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
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.
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 |
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 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 »
Spoken by Julie Q. Fuelling |
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.
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.
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 |
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.
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 |
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