Blog

I'm Glad You're Here

Hi!

I'M Onyi Silmon

My purpose as a luxury real estate agent is to help you build a legacy which speaks to who are you.

By inspiring you to live a life where there are no limits.

read more

Katy's November Real Estate Market Update

Published December 11th, 2019 by The Silmon Group


The hustle and bustle of the holiday season is in full force. Colorful lights and Christmas trees greet you everywhere as you try to find the perfect gift for your loved ones. Speaking of searching … you also might want to know what’s going in your neck of the woods when it comes to your home. Have no fear, my friends – below is this month’s update on what’s happening in the real estate market in Katy, Texas. 

Katy’s Overall Single-Family Real Estate Market Update

According to the numbers, this month’s sales activity has decreased single-family home sales until this week saw a 2% increase over last year. This, compared to Houston, which is currently seeing 8.1% increase. This is the first month that Katy’s sales numbers are not outperforming the overall Houston market. 

The median price point for homes in Katy seems to be following the sales trends. There was little change from last year’s numbers – in fact, the median price only went up 3 dollars, to $248,500. The Houston market, on the other hand, saw an increase of 2.1% over last year. Katy’s median home price is still higher than Houston’s median of $239,000.

How is this affecting the days on market for Katy? Well, as can be expected, that metric is flat as well, at 57 days. Want to know how to beat the number of days on the market and sell your home faster? Then pay attention to the following tips! 

When you look at the inventory for the available homes in Katy, it tells us that people are more concerned with putting up their Christmas tree than placing their home on the market. There’s been a 28% decrease in the number of homes available to sell, which makes this month a true seller’s market.

Graph Courtesy of Terradatum


Graph Courtesy of Terradatum


Graph Courtesy of Terradatum


Graph Courtesy of Terradatum


What Does This Mean For You?

Buyers

  1. Given the sales numbers and inventory constraints, if you can wait out the holiday season, you’ll probably have more to choose from when it comes to finding the perfect the home.  
  2. Perhaps you can’t wait because you’re relocating to the area. If that is your situation, then get ready for fewer homes to choose from. The silver lining, though, is that rates are still favorable. If you can find a home that suits your needs, you’ll most likely get a reasonable price. Homeowners that have their home on the market are truly motivated to sell.

Sellers 

  1. Inventory is certainly in your favor when it comes to selling your home. Still, given the decrease in sales this month, it’s probably wisest to wait out this month. The buyers are just not around.
  2. Focus instead on home improvements that can increase the value of your home, so that when the buyer pool increases, you’ll be primed to get as much money as you can for your home. Need help with deciding which improvements are best? My seller’s concierge program can help!
  3. If you must sell, for whatever reason, ask your realtor to come up with creative ways to entice the small buyer pool to choose your home over the others. 

 

Katy’s Segmented Single-Family Sales

When we look at the sales broken down according to price, we find a mixed bag. This is why it’s important to know what’s going on in your neighborhood in terms of sales – it’ll help you make the decision that’s best for you.

  • $100,000-$150,000 – a 43 percent decrease
  • $150-000-$250,000 – a 12 percent increase
  • $250,000-$500,000 – a 12 percent increase
  • $500,000-$750,000 – a 52 percent increase
  • $750,000 and above – an 89 percent increase!

What Does This Mean For You?

Buyers

  1. Constrained inventory will be an issue, even in the price points that have seen an increase in sales. Given that the inventory is based on the holiday season, it’s still your best bet to wait it out until inventory rises. 
  2. Mortgage rates are constantly evolving, so taking this into account should play a part in your decision. 

Sellers

  1. The luxury market sales activity still appears to be robust in Katy. Given the overall decrease in sales, waiting until after the holidays will most likely be to your benefit.

 

 


‹ Back

Comments ():

Close