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January Market Report: Katy Texas Real Estate

By
Real Estate Sales Representative with Keller Williams Katy @ Cinco Ranch

Rarely do I report on the overall statistics of Houston real estate—those provided by the Houston Association of Realtors and released monthly to the press as they were this week.

These facts and figures don’t reflect our  Katy real estate market. Recently, HAR reports have cast a dark and dire shadow over home sales in general. I don’t doubt that HAR uses accurate averages but Katy real estate is not in an “average” part of town. There is nothing “average” about the place we call home!

Each Katy neighborhood is different and produces its own statistics. This is why I strongly encourage my readers to contact me personally to receive accurate data for their individual residences or other Katy real estate. Whether or not you intend to buy or sell, it's good to have this information.

Yes, business is down. Katy houses stay on the market longer than they did in the past when we were in a strong sellers market. Yes, the same is true for many sale prices; some are down but not all.

Truthfully, the northside of I-10 is struggling terribly. Things are bleak. Foreclosures and "short sales" still abound on the northside. Not so for the southside which, historically, has always sold for more and in less days.

Foreclosures are difficult to find on the southside of I-10 and sell very quickly. Please contact me if you are interested in foreclosures, anywhere in Katy, as I receive the new list daily. It is necessary to work with a Katy Realtor to find a southside foreclosure before it is sold which is rapidly.

Neighborhoods where new construction exists have historically taken longer to sell. Resale homes, regardless of the upgrades, usually must be priced below the new homes. This is not a reflection of the recession but the lure of new construction. Buyers tend to not want to pay for resale upgrades while they will encumber this expense for a new home.

While some of the smaller and not financially strong builders have pulled out of various neighborhoods, the larger and more stable builders continue to flourish. New home sales counselors in the master-planned communities of Katy's report steady sales even if not as brisk as in the past. I visit with quite a few new home sales personnel on a regular basis to keep current on this side of the business.

It's important to realize that Katy real estate is affected by the recession just not like so many other local areas. Far from it!

According to MLS, Houston houses have 5-6 months of inventory. This means that if no more homes came on the market, starting today, it would take 5-6 months to liquidate all the houses already for sale. Now, in Katy, on the southside of I-10, we only have 3-4 months of inventory! According to the Texas A&M Real Estate Research Center, even the Houston current inventory figures are the lowest nationwide. This was reported on January 12th of this year.

For information about Katy area homes, you can search the entire Houston MLS from my blog: FuellingKaty.com. 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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