Local Real Estate Market Report for YTD October 30, 2011 Firethorne in Katy Texas
The Firethorne neighborhood is part of Katy Texas or MLS area 36. Firethorne is a Master Planned Community located off of the Highway 1463 about 2 miles south of the I-10 exit. The neighborhood recently opened a new section of homes that are being built east of FM 1463 while the main section of already built homes is west of 1463. FM 1463 gives commuters easy access to I-10 as it maybe 2-3 miles away and to FM 1093 and the West Park Toll way.
Firethorne consists 1,400 acres plus of land with numerous amenities and recreational facilities scattered through the neighborhood. The Developer states Firethorne provides “an urban convenience with small town charm”. Currently there are six (6) builders who are constructing new homes in Firethorne. Firethorne is located in both the Katy and Fulshear areas of far western Houston away from the hustle and bustle of the big city but very close to old Katy Texas. A significant portion of Firethorne is zoned for Katy ISD and the remaining sections are zoned for Lamar ISD.
There current are 65 homes available for sale in Firethorne (per HAR MLS) ranging from $169,795 to $499,971 in list price. Last month there were 71 homes available. The median list sales price or mid-point is $259,950 or $91.95/ sq. ft. with 69 days on the market. As I have reported for the last 3 months, there continues to be a good supply of reasonably priced homes now available in Firethorne and that combined with the small town atmosphere makes Firethorne a must see for families looking for home in the Katy area. If we examine the breakdown of available homes it indicates:
Priced $150.000 - $200,000 8 homes available (same as last month)
$200,000 - $250,000 19 homes available (decrease of 1 home from last month)
$250,000 - $300,000 20 homes available (increase of 1home from last month
$300,000 - $350,000 2 homes available (decrease of 3 homes from last month)
$350,000 - $400,000 8 homes available (decrease of 3 homes)
Over $400,000 8 homes available (same of last month)
As we can see from the above chart, 47 homes (same as last month) or 72 % of the available homes are priced at $300,000 or less. The percentage of available homes priced at or less than $300,000 remained the same from August to September but increased in October by 6 % and the number of available homes decreased by 6. It is my personal opinion that this number will continue to decrease each month until spring as builders will try very hard to sell inventory homes and delay construction of new spec homes. If you thinking of buying a home in this area of Katy or any other master planned community stop procrastinating and take action as these very affordable homes are slipping through your fingers.
During the first 10 months of 2011, there were 143 homes sold in Firethorne with low being $149,500 and the high being $574,950. The median adjusted sales price or mid-point price of homes sold so far this year is $275,000 or $87.65/ sq. ft. and the average adjusted sales price is $289,231 or $ 88.94/ sq. ft. The absorption rate or numbers of months of available inventory is 3.3 months which are continuing to move into a strong sellers’ market as this has gone down each month since August when the supply was 5.2 months.
Units sold so far during 2011 are down slightly by 8 homes versus 10 months of 2010 or 5.3 % decrease. The good news here is the median price of homes sold has increased by 6,000 or 2.2%. The discount from list price has been reduced from 5 % during 2010 to 3 % for 2011 as this seller concession amount has decreased and I personally think this will continue for the rest of this year. This is also good news for home sellers. However, the median number of days on the market has increased from 54 last year to 84 days for 2011. This statistic tracks about the same as all of MLS area 36 and similar to Grand Lakes and several other neighborhoods in the Katy Area.
It is still excellent time to look and buy a home in Firethorne, Grand Lakes, Cinco Ranch ( new and resale), Seven Meadows, Silver Ranch, Kelliwood, Green Trails or any other neighborhood in the Katy or surrounding areas.. If you and your family are interested in Firethorne or any other neighborhood in Katy I and will be happy to arrange to take you on a tour of the whole area.