ResalesKaty, Texas Existing Home Sales Soften Slightly, But New Homes Surge
Existing home sales are softening slightly in the Houston, Texas suburb of Katy, but local Realtors report sellers holding their prices and new homes are still being built.
"Since its founding in the 1890"s, Katy has been a community dedicated to a quality of life unsurpassed in southeast Texas," says Realtor Rosie Phillips. "Katy has an excellent school district, many different denominations of churches, parks, recreational facilities, and commercial development. With wide spread residential development, you have a large selection throughout the community to live in a safe and secure neighborhood."
About the market, Phillips says, "Single-family home sales in Katy are up year-to-date by two units with 127 MLS recorded home sales. There were 102 homes that went under contract in January and this is a two-unit rise over contracts written in January 2003. Active listings in the Katy area are up by 21.5 percent over last year, with 1,092 homes on the market or an increase of 193 units. The Katy /Cinco Ranch average sales price year-to-date is 1 percent greater than last year"s value during the same time frame and is $193,389. Despite the large rise in number of listings, the Katy / Cinco Ranch area has 5.9 months of inventory which is a healthy start for the New Year."
Says Realtor Jay Thieme, "Katy is located at the intersection of the Harris, Fort Bend and Waller County lines, just west of Houston. Also known as the "City of Churches", Katy boasts a strong community spirit and offers many opportunities for everyone. The lifestyle is defined by the many resources available. Katy offers all the amenities of a major metro area with the advantages of traditional, small town living. The many dining options, family events along with a high quality of life and low cost of living make Katy the perfect place to raise a family and buy your next home. The Katy housing market is comprised of solid neighborhoods and master planned communities. You may have heard about Cinco Ranch, Grand Lakes, Green Trails and the newest ones, Woodcreek Reserve and Seven Meadows. Prices run from $120,000 to $1,000,000. The Katy Independent School District is among the top academic systems in Texas due in part to its use of the latest in educational technology and low student/teacher ratio. Several private schools also offer excellent educational opportunities to Katy area students."
Thieme explains, "Builders continue to build homes as fast as they can. That makes to hard for the re-sales homes to sell. I met with a couple last week about putting their home on the market. We looked at what homes like theirs sold for in 2003. There were 26 comparative sale; however, 18 were brand new homes! I feel that it is a buyers market based on the fact that there is a large re-sale inventory due to all the new homes for sale. Most sellers tend to drop the prices of their homes to make it a more attractive purchase.
"Sales are off in the upper price ranges," says Realtor Rick Dittemore. "Inventory in all price ranges is growing, and the days on the market have increased. Yet, sales prices are relatively stable, regardless of the price range, which means that sellers are realistic about housing values. Despite the slowing sales, this is not a market where buyers can "steal" a home with a ridiculous offer. Just because there are more houses to choose from doesn"t mean we are in a buyer"s market. It just means we are returning to a normal market from having been in a superheated housing market. That is a good time to buy or sell a home."
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