While good news regarding real estate is rare these days, Katy, TX is still a great place to relocate, especially the area known as South Katy (South of I-10 and East of Hwy 6). For those of you who have never heard of Katy, we are located just 20 miles west of Downtown Houston, TX along the Interstate 10 corridor.
One of the problems facing our seller's in the Katy, TX real estate market is that potential buyers are listening to the national media about the real estate woes and assuming that the entire nation is facing a slump. Not so for South Katy, TX - still the hottest real estate market in Houston.
One issue that I face over and over again, whether I am working for the seller or the buyer (I never do both, by the way... and that is another blog subject entirely) is the buyer comes in thinking that the home can be bought for a song and a dance without regard to comparable sales and the local market statistics. And when we try to educate our buyers, they tend to disregard our comments as another "sales pitch".
The national media is not helping the matter by painting the entire nation in turmoil when in fact, real estate is and always will be LOCAL. If you have someone considering our area, please note the market statistics below:
South Katy / Cinco Ranch Area 36
- Katy's average sales price is $239,899 which is up by 5.72% over last year's $226,915. The median sales price for Katy currently stands at $210,000 and that is up from last year by 2.59%.
- The Katy / Cinco Ranch area has 3.7 months of inventory which is a sellers' market and has increased from last year, which held 2.6 months of inventory. It takes an average of 74 days to sell a home in Katy and that is up from last year's 65 days.
- The Katy area ranked #1 on the Houston Hotness Index because 14.8% of all of its listings went under contract in January 2008.
- Katy's finest hour is yet to come as an estimated 4,000 employees will be transferring to jobs in the area this Spring, with an estimated 3,200 planning to make their home in Katy. Inventory will need to far exceed its present level to accommodate all that want to live there.
Just this week, I had buyers go head to head in multiple offers, which may not be happening in other areas of the nation. Our schools, strong job market and close proximity to the 4th largest city in the nation are all factors that have lead many buyers to choose Katy. If you would like more information about our wonderful area, please visit www.ChristiBorden.com and view my relocation page.