I'm doing an open house down in Cinco Ranch this Saturday so I thought I'd take a look at the price history of Cinco Ranch East of 99.   The chart above is for 4 bedroom houses looking at the 6 months from February to August for each of the years back to 2005.  The red line at the top is the average sold prices for the area and is read on the left scale.   The other 4 lines are read off the scale on the right side of the chart.  The blue line is the price per square foot.  The grey line is the number of properties sold during those six months (just 4 bdrm, east of 99, south of Cinco Ranch Blvd and North of Fry).  The green line is the days on the market, and the light blue line is the cumulative days on the market, which is the total number of days since listed, whereas the DOM is just from the last price change or change of status.

It's interesting that the price had a local peak in value in 2008, then increased steadily to $400k in 2015, and now has decreased down to $390k.   That price is an average of all of the homes that have sold so it is smoothing out some of the price drops that are occuring, just looking at the homes that are currently for sale in the area there appear to be more price reductions and more houses below $300k than there were 6 months ago.  If I were listing a home I'd take into account both the sold prices as well as the nearby houses on the market, the total time to sell is stretching out longer to be more like a normal 6 month to sell market.  Correct pricing means pricing relative to nearby sold houses and also pricing correctly relative to other houses still on the market.

The days on market has increased slightly in the past year but the cumulative days on market has increased much more.  To me this indicates more price changes or deals falling through, and the market is more of a buyer's market than a sellers market like in 2014.  Even with fewer buyers due to low oil prices, the market is still better for sellers than back in 2010, and we've had 25% price appreciation since 2010.

Next week I'll look at the newer houses in Cinco Ranch West of 99.