Houston Real Estate Sales Continue to Rise as Inventory Increases!

The Houston housing market eked out another month of positive sales in July with prices up and the supply of homes continuing to grow, albeit slightly. Sales volume reached the highest monthly total ever recorded.

Housing inventory, which fell to 40-year lows earlier this year, has edged up each of the last three months, reaching a 3.0-months supply in July. Prices climbed to the highest levels for a July, but were lower than June’s all-time record highs. Sales among homes priced between $250,000 and the millions showed the greatest strength, while Days on Market, or the number of days a home takes to sell, fell to a record low of 45.

Single-family home sales totaled 7,769 units, up 1.0 percent compared to July 2013, according to the latest monthly report prepared by the Houston Association of Realtors (HAR). That represents a record high one-month sales volume. New listings of single-family properties this month rose 5.5 percent, translating to 10,390 properties, which helped boost inventory from June’s 2.9-months supply to 3.0 months. That is still below the 3.4-months supply of inventory one year earlier and significantly lower than the current national supply of 5.5 months of inventory.

The average price of a single-family home jumped 6.4 percent year-over-year to $277,023. The median price—the figure at which half the homes sold for more and half for less—increased 6.8 percent to $202,000.

“July did not bring the most dramatic sales performance we’ve ever seen, but the numbers are headed in the right direction,” said HAR Chair Chaille Ralph with Heritage Texas Properties. “We are Read the rest of this entry »

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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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Cinco Ranch’s Heritage Grand Offers Residents a Grand Lifestyle

 
Heritage Grand in Cinco Ranch is a grand lifestyle for active adults over 55-years old! Part of the master-planned community Cinco Ranch, this gated community is in an ideal location, just west of Houston in Katy. Heritage Grand offers spacious Luxury Homes so residents can spend time enjoying their new life.
 
Heritage Grand active adult community sets the standard for lifestyle, fulfillment and value. This unique resort-at-home community provides a private world where friendships flourish.
 
Today, there are five patio homes on the market ranging in price from $200,000 to $372,300. There are eight homes that are sale pending! This is indicative of the bustling market in Heritage Grand. If you are shopping for a home in Heritage Grand, call me so we can get started looking right away! 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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Katy New Construction Update–September 2012

This article is compliments of The Katy Area Economic Development  Council

Cinco Ranch Southwest located at Spring Green Boulevard and FM 1093 is almost nearing completion, with 905 lots developed in 2011, 678 lots projected for 2012, and 5,200 total lots are projected at completion.

Cinco Ranch Northwest projected 429 lots for 2012, and 1,182 total lots are projected at completion in about four years. The firm and the school district have already determined that another school is needed in that community.

Cross Creek Ranch projected 550 lots for 2012 and 6,575 total lots are projected at completion.

Churchhill Farms, a project located west of FM 1463 is under construction with 187 lots projected for 2012, and 570 total lots projected at completion.

Pine Mill Ranch completed 153 lots in 2011; 176 lots are projected in 2012, and 1,212 total Read the rest of this entry »

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

[youtube]http://www.youtube.com/watch?v=VoTdVdIZvmU [/youtube]

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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77494: Katy Real Estate Market Update

Let’s take a look at the most recent real estate statistics for Zip Code 77494. The median single family home prices this week is $295,000. As graphed in the chart below this weeks prices continued to pull back from their recent highs.

77494 sept 3 real estate price

Local conditions are currently quite strongly in the Buyer’s Market zone with several months of inventory available at the current sales rate, buyers should find ample choice. However, inventory is no where near it’s early summer high.  For an in-depth explanation, see my earlier article on absorption rates.

77494 sept 3 real estate inventory

Days on the market is another vital statistic when evaluating market conditions. While time for sale has steadily gone up from the low dip in June, market time has not returned to the high in early April. There is another downward turn a the beginning of this week. This bodes well for Zip Code 77494.

77494 sept 3 dom

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 or via email. I have specialized in Katy real estate for over 20 years. Experience does count!

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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!

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