What's happened in the West Katy real estate market for the first quarter of 2009?
Below is the market update from the Houston Association of Realtors year to date as of the end of March, 2009. This information is for Area 25 - Far West Houston which includes 'Katy City Limits'.
There were 532 sales YTD in 2009 vs 615 in 2008, this represents a drop in sales of 13.5%. The average sales price YTD is $125,352 which is a decrease of 9.35% from 2008.
The median price home is down 10.17% - from $125,240 in 2008 to $112,500 in 2009. Sales price per square foot has gone from $64 in 2008 to $57 in 2009 - a drop of 10.94%. There have been 1021 new listings YTD - vs 1360 in 2208. That's a reduction of 24.93% on the market this year. As a result there are 87 fewer pending sales this year or 14.85% less. The days on market for home sales has increase from 93 in 2008 to 95 in 2009. There is currently 4.7 months inventory on the market - which means that if no additional home go on the market all the homes listed would be sold in 4.7 months.
Keep in mind that there are variations in the market within the area - to see what is happening in your neighborhood go to SmithFamilyTeam.com and order your personalized Market Report.
Data compliled by the Houston Association of Realtors Multiple Listing Service.
It seems to me that your market is hitting a slow bottom. Not a rough decline as in the speculative markets of Southern California, Florida, Nevada, and Arizona. Those markets came down hard as much as 60% and now are on fire with sales. I think the other less speculative markets are going to take all year to roll out in a slow move to consolidate and grow again 2010 in a normal way.
Posted by: Richard Stabile Bergen County Real Estate | April 14, 2009 at 09:33 PM