Real Estate Market Report

Where is the 'Katy City Limits' Real Estate Market Going?

Below is the market update from the Houston Association of Realtors year to date as of the end of May, 2008.  This information is for Area 25-Far West Houston which includes 'Katy City Limits'. 

Single family home sales in the Houston Far West area are down by 16.51% in comparison to May YTD 2007, with 1,092 recorded home sales YTD.

Contracts initiated May YTD 2008 are also down by 9.89%, or 984 total units.

Listings are up only slightly by 12 units in comparison to last year or .78% with 1,544 listings currently on the market in comparison to 1,532 last year.

Average sales price for the Far West area is down by .07% over May YTD 2007 and is currently $136,985.  The median sales price [where half the homes sold above and half the homes sold below] was $123.000, a 2.40% decline over last year.

The Far West area currently has 6.3 Months of Inventory, meaning if no other listings were taken, and current buyer demand stayed at current levels, it would take 6.3 months to deplete the current supply of homes.

According to the Houston Hotness Index for May, Far West had 12.8% of all inventory go under contract during the month, earning a ranking of #9 out of 45 on the Hotness Index.

The list price/sales price ratio of homes in the area is 97% [meaning a seller could expect a reasonably priced home to sell for 97% of the list price].  Average price per square foot in the area is $64.  Days on the market have increased substantially due to a flood of inventory, from 2007 to the present – from 73 days to 92 days.

Keep in mind that there are variations in the market within the area.

 

Data compiled by the Houston Association of Realtors Mulitple Listing Service.