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Katy's August Real Estate Market Update

Published October 2nd, 2019 by The Silmon Group

The aftermath of tropical storm Imelda’s devastation left much of Southeastern Houston underwater. Times like this make it more important to stay informed on the real estate market in your neighborhood. Change can occur unexpectedly, as it did in Katy, TX when Hurricane Harvey displaced thousands of residents in the area.  

Want to know what the city is doing now to protect you from the next hurricane?

Katy’s Overall Single- Family Real Estate Market Update

Great news, Katy, TX  is still seeing an increase in home sales. While it was not as robust as last month's increase of 16% a 4% increase is still something to rest easy about. 

Katy, TX real estate market is not seeing the same increase this month in median home sales. This month’s median home price was $250,000 compared to last year’s at $253,175, which is a slight decrease of 1%. These numbers are still higher than  Houston’s median home price which at $249,000. 

Inventory continues to be compressed currently at 3.3 months, similar to last month but down from last year's 8%. Comparatively, Houston, TX currently sits at 4.2 months of inventory. 

Home sales activity show homes are selling in 50 days which is up from last year's number by 2%. Furthermore, homes that were eventually taken off the market after not selling within the allotted time are up 5% from last year. Want to know how you can avoid being an unfortunate statistic like this?

Graph Courtesy Clarus Market Metrics

Graph Courtesy Clarus Market Metrics

Graph Courtesy Clarus Market Metrics

Graph Courtesy Clarus Market Metrics

What Does This Mean For You?

Buyers

  1. Interest rates are lower than predicted. According to Fannie Mae, the average is right below 3.5%. With interest rates, this low and increased sales activity in Katy now is a good time to buy!
  2. Decreased inventory means a buyer selection shortage.  Do not let this deter you. If you find your dream home come up with a pricing strategy that boosts your chances of getting it.

    Sellers

  1. Katy sellers have lots of leverage to get more money in their pockets due to decreased inventory. Available homes that are priced well will likely receive many offers 
  2. If you decide to place your home on the market ensure your home is not priced out of the market given Katy homes are experiencing long days on market.

Katy’s Segmented Single-Family Home Sales

Individual single-family homes sales saw a hit this month. Across the board there was a decrease in sales the only price segment seeing an increase was the $150k-$250K. This explains to some degree why even though there were an increase overall sales it was not as significant as last month. 

  • $100,000- $150,000: decreased 9 percent

  • $150,000-$250,000: increased 13 percent

  • $250,000-$500,000: decreased 33 percent

  • $500,000-$750,000: decreased 31 percent

  • $750,000 and above: no change

What Does This Mean For You?

    Buyers

  1. Given the low inventory in the Katy real estate market and the increase in overall sales. It would be in your best interest to find out the price range of sold homes in your preferred neighborhood This way you can bring an informed competitive offer to the bargaining table.

    Sellers

  1. Given the individual sales activity, pricing your home according to the market will help you to sell your home quickly and for the most amount of money in your pocket 
  2. Knowing what has sold within your neighborhood within the last six months is a great place to begin crafting an effective pricing strategy.




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