North Katy, TX Market Update as of June 2008

Far West – Katy – 25 (Areas north of Interstate 10)

 

 

Single family home sales in the Houston Far West area are down by 18.01% in comparison to June YTD 2007, with 1,329 recorded home sales YTD.

 

Contracts initiated June YTD 2008 are also down by 11.97%, or 1,169 total units.

 

Listings are down by 28 units in comparison to last year or 1.77% with 1,550 listings currently on the market in comparison to 1,578 last year.

 

Average sales price for the Far West area is down by .66% over June YTD 2007 and is currently $136,391.  The median sales price [where half the homes sold above and half the homes sold below] was $122,900, a 3.61% decline over last year.

 

The Far West area currently has 6.4 Months of Inventory, meaning if no other listings were taken, and current buyer demand stayed at current levels, it would take 6.4 months to deplete the current supply of homes.

 

According to the Houston Hotness Index for June, Far West had 11.7% of all inventory go under contract during the month, earning a ranking of #13 out of 45 on the Hotness Index.

 

The list price/sales price ratio of homes in the area is 97% [meaning a seller could expect a reasonably priced home to sell for 97% of the list price].  Average price per square foot in the area is $63.  Days on the market have increased substantially due to a flood of inventory, from 2007 to the present – from 73 days to 88 days.

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