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Katy Southwest Market Update

Published July 22nd, 2019 by The Silmon Group

Katy Southwest Overall Market Update

While Houston is experiencing less than stellar sales activity this month, Katy Southwest is not. According to HAR, Houston saw a decrease of 3.4% from last year while Katy Southwest shows an increase of 7.2%!

Lower interest rates and an increase in the oil and gas sector are contributing to increased sales for the Katy area. In addition, there is a 5% increase in the median home price for the Katy southwest area. Prices this month are at $340,000 beating Houston median sale price of $252,000.

Buyers in the Katy Southwest area will experience stiff competition due to a decline in available inventory, which is down 16% from last year. This is in contrast to the Houston market which has seen an increase of 7.3%.


graph courtesy of Clarus Market Metrics



graph courtesy of Clarus Market Metrics

What Does This Mean For You?

Buyers

  • While the market now is favorable for Houston buyers due to lower interest rates and an increase in the economy, decreased inventory means that you will not have a lot of options to choose from in the Katy Southwest area.

  • Given the present statistics, buyers should jump on making competitive offers towards their dream home.  Make sure your real estate agent is taking a look at the sold homes within the neighborhood. This will help you make an educated decision and see what a competitive offer looks like.

Sellers

  • You are in the driver's seat this month, due to a decrease in the Houston market. This means that pricing within the higher range of the market is to your advantage. 

  • This month, the average days on market has seen a decline which makes pricing your home correctly the first time very important.

Learn the tricks to have buyers vying to buy your home NOW!

Katy Southwest Segmented Single Family Home

The majority of homes sales saw an increase in sales. In contrast, there is a sales decrease in the luxury sector which in Houston is homes listed for $750,000 and above.

  • $200,000-$299,999 decrease 7.4%

  • $300,000-$499,999 increase 7.8%

  • $500,00-$699,999 increase 34%

  • $700,000-$899,999 decrease 42.9%

  • $900,000 and above decrease 50%

What Does This Mean For You

Buyers

  • If you are buying a home within the ranges above where there is an increase in sales it is important to research comparables of the homes sold within the last six months in the neighborhood. These sellers given the demand do not need to negotiate as much as the rest of Houston.

  • Luxury buyers might want to take a good look at Katy southwest.  The decrease in sales means sellers are more willing to negotiate.  Although beware offering a price that is too low, the present decrease in inventory ensures your options are limited. 

Sellers

  • This is the best time to sell if you are in the price segment experiencing home sales increases.   Given the time of year and decreased interest rate buyers will have strong reasons to come to Katy to buy. Make sure not to price your home outside of demand.

  • Luxury sellers will need to be extra savvy and concentrate marketing to buyers outside the area. Luxury sales in the Houston area have seen a general increase and it is important to market towards reaching these type of buyers.

  • Luxury sellers In Katy southwest are encouraged to price their home in the lower range of the market right now. If you are unwilling to do this it would be best to wait it out.

Katy Southwest Expired Market

There is a 46% increase in homes placed on the market and then later taken off because they were unable to sell. 

The majority of homes do not sell due to being priced outside of demand. Given the increase in the number of homes seeing this phenomenon, it is vital to your bottom line to price your home accurately. 



graph courtesy of Clarus Market Metrics

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