Katy City Limits

Real Estate Market Report

What's happening in the real estate market?

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

There were 1601 sales YTD in 2008 vs 1901 in 2007, this represents a drop in sales of 15.78%.  The average sales price YTD is $137,582 which is an increase of .44% of 2007.

The median price home is down 4.69% - from $127,160 in 2007 to $121,200 in 2008. Sales price per square foot has gone from $66 in 2007 to $64 in 2008 - a drop of 3.03%. There have been 3320 new listings YTD - vs 3977 in 2207.  That's a reducdtion of 16.52% on the market this year.   As a result there are 188 fewer pending sales this year or 12.04% less.  The days on market for home has increase for 73 in 2007 to 87 in 2008.  There is currently 6 months inventory on the market - which means that if no additional home go on the market all the homes listed would be sold in 6 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.

Real Estate Market Report

What's happening in the real estate market?

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

Single family home sales are down by 18.01% in comparison to June YTD 2007, with 1,329 recorded home sales YTD.

Listings are down by 28 units in comparison to last year or 1.77% with 1550 listings currently on the market compared to 1,578 last year.

Average sales price for the Far West area is down by .66% over June YTD 2007 and is currently $136,391.  The median sales price (where half the homes sold above and half the homes sold below) was $122,900, a 3.61% decline over last year.,

The Far West area currently has 6.4 months of inventory, meaning if not other llistings were taken, and buyer demand stayed at current levels, it would take 6.4 months to deplete the current supply of homes.

The list price/sales price ratio of homes in the area is 97% (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 $63. Days on the market have increased substantially due to a flood of inventory, from 2007 to present - from 73 days to 88 days.

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.

Home Prices Reach Record Highs

According to a Houston Association of Realtors press release today -

Houston Area Home Prices Reach Record Highs In June Despite Another Drop In Sales

Soaring average and median prices remain the silver lining of the sales slowdown that began last fall.  Click here for details - there are variations in the real estate market throughout the 'greater Houston' area.  For details in your subdivision, go to www.SmithFamilyTeam.com and find out what the current market condition are in your neighborhood.

Houston Real Estate Market YTD May 2008

Anyone sitting on the real estate sidelines from a media-induced coma needs to wake up and smell the future in Houston, Texas.  Yes, the Houston residential real estate market is experiencing a temporary lull from its "go-go" days of 2006 and 2007, but it is not from a lack of a robust job market  and economy. I think it is the media.  The city has even greater prospects for the future. But don't trust us, look at national publications such as Kiplingers.com, who recently named Houston as the Number 1 City for 2008 and called it the "Comeback Kid".  http://www.kiplinger.com/features/archives/2008/05/2008-best-city-houston.html

To read the entire article click here

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.