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Katy's July Real Estate Market Update

Published August 29th, 2019 by The Silmon Group

Katy’s Overall Single Family Real Estate Market Update

Katy is continuing to see an increase in home sales that rivals the Houston market. Katy increased its single-family home sales by 16 percent while Houston saw a 10.5 percent increase.

Many people are moving to the Katy area and not only from Houston but from all over the United States. Individuals are taking advantage of the family-friendly atmosphere and lower cost of living compared to other Houston areas.

The median home price in Katy this month is 279,450, up from 2 percent from last year. This is higher than the median sales price for Houston which is $240,000.

Despite an increase in sales, the available inventory in the Katy market is still rather low comparably.  It is at 3.3 months much lower than Houston’s inventory at 4.3 months. Compare this to the national average which is 4.4 months. 

The average days on the market in Katy have gone up 4 percent from last year. Furthermore the number of homes that were on the market but were eventually taken off because they did not sell increased by 6 percent this month as well.


Graph Courtesy Of Clarus Market Metrics

Graph Courtesy Of Clarus Market Metrics

Graph Courtesy Of Clarus Market Metrics

    What Does This Mean For You

                Buyers

  • The inventory decrease means finding a home in Katy will be harder than other areas. However do not let this deter you, the price per square foot is less than many areas in Houston.

  • Your strategy to make certain you get the home in your ideal neighborhood is to work with your agent to determine what a fair price point looks like. Discuss what other options are available to get you to the closing table, like removing contingencies and offering more earnest money.

  • Buying a home now rather than later is a better option due to low-interest rates.

        Sellers

  • The average days on the market and the number of expired properties are on the rise. Therefore it is imperative to price your home within the market. Need some tips on how to do this? Check this out!

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

Katy’s Segmented Single Family Real Estate Update

Katy does not seem to be experiencing the same increase across the board as Houston did in July. The only price points that saw an increase was the luxury segment and the $150k-250k price points.

  • $100,000- $150,000: decreased 56 percent

  • $150,000-$250,000: increased 7 percent

  •  $250,000-$500,000: decreased 3 percent

  • $500,000-$750,000: decreased 18 percent

  • $750,000 and above: increased 50 percent

Graph Courtesy Of Clarus Market Metrics

What Does This Mean For You?

Buyer

  • Depending on what your budget is will determine whether you have the leverage to negotiate. Based on this data those homes experiencing a decrease in sales should have some room to negotiate. Although, decreased inventory will also play into this so getting deals will most likely not be plentiful despite the decrease in sales.

Sellers

  • If you are selling a luxury home you are in the driver's seat for sure. Katy is seeing a significant increase in sales in this sector compared to the overall Houston market. Preparing your home beforehand so you can price your home on the high end of the market will most likely be in your favor.

  • Decreased inventory is also placing you in a good position to price your home on the high end of the market.

  • Homes in the range where there is a decrease in sales should price your home in the low to mid-range of the market to avoid your home sitting on the market. 

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