Katy Home Prices Continue to Rise as Demand Outweighs Supply

Family Room

Pictured above is a Cinco Ranch Southwest home that I listed in late February. We had 18 showings the very first day and four offers. It sold for $10,000 above list price cash!

I have never, in my 24 years of selling Katy real estate, seen a market as ferocious as this one! It’s a seller’s dream come true and a real challenge for buyers. Buyers definitely need to be working with a Realtor so they can get into see the new listings as soon as they go on the market!

March brought about the 34th consecutive month of positive home sales, despite the record low 2.6-month supply of inventory that has prevailed throughout 2014.

According to the latest monthly report prepared by the Houston Association of Realtors (HAR), home sales rose 3.7 percent year-over-year, with March single-family home sales totaling 5,971. That is the largest one-month sales volume recorded since last September.

The supply of homes first reached 2.6 months of inventory in December 2013 and has held steady ever since. However, it is down from the 3.5-month supply in March 2013 and significantly lower than the national supply of 5.2 months of inventory.

The average price of a single-family home increased 11.0 percent year-over-year to $261,329. The median price—the figure at which half the homes sold for more and half for less—climbed 9.8 percent to $189,900. Both figures represent the highest prices Houston has ever seen in a March.

Single-family homes priced from $250,000 through the millions saw the greatest sales activity and accounted for the latest jump in prices. Homes priced at $150,000 and below experienced declines.

“Houston home sales rose again in March, with most of the buying taking place at the higher end of the market,” said HAR Chair Chaille Ralph with Heritage Texas Properties. “We’ve also seen Read the rest of this entry »

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Katy Homeowners: Is This a Good Time to Sell Your House?

Compliments of the Texas Association of Realtors

There are many reasons people consider selling a home. Whether you are thinking of upgrading, downsizing, or simply making a change,  you may be wondering if the timing is right. Here are several reasons why this may be a good time to put your house on the market.

  • Housing prices in Katy have been steadily rising at a moderate pace for many years, even while other communities have experienced price fluctuations. Chances are that your home is worth more than even a few years ago.
  • Record-low interest rates motivate buyers to act on their desire to purchase a home and give them more purchasing power.
  • Unlike several other states that experienced wild price fluctuations and skyrocketing foreclosure rates, Katy does not have a glut of unsold homes. This is even more pronounced in Katy than some other Texas locations. According to the Real Estate Center at Texas A&M, the statewide supply of homes is at a level that leads to a balanced market.
  • Individuals and businesses continue to move to Houston at an unprecedented rate. This ongoing population feeds a strong demand for housing.

As a Texas Realtor, specializing in West Houston and Katy, I can show you how our current housing-market conditions factor in to your goal of selling your home. You can count on me to put your interests first while I assist you during this exciting process. I have sold real estate for over 23 years. Give me a call at 713-818-2404 or email me at [email protected]. Experience does count!

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Houston Real Estate: The New Year Begins on a Positive Note

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The Houston housing market held to positive territory as 2012 began, with January marking the eighth consecutive month of increased home sales. The year also opened with a continued decline in active property listings and growth in pending sales—a combination that signals a healthy market with a balanced supply of housing inventory, and that puts Houston on enviable footing compared to many other markets around the U.S. that are slowly recovering from the housing downturn.

January sales of single-family homes climbed 9.2 percent versus one year earlier, according to the latest monthly data prepared by the Houston Association of REALTORS® (HAR). All segments of the housing market grew except the luxury segment—those homes priced from $500,000 and above—whose decline flattened the overall average price.

“The January report shows continued strength in the Houston housing market that we began seeing in the latter part of 2011, and it gives us cause for optimism as we look ahead to the typically active spring and summer buying months,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “We have also seen more jobs being filled locally and you generally don’t experience a strong real estate market Read the rest of this entry »

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HAR MLS Market Report: Houston and Katy Real Estate

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Today, August 24, the National Association of Realtors issued the following  statement, “Existing home sales drop 27% in July; effects of expired homebuyer tax credit add turbulence to the market.”

Following the national trend, an anticipated property sales slowdown set into the Houston/Katy real estate market in July following the expiration of the federal homebuyer tax credit. The credit had propelled local home sales for four straight months beginning in March, however home sales suffered a double-digit decline in July. Despite the drop, the average price of a single-family home still managed to climb to a two-year high.

The southside of  I-10 had a 26% drop in sales for July compared to 2009 levels. The northside  of I-10 experienced a 42% drop in July closings.  As many first time homebuyers purchased on the northside, this is reflected in the slowing sales. Despite the downturn, average prices rose slightly on both sides of I-10.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), July sales of single-family homes throughout the Houston market fell 25.1 percent compared to July 2009. Sales volume faltered in all single-family home pricing segments Read the rest of this entry »

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77450: June Katy Real Estate Market Report

Zip Code 77450 is a very tough one to analyze. There is an extremely wide-range of home values; houses are appraised below $100,000 all the way to over a million. Unlike other Katy Zip Codes, when looking at 77450 statistics, I must reject “average” pricing. Due to the huge variance, the data is skewed.

77450 Days on Market June Market Report

77450 Days on Market June Market Report

However, Days on the Market is relevant if we keep in mind that the highest priced homes are fewer in number and usually slower to sell. Less  people can afford to purchase in the highest-end price range.

High-end home sellers find that competition is tough. This buyer has a real choice, due to other extremely prestigious areas of Houston such as the Memorial Villages. While Katy schools are the greatest motivator for home purchases in our area, those who can afford million-dollar-plus homes can also afford private schools. Many chose to live closer to downtown Houston.

Still, if marketed correctly, the highest end listings will sell. Statistics prove this and sales are consistent.

The above graph represents the last six month’s data for Days on the Market. While at first glance, it appears to represent a negative shift, if you look closely you will see that the time from listing-to-contract is stabilizing. The extreme upward spike has leveled out. The great influx of spring and summer homes contribute to a longer sales period.

As far as how long a house takes to sell, an extreme  contrast exists between houses that are priced aggressively and over-priced property. Houses priced at market value sell relatively quickly. At this time of year, many sellers try to-push-the-envelope with respect to pricing.

Another factor is how the home shows. A clean, neat and uncluttered home sells far more quickly. To accomplish this important edge in selling, professional staging has grown in importance. In almost all cases, it easily pays for itself.

77450-inventory-june-22

Six months ago there was a glut of property on the market as represented by the above chart, Inventory for 77450. By mid-March, a significant number of houses were off the market.  Some sold and others were taken off.  Numbers rose again with the traditional influx of spring and summer houses.  Inventory has stabilized in the last 45 days. There are approximately 357 homes on the market.

For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404. I offer financial incentives to my sellers/buyers. I have specialized in Katy real estate for over 20 years. Experience does count!

Spoken by Julie Q. Fuelling | Discussion: No Comments »

Market Report Katy TX: 77450 and 77494

South of I-10: I often get asked which of the two zip codes in south Katy is doing better in this real estate market. The truth is both zip codes are performing very much the same.

For more specific answers, let’s look at some detailed statistics prepared today with the very latest data. The black line represents zip code 77450 and the orange line represents 77494.

median price comparison77494 77450

Median Price in 77450: This week, the median single-family home price in Katy 77450 is $226,500. This week prices in this zip code remained relatively flat. However, the recent trends have us pulling back from the market’s high points.

Keep an eye on the Market Action Index (see below)  for a leading indicator of the duration of this downward trend. The Market Action Index answers the question, “How is the market?” It measures the current rate of Read the rest of this entry »

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Katy Texas Market Reports for 77450 and 77494

Zip Code 77450: The median single family home value in Katy 77450 this week is $225,000. While this week the median price in this zip code didn’t fluctuate much, we continue to sit at all time high prices.

Watch for persistent downward shift in the Market Action Index, available on my weekly subscription service, see order form. The buyer’s zone is a leading indicator of the price strength sustaining.

Pertaining to supply and demand, local conditions are currently quite strongly in the Buyer’s Market. Again, see my highly detailed report available through a free subscription. The 90-day Market Action Index stands at 16. With several months of inventory available at the current sales rate, buyers should find ample choice.

median price 77450 march 26

medium prices per-sq-ft 77450 march 26

inventory 77450 march 26

average days on market 77450 march 26

Zip Code 77494: For highly detailed market reports, order my free Market Report newsletter; order form to the left.

The median single family home price in Katy 77494 this week is $299,900. Inventory has been tightening and days-on-market decreasing recently.

The Market Action Index has been basically flat, not providing strong indication for market conditions. We continue to see prices in this zip code hovering around their high point. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.

Local conditions are currently quite strongly in the Buyer’s Market zone. The 90-day Market Action Index stands at 15. Charts available in my free newsletter. With several months of inventory available at the current sales rate, buyers should find ample choice.

median price 77494 march 26

median price sq ft 77494 march 26

inventory 77494 march 26

average days on market 77494 march 26

For more information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404. I offer financial incentives to my sellers/buyers. I have specialized in Katy real estate for over 19 years. Experience does count!

Spoken by Julie Q. Fuelling | Discussion: No Comments »

Katy Texas Market Reports for Zip Codes: 77494 & 77450, March 18th

I’m very excited to be adding a special, ongoing feature entitled “Market Reports” to FuellingKaty.com. I will be bringing my readers the most up-to-date scientific data pertaining to real estate in our area; the reports will be posted each week and analyze zip codes 77450 and 77494 in-depth. (See samples below.)

You will find this data on my new “live” page, How’s the Market?. For far more detailed data, you can subscribe to my free weekly market report. The subscription link is found on the How’s the Market page.

77450 days on market march16

77494 median price march16

For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404.I have specialized in Katy real estate for over 20 years. Experience does count!

Spoken by Julie Q. Fuelling | Discussion: No Comments »