The Lake Conroe real estate market has been seeing a tremendous amount of activity in the last year and a half with pending and closed sales growing higher this year and last than years past for waterfront property. There are a few reasons for this I believe; one is that there has been some pent up demand from people looking for Lake Conroe homes that have been just sitting on the sidelines waiting for the right home, and another is that the area’s population and economy continue to grow.
What we are seeing now in the waterfront market on Lake Conroe is that any of the nicer homes on open/deep water lots are selling for top dollar, and they are selling quickly as there are multiple buyers just waiting for them to become available, while homes that are back off the lake on channels with lake access versus open views of Lake Conroe are somewhat more affordable for buyers not wanting to spend as much.
Currently there are approximately 137 homes available for sale on Lake Conroe as of this writing in March of 2016, with the number of Lake Conroe waterfront homes currently in escrow sitting right at 25. There has already been 15 homes that have sold on Lake Conroe in two months this year alone, while there were a total of 200 waterfront homes on Lake Conroe that sold last year, so numbers may be a bit lower than last year’s amounts, which I believe is mainly due to the lack of inventory.
The sales numbers I have used above do not include waterfront lots, townhomes or condos, or people that have owned vacant waterfront lots for years and have now decided to build on them; rather these are resale homes on Lake Conroe only.
Looking forward into Lake Conroe’s real estate market; while none of us have a crystal ball there are some known facts that can be used to forecast future market conditions. Lake Conroe is mostly developed out as far as large parcels of real estate being available to be used to create new communities, so with the exception of some sporadic vacant lots in the various communities of the lake that are still available, what’s already developed is pretty much going to be it. All that while Montgomery County and the Lake Conroe area continues to grow its population and economy; this would lead me to believe that the demand is going to keep outpacing the supply of quality homes going into the future, which will continue to drive pricing upwards for those types of waterfront homes on Lake Conroe.
To find out more about the Lake Conroe real estate market feel free to contact me, or use the numerous links I have provided on my website.
Kindly, Ray Faragher