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I'M Onyi Silmon

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Katy's September Real Estate Market Update

Published October 24th, 2019 by The Silmon Group

With fall approaching in our great city and the cooler weather beginning to peek its way back into your life. This gives you some much-needed relief from the heat that has been the Modus Operandi here in Houston. It seems as the weather changes so does the housing market in Katy, TX this month!

Katy’s Overall Single- Family Real Estate Market Update

The current Katy’s market disproves the notion that fall is a bad time to sell. In fact, the increase in home sales once again beats out Houston’s overall market. Katy’s area-wide single-family homes sales are up 22% compared to Houston’s which is up 9.5%

The median home sale, or “middle” price point, of homes sold, is up 3% from last year. This year the median home sales price is at $253,000 compared to last year’s number of $245,000. This is still higher than Houston’s overall single-family median sales price which is currently at $244,000.

The average days for your home to sell are still consistently increasing right at 52 days compared to last year’s number of 50 days. This number is higher than last month’s numbers as well. The percentage of homes that did not sell at all is up 2% from last year.

graph showing sold properties in Katy, TX Graph Courtesy of Clarus Market Metrics

Graph Of Sold Homes in Katy TxGraph Courtesy of Clarus Market Metrics

Graph of the average days on market for Katy,TXGraph Courtesy of Clarus Market Metrics

Graph for the amount of home inventory ofr Katy,TXGraph Courtesy of Clarus Market Metrics

What Does This Mean For You?

Buyers

  1. Interest rates are still low this month and a great local economy makes it a great time to buy in Katy.
  2. Katy buyers will be challenged with decreased leveraged when it comes time to dictate their closing price range. This is due to the decrease in available inventory numbers.

Sellers

  1. You are still in the driver’s seat this month when it comes to the pricing.

  2. On the other hand, it’s to your advantage to stay within the market of your neighborhood so that your home sells. Not doing so could cost you thousands given the days on market continue to rise.

    Inforgraphics for Katy's Single-family real estate market

Katy’s Segmented Single Family Sales

When sales are broken down according to price pointthere is a decrease in sales. The only price segment seeing an increase this month is the luxury market. This explains why this month the overall increase in sales was higher than last month’s. According to the data, the luxury market is driving sales in the Katy's single-family market.

  • $100,000- $150,000: decreased 40 percent
  • $150,000-$250,000: decrease 2 percent
  • $250,000-$500,000: decreased 15 percent
  • $500,000-$750,000: decreased 20 percent
  • $750,000 and above: increased 50 percent

What Does This Mean For You?

 Buyers

  1. With interest rates at its lowest, this is the best time to get a low monthly mortgage for your perfect Katy home.

  2. Despite your lower monthly payments you will have to contend with the increase in sales price in this market and the decreased inventory which will put pressure on you to make a competitive offer when you find the right home

 Sellers

  1. Given the decrease in sales in many price segments and the increase with the days on the market. It will be super important for you to price within your market’s target.

  2. If you are selling your home in the luxury market invest in making your home stand out from the competition that way you can price your home on the higher end of the market. Get your time back by using my seller concierge service which helps you get your home ready to sell.


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