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Bob is always looking for news about Katy Texas and the surrounding areas. Please e-mail me at bobgilbert2003@msn.com with any news you may feel needs a forum!
Good News! Real Estate Recovery in Katy, Texas

Good News! Real Estate Recovery in Katy, Texas

The Houston Real Estate Market is extremely large and very complex market with numerous sub markets all performing somewhat independently. Katy Texas is part of these numerous sub markets. The Katy market is comprised of 3 unique areas in my opinion. The first market area is the town of Katy itself which can be isolated for the most part from the other areas. Second is MLS Area 36 which is probably 97 % just Katy properties and covers a large area South of I-10. Third area is also a huge geographical area North of I-10 being MLS Area 25. This area also includes a large segment of Cypress Texas. This market report covers only MLS Area 36 or South Katy.

Lake in Cinco Ranch  Katy, Texas

Prudential Gary Greene Realtors (PGG) has devised an index they refer to as the “Hotness Index”. I was formerly an agent with PGG in Katy Texas and I still for the most part I use a lot of PGG market data that they provide to the public via their web site. The “Hotness Index” is a means of measuring demand and really only means anything if it compared to other sub- markets in the Houston Metro-plex. During June 2011 South Katy was third in the whole market area. South Katy normally occupies one of the top 5 spots each month on this “Hotness Index” and that shows the area has excellent demand for homes.

The market numbers I am reporting on today are all year to date for 6 months of 2011. Unit sales are up by 1.17 % from last year and Median prices have increased to $ 241, 750 or 1.38 % increase from last year. Average prices have also increased by 1.62% to $271,312. This is all good news for the Real Estate Market in Katy as well as Houston. The percentage of discount sellers are willing to take from list price has remained constant at 4 % during 2011. Months of available inventory has increased to 4.5 from 3.8 last year at this time but homes for the most part are not languishing on the market with no activity. Pending sales have increased by almost 12 % which I feel is also a pre cursor for continuation of this Good News.

Homes for sale in Katy are available at decent prices and this is still an excellent opportunity to buy a home. Homes for rent in South Katy are extremely tight with only maybe a little over one month’s supply of available homes. The homes for rent market that are close by geographically to Katy being Sugar Land and Cypress are experiencing the same robust rental conditions. I have had numerous folks tell me that will wait and rent a home in Katy or Sugar Land or Cypress. This is not an easy task to accomplish being that as soon as a good rental home hits the market at a decent rental price per month it is gone. The time to buy is now.

If you have any questions about homes for sale or homes for rent

in the Katy, Sugar Land or surrounding areas or other questions

contact me at bobgilbert2003@msn.com or visit us on the web at

www.katyhomefinder.comKaty TX Real Estate Expert

Read my blog at http://bobgilbertblog.com

TEAM DEVER...

Bob, Realtor, CPA AND MBA

Published Saturday, August 06, 2011 2:34 PM by Bob Gilbert

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