Katy Real Estate News - Katy Home Sales Update for October 2008

Katy Real Estate News - Katy Home Sales Update for October 2008

 By Katy Realtor - Tim Sojka (shop for a home online at www.Search-Katy-Homes.com )

If you would like more information on Katy or to arrange a tour call Tim at 713-822-2152 or shop for a Katy home online at www.Search-Katy-Homes.com

As with the rest of the nation the Houston Area real estate market has seen a shift.  Our markets Katy, Cypress and West Houston have not seen the full brunt of the real estate shift as have other markets (the East Coast and West Coast).  The days on the market in all of the areas serviced by our team are less than 90 days.  So technically it is a sellers market.  I don't know how else to say this "it just doesn't feel like a sellers market."  Honestly, I believe we are in a transition market, somewhere between a buyers and sellers market.

Incoming jobs, the oil industry and affordable home prices have protected us for the most part.  Still we are feeling some effects and indications are that this market will most likely remain a little soft for the next few months, at the very least.  I have included year to date sales statistics for Katy, West Houston and Cypress below with a brief analysis.  I hope you enjoy the information.  For an overview of all reports and some tips on what you can do in this market to sale your home more quickly simply scroll to the bottom of this message.

Katy

As you can see fewer homes have come on the market this year than in 2007.  This may be due to reduced builder inventory.  Although, fewer home have come on the market a smaller percentage of them are selling.  Only 53% of the homes that have come on the market have sold.  In 2007, 55% of all homes that came on the market sold. 

Also, pending and closed sales have both declined.  In addition the days a home sits on the market has increased by 14%.  The increased time on the market is not helped by the fact that listing prices have increased by 7.5% while home contract prices have only increased by 3%.  Sellers have not responded to the softer market yet and are pricing homes to high.  This may be an indication of receiving poor information from the listing agent or simply and lack of knowledge of the softening market.

The news is not all negative though.  As mentioned above, home sales prices in Katy have increased approximately 3%.  This may look like a modest gain; however, in the face of the overall economy these numbers are very good.  These numbers are distinctly higher in some Katy sub-areas and lower in others.  For more detailed information contact your Realtor® or one of the Realtors® on our team.

For more information about Katy Texas or the beautiful new homes within the confines contact realtor Tim Sojka at 713-822-2152. To shop for a home online go to www.Search-Katy-Homes.com . To find out the value of your home go to www.seetimsell.com  

All information posted is the intellectual property of Timothy Sojka and cannot be republished or used without his written consent