The Katy Texas Blog

Grand Lakes Katy TX | Market Report | Year 2014 VS 2013 | 77494

(Note: Above picture taken by and copyright by Bob Gilbert with all rights reserved).

Inventory levels in South Katy or MLS area 36 were on the very low side for entire  years 2013 and 2014. Recent inventory levels in 2015 have risen but not substantially. Prices during 2014  jumped up versus 2013 rather dramatically which is no surprise to me at all. Builders prices of new homes have risen due to inflation and high demand. Some of the neighborhoods are on the verge of being totally built out which means the builders are running out of lots to build on.  I expect prices to remain high and only go higher during during 2015 unless there is a major shift in interest rates upwards.

I wanted to start with the last two year to year comparisons so folks get a feel for the trend of this market. Each home is unique and needs to have a expert such as me do a comparable market analysis to determine a potential selling price range.

I have been telling folks for at over 5 years,  eventually prices in South Katy would jump upwards at a high rate. Prices in South Katy for several years have risen but usually at slow even pace in the range of 2-6 % or so. Some neighborhoods actually had a downward movement of prices during 2008 and 2009. Those days I think are gone. I have heard some buyers claim they have read on one of those numerous free websites how prices have decreased in South Katy. Really! Where is that data coming from? Sorry I forgot those sites are usually incorrect with their information. You get what you pay for it. If you are a buyer and you holding out to purchase waiting for a price drop don’t expect to be buying a home until you change your price expectation. Garnd Lakes has been a sellers market for at least 2-3 years now,

Here are the results for year 2014 VS 2013:

Median sales prices were $387,250 for 2014 versus $ 347, 000 during 2013 which equates to a $40,250 increase or 11.6 %. Average prices ( I prefer Median) $410,160 in 2014 versus $369,999   during 2013. The increase is $40,161 or 10.9 %. These are very high levels of increase and as I said above I expect this to continue during 2015 but at a lower rate. The rates of change from 2013 to 2014 are huge in my mind especially for the Katy market.

The sold to list price discount  in 2014 was zero  versus  zero in 2013. Sellers obviously were not discounting from list price. Days on the market was 11 days in 2013 and in 2014 fell slightly to 10 days. Mind you this situation existed across almost all of South Katy which encompasses a huge geographical area with numerous neighborhoods.

I will write a separate market report of available homes in Grand Lakes for 2015 and price

Trends.

If you want to buy a home in South Katy the time to take action is right now  before interest rates rise to much higher levels.  .

Grand Lakes Katy TX | Market Report | Year 2014 VS 2013 | 77494