The Houston market "Hotness" statistic indicated that the South Katy area is once again number 1 during September 2008 with a ratio of 13.4 while the number 2 area was South Central with a ratio of 11.4. This specific "Hotness" rating refers to the number of pending sales ( buyer demand) that occurred during a given month in relation to its active inventory ( homes currently on the market for sale). The South Katy area has been the number one area several times this year and has not dropped lower all year than number three. These stats are based on data listed in the Houston Association of Realtors Multiple Listing Service and while not 100% complete are very representative of each market. The South Katy did have some damage from Hurricane IKE but compared to most of the greater Houston area this damage was minimal being mostly fence and roof incidents.
The average price during on a year to date (YTD) basis has increased by $10,752 or 4.36 % versus YTD September 2007 data. Median home price has also increased by $10,680 or 5.08 %. The sales price per square foot has increased by $2.00 per square foot to $89.00 sq. ft. The final sales price as a % to list price has dropped from 97% during 2007 to 96% during 2008. New home listing in the area has increased by 165 to 3,652 at September 30, 2008. Pending sales in South Katy, like most areas in Houston, has decreased by 154 to 1,479 and days on the market have also increased to 64 from 54 last year. South Katy has a 4.4 month supply of inventory of homes available which is still excellent.
Contrary to all the negative press, homes are still selling in the South Katy area and people are going about their normal lives. The news media in Houston and across the US would have all of us believe that sky is falling in and we are living out our last days. South Katy has a good supply of available homes ready for buyers to move into and it's a great place to live with its award winning school district and tons of amenities. Give me a call as I would love to show anyone just how great this area is to live and/or work in!!!