 11 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1927	4	2	0	76.543	164900	0	0	0 %	2
Avg	2194.636	4	2	0.727	95.33	209214	0	0	0 %	31.45
Max	2291	4	2	1	120.035	275000	0	0	0 %	69
Median	2201	4	2	1	93.809	200000	0	0	0	32

S - 30 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1816	4	2	0	73.965	167900	71.366	162000	92 %	3
Avg	2185.8	4	2	0.533	97.065	212164	95.021	207697.967	97.9 %	57.2
Max	2299	4	2	2	124.833	286867	121.221	278567	102 %	340
Median	2207.5	4	2	0.5	95.238	204499.5	93.682	201000	97.5	46

77381, 2 or 3 br, up to 1500 sf

A - 3 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1150	2	2	0	88.82	120000	0	0	0 %	5
Avg	1366.333	2.667	2	0	106.001	144833	0	0	0 %	11.33
Max	1491	3	2	0	124.078	185000	0	0	0 %	20
Median	1458	3	2	0	104.348	129500	0	0	0	9

S - 22 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1066	2	1	0	64.022	89900	66.074	89900	95 %	3
Avg	1345.182	2.909	1.955	0.091	85.179	114581	84.705	113943.182	99.4 %	28.36
Max	1485	3	2	1	95.295	129900	92.637	130000	103 %	141
Median	1390.5	3	2	0	86.84	115500	86.6	115125	99.5	12

77381, 2 or 3 BR, 1500 to 2200 sf:

A - 23 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1503	2	2	0	47.72	87900	0	0	0 %	1
Avg	1839.87	2.957	2	0.565	88.046	161993	0	0	0 %	41.87
Max	2176	3	2	1	140.726	299184	0	0	0 %	161
Median	1798	3	2	1	83.772	155000	0	0	0	22

S - 49 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1502	2	2	0	61.694	117900	60.773	117900	84 %	0
Avg	1891.633	2.959	2	0.571	85.119	161013	83.594	158129.571	98.2 %	29.02
Max	2191	3	2	1	143.929	305994	122.324	260061	105 %	157
Median	1926	3	2	1	84.459	159000	82.16	154900	98	20

77381, 4+ br, up to 2200 sf:

A - 10 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1475	4	2	0	62.176	120000	0	0	0 %	3
Avg	1922	4	2	0.5	78.317	150525	0	0	0 %	49.7
Max	2116	4	2	1	90.304	190000	0	0	0 %	161
Median	2016	4	2	0.5	80.45	146225	0	0	0	33.5

S - 21 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1062	4	2	0	66.346	96500	62.729	96600	92 %	0
Avg	1881.238	4	2	0.524	79.754	150037	78.045	146821.429	97.9 %	47.76
Max	2200	4	2	1	106.489	219900	106.538	220000	102 %	147
Median	1952	4	2	1	78.663	148900	76.563	141000	98	44

77380, 2 or 3 br, up to 1500 sf

A - 4 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1102	2	1	0	71.429	95000	0	0	0 %	7
Avg	1191	2.75	1.5	0.25	84.761	100950	0	0	0 %	50.25
Max	1330	3	2	1	99.728	109900	0	0	0 %	83
Median	1166	3	1.5	0	85.388	99450	0	0	0	55.5

S - 29 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1056	3	1	0	54.512	74900	50.946	70000	86 %	4
Avg	1304.069	3	1.793	0.172	79.451	103609	76.124	99271.552	95.8 %	67.9
Max	1471	3	2	1	101.57	129800	102.208	125000	102 %	172
Median	1314	3	2	0	80.237	107900	77.339	104000	96	62

77380, 2 or 3 br, 1501 to 2200 sf

A - 18 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1512	3	2	0	52.493	80000	0	0	0 %	1
Avg	1690.111	3	2	0.278	76.297	128950	0	0	0 %	70.22
Max	2088	3	2	1	101.987	189900	0	0	0 %	147
Median	1641.5	3	2	0	74.207	127449.5	0	0	0	60

S - 43 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1512	3	1	0	44.145	73810	43.986	75000	88 %	3
Avg	1764.628	3	1.977	0.302	72.518	127967	71.119	125499.349	98.1 %	53.74
Max	2143	3	2	1	93.019	182500	90.169	178000	103 %	209
Median	1737	3	2	0	73.455	128500	71.429	126400	98	40

77380, 4+ br, to 2200 sf:

A - 2 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1390	4	2	0	82.374	114500	0	0	0 %	7
Avg	1598.5	4	2	1	88.833	142000	0	0	0 %	17.5
Max	1807	4	2	2	93.802	169500	0	0	0 %	28
Median	1598.5	4	2	1	88.088	142000	0	0	0	17.5

S - 12 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	SP/SqFt	Sale Price	SP/LP %	DOM
Min	1491	4	2	0	62.751	119000	60.743	115360	80 %	9
Avg	1898.833	4	2	0.833	76.722	145683	73.679	139904.583	96 %	54
Max	2150	4	2	1	117.005	236000	112.543	227000	102 %	196
Median	1976	4	2	1	71.468	135000	70.954	130250	97	32.5

The Woodlands Rental Market

Below is a basic analysis of the Market Rents and DOM for The Woodlands. This is broken down by zip code, #brs and square foot ranges. A little about how the Woodlands was built will help you understand these numbers better:

The Woodlands started in Zip code 77380, the first Village was Grogan’s Mill. Panther Creek was the next village. It lies in zip code 77381. Cochrans Crossing and Indian Springs are also in 77381. Indian Springs is almost as old as Panther Creek. Cochrans Crossing has newer homes (from late 80’s to early 2000). 77382 contains the Villages of Alden Bridge and Sterling Ridge. Alden Bridge homes date from mid 1990s to 2000’s. Sterling Ridge is the newest Village and is still being built out. As The Woodlands was built, the area expanded to the West of 45. The newer villages are further away from the freeway and Town Center.

I analyzed the leased homes in each zip code. The data is from 6/1/2006 to current. This should provide you with a good idea of what the rents are and the Days on Market by area.

Here are the results:

77382, 2 or 3 BR, < 1800 sf

S - 19 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	LseP/SqFt	Lease Price	SP/LP %	DOM
Min	1419	2	2	0	0.611	995	0.611	995	100 %	4
Avg	1594.632	2.895	2	0.053	0.853	1360	0.848	1352.105	99.4 %	43.58
Max	1750	3	2	1	1.057	1650	1.057	1550	93.9 %	110
Median	1626	3	2	0	0.867	1350	0.849	1380	102.2 %	36

77382 , 2 or 3 br, 1800 to 2300 sf

S - 52 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	LseP/SqFt	Lease Price	SP/LP %	DOM
Min	1809	3	2	0	0.635	1200	0.616	1200	100 %	1
Avg	2034.692	3	2	0.269	0.83	1688	0.829	1687.019	99.9 %	52.69
Max	2298	3	2	1	1.59	2900	1.535	2800	96.6 %	193
Median	2031	3	2	0	0.81	1650	0.809	1650	100 %	37

77382, 4+ br, 1800 to 2300 sf

S - 23 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	LseP/SqFt	Lease Price	SP/LP %	DOM
Min	1841	4	1	0	0.628	1395	0.628	1400	100.4 %	0
Avg	2126.826	4.043	1.957	0.435	0.781	1662	0.772	1641.478	98.8 %	46.48
Max	2299	5	2	1	1.046	2400	0.959	2200	91.7 %	193
Median	2147	4	2	0	0.769	1550	0.769	1550	100 %	33

77381, 2 or 3 br, up to 1500 sf

S - 50 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	LseP/SqFt	Lease Price	SP/LP %	DOM
Min	1028	2	1	0	0.629	850	0.629	850	100 %	0
Avg	1311.74	2.94	1.92	0.22	0.783	1027	0.787	1032	100.5 %	41.28
Max	1500	3	2	2	1.063	1250	1.063	1350	108 %	192
Median	1330	3	2	0	0.775	1000	0.775	1000	100 %	28.5

77381, 2 or 3 br, 1501 to 2200 sf

S - 55 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	LseP/SqFt	Lease Price	SP/LP %	DOM
Min	1510	3	2	0	0.552	1000	0.552	1000	100 %	4
Avg	1793.327	3	2	0.418	0.715	1283	0.706	1266.636	98.7 %	42.6
Max	2130	3	2	1	1.071	1950	1.099	2000	102.6 %	134
Median	1764	3	2	0	0.713	1250	0.689	1250	100 %	35

77381, 4+ br, up to 2200 sf

S - 34 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	LseP/SqFt	Lease Price	SP/LP %	DOM
Min	1397	4	2	0	0.566	975	0.566	975	100 %	0
Avg	1853.824	4	2.088	0.412	0.685	1269	0.684	1267.206	99.9 %	48.09
Max	2157	4	4	1	0.881	1800	1.015	2100	116.7 %	143
Median	1884.5	4	2	0	0.674	1250	0.671	1200	96 %	42.5

77380, 2 or 3 br, up to 1500 sf

S - 37 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	LseP/SqFt	Lease Price	SP/LP %	DOM
Min	1102	2	1	0	0.623	800	0.623	800	100 %	1
Avg	1315.514	2.919	1.811	0.216	0.754	992	0.751	988.108	99.6 %	37.49
Max	1500	3	2	1	0.938	1250	0.938	1250	100 %	100
Median	1330	3	2	0	0.761	950	0.755	950	100 %	26

77380, 2 or 3 br, 1501 to 2200 sf

S - 36 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	LseP/SqFt	Lease Price	SP/LP %	DOM
Min	1501	3	2	0	0.494	835	0.494	835	100 %	0
Avg	1774.194	3	2	0.472	0.674	1196	0.672	1191.556	99.6 %	54.14
Max	2160	3	2	2	0.997	1850	0.898	1666	90.1 %	220
Median	1728.5	3	2	0	0.665	1225	0.66	1200	98 %	47

77380, 4+ br, to 2200 sf

S - 21 Properties Found
	SqFt	Beds	FB	HB	LP/SqFt	List Price	LseP/SqFt	Lease Price	SP/LP %	DOM
Min	1526	4	2	0	0.583	995	0.583	995	100 %	0
Avg	1885.429	4	2.048	0.619	0.696	1313	0.686	1294.286	98.6 %	38.14
Max	2180	4	3	1	0.867	1600	0.899	1600	100 %	118
Median	1974	4	2	1	0.691	1325	0.691	1300	98.1 %	32

I will follow this up with another email that contains sales prices for homes using the same criteria. That should give you a good idea of what you can expect for cash flows in The Woodlands.

Thanks.