South Katy, Area 36 – Defined as Katy market south of Interstate 10
The Katy/Cinco Ranch Area was Number 2 on the Houston Hotness Index for June 2008 because 16.9% of all active listings went under contract during that one month.
The area has experienced 1,326 homes sales YTD or a 6.75% decline over June YTD 2007.
There has been a 3.94% increase in average sales price, which currently stands at $250,461. The median sales price where half the homes sold above and half sold below is $215,000 and that is 4.88% greater than this time last year.
The Katy / Cinco Ranch area has experienced a 10.83% decline in pending sales for a total of 980 YTD.
There has been an increase in homes on the market as the area experienced 32.39% more listings. There are currently 1,026 homes on the market and last year there were 775.
The market has 4.7 months supply of inventory, which indicates an appreciating market and although supply of inventory has increased, the buyer demand has absorbed enough inventory to keep the market as a sellers’ advantage.