The results are in for the 2016 League City homeowners report. I’ll give you the vital highlights on how League City did in 2016 and also talk about the big topic for 2017: interest rates.
(1) There were 1,547 homes that sold in 2016 which was a 12% decline from 2015. This marks the first decrease since 2010.
(2) The average days-on-market was 30 days. Half of those homes went under contract within the first two weeks.
(3) The average sales price increased for the 4th year in a row, ending the year at $273,000: a 7% increase from the previous year. 2016 now holds the crown as having the highest average sales price in history for League City.
(4) The average price per square foot has marched across the double-digit line and is now in triple digits, reaching $106 for the end-of-year average. That’s a 7% increase from the previous year’s $99 per foot.
(5) New construction accounted for 17% of the market in 2016. That’s a decrease of 4% from the previous year. The average sales price for new construction rose to $347,000 which is a 4% increase when compared to 2015. The average cost for a new construction home was 27% higher than non-new construction homes. This reveals a healthy gap that keeps the new construction and non-new construction homes from competing with each other.
(6) The centralized showing service recorded over 25,000 showings for League City homes in 2016. That’s an increase of almost 3% over the previous year. *The Centralized Showing Service is the company who schedules the majority of the showing appointments that realtors make for their clients. This does not reveal showings that are made through other companies or their agents.*
As we all expected it to be, 2016 proved to be another great year for League City homeowners. While the number of homes sold has showed signs of slowing, prices continue to rise across the board. With the growth of the city remaining strong, prices will likely continue in this fashion for the near future. However, the big topic for 2017 is interest rates. You’ll get conflicting opinions in terms of how much rates will rise, but the common ground that most agree on is that rate increases are in the queue for 2017. We don’t know what kind of an impact this will have on the market but I don’t see a negative outcome for League City. I expect to see another strong year.
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Josh Hayles | Local realtor | Josh@Mydailyhomes.com