Real Estate Market Update - October 2008

For Katy and West Houston

Search for a Katy or West Houston home at www.search-katy-homes.com

Provided by Tim Sojka and Lori Sojka / Keller Williams - Your Real Estate Market Experts

If you know of anyone buying or selling please remember to call Tim at 713-822-2152

One very interesting thing about real estate, the real estate market is a local market.  What I mean is the TV Networks reports national news.  However, real estate markets are local.  The rest of the country has had problems.  However, Katy and the West Houston market are still doing fine.  There are new hospitals set to open in the next year and the overall economy is very good. 

KBR recently announced the delay of the Katy campus.  This is a blow to Katy / West Houston.  Make no mistake; this will impact real estate in the area.  However, Katy and West Houston were doing well before KBR agreed to move here, so we may be all right. 

Below you will find the real estate update for this market for Katy and West Houston through November.  There have been some slight changes since last month; however, overall much is the same.  .  Also, as always, please let us know if you know of anyone buying or selling homes.  We would love to assist them.  You can reach me at 713-822-2152.

Katy

A few key things of note versus last month's reports.  Home sales in South Katy (area 36) are actually us 5%.  Homes in north Katy are flat.  When these two numbers are combined, they average out to 2%.  South Katy is a little stronger due to strong growth in the master planned communities like Cinco Ranch, Grand Lakes and Seven Meadows.

Pending and closed sales have both declined but so has inventory on the market.  Homeowners seem tentative to put their homes on the market in the unsure times.  In addition the days a home sits on the market has increased by 13%.  The increased time on the market is not helped by the fact that listing prices have increased by 7% while home contract prices have only increased by 2%.  Sellers still have not responded to the softer market yet and are pricing homes too high. 

The news is not all negative though.  As mentioned above, home sale prices in Katy have increased approximately 2%.  This may look like a modest gain; however, in the face of the overall economy these numbers are very good.  Also, south Katy is very strong.  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.

West Houston / Memorial / Spring Branch

Like Katy, fewer homes have come on the market this year than in 2007.  Still, a smaller percentage of them are selling.  Like Katy prices have increased by about 2%.  Some of the measured areas have grown as high as 8% but most are flat.

Pending and closed sales have both declined.  In addition the days a home sits on the market has increased by 5.6% (the good news is this is a significant decrease from last month). 

The increased time on the market is not helped by the fact that listing prices have increased by 8.4% while home contract prices have only increased by 2%.  I know this is redundant to the Katy information, however it holds true, sellers have not responded to the softer market yet and are pricing homes too high.  This is may be an indication of receiving poor information from the listing agent or simply a lack of knowledge of the softening market.

For more detailed information contact your Realtor® or one of the Realtors® on our team.

So you may be asking what you can do to sell your home quickly.  A strong market can cover weaknesses.  However, this market requires a properly priced and well appointed home.  Call a strong Realtor® with a solid reputation to give you advice specific to your home.

Feel free to contact your market expert and Realtor® / Broker Tim Sojka at 713-822-2152.  Tim is one of the top producing agents at the Cinco Ranch office of Keller Williams.  Search for a Katy or West Houston home at www.search-katy-homes.com