We have many outstanding communities slated for the future! Take a look at future development here in the Katy/Richmond/Fulshear, Texas area.
I’d like to thank all my clients for a fabulous year in Real Estate in the Katy and Richmond areas. It has been a privilege to assist you with the purchase or Sale of your home. We are truly blessed and wish all of you a very Happy New Year for 2014.
We are looking forward to Bringing Luxury Home for 2014 to Katy and the Richmond areas!
We are seeing many new home developments pop up between Katy and Sealy. This growth is leading to talk about expanding our highway systems to allow for the increase in traffic. The Texas Department of Transportation has begun preliminary planning for 2 additional lanes on each side of I-10, which would begin at Highway 6 and end in Sealy. Before these plans go any further, funding and public feedback will be needed. As soon as we receive additional information on this development we’ll pass it on.
By being a Katy, Texas, Realtor, my team and I have the privilege of working with many buyers relocating to the Houston area from not only all throughout the United States but worldwide. Do you know what drives these buyers to Katy? The number one priority on a buyers mind is SCHOOLS. This isn’t just a top priority of families moving to Katy, Texas. Overall, the majority of buyers whether they have kids or not see the importance in living a community with award winning educational facilities and educators. Katy’s premier schools go hand in hand with a safe community and a booming economy, and as you know this helps to keep property values high.
On November 5th, Katy Voters will decide on the Katy ISD Bond. This is a $99 million dollar proposal which would fund an agriculture complex, STEM Center, and a new stadium. If this bond passes, the tax rate will not increase for Katy Tax Payers. In short, Katy’s growth and the new revenues that have come from this, make any tax increase unnecessary.
Home sales and prices soar again as inventory shrinks
HOUSTON — (October 15, 2013) — If the Houston real estate market were a car, it would be fair to say its driver had the pedal to the metal. September sped its way into the history books as the 28th consecutive month of positive home sales, and there still is no let-up in sight. The pace of home buying drove months of inventory down to 3.2 months compared to 4.7 months at this time last year.
Home sales soared 23.5 percent year-over-year, with contracts closing on 6,168 single-family homes, according to the newest monthly report prepared by the Houston Association of REALTORS®. That is the lowest one-month sales volume since March and follows four months in a row of home sales that exceeded 7,000 units.
The median price of a single-family home—the figure at which half the homes sold for more and half for less—rose 10.2 percent to $181,750. The average price increased 13.1 percent year-over-year to $248,256. Both figures represent the highest prices for a September in Houston.
As we have observed for the past several months, September brought gains to all housing segments except the under-$80,000 market. Homes selling from $250,000 through the millions scored the greatest increase in sales volume.
“Houston continues to benefit from a confluence of very positive economic forces: strong job growth, low interest rates and reasonable home prices compared to other parts of the country,” said HAR Chairman Danny Frank with Coldwell Banker, United REALTORS®. “Home prices have steadily risen all year and I’m often asked if our market risks experiencing a bubble. That only becomes a possibility if we don’t soon see a reversal in our shrinking inventory of homes – the fundamental concept of supply and demand.”
The latest Texas Workforce Commission’s report indicated that nearly 81,000 net new jobs had been added to the Houston metropolitan area over the past year, representing 3.0 percent growth in local employment.
Foreclosure property sales reported in the HAR Multiple Listing Service (MLS) declined 45.0 percent compared to September 2012. Foreclosures currently make up just 7.4 percent of all property sales, down from 19.6 percent at the beginning of the year. The median price of foreclosures rose 6.6 percent to $87,450.
September sales of all property types in totaled 7,466, a 25.7 percent increase over the same month last year. Total dollar volume for properties sold shot up 40.2 percent to $1.75 billion versus $1.25 billion a year earlier.
Houston’s real estate market enjoyed across-the-board gains in September when comparing sales to September 2012. On a year-over-year basis, total property sales, total dollar volume and average and median pricing all rose.
Month-end pending sales totaled 3,563, a 1.5 percent gain over last year and the same rate of increase the market saw in August. As HAR reported last month, while pending sales typically serve as a bellwether of the following month’s sales activity, this statistic apparently reflects the unprecedented pace of home sales that has kept many transactions from ever attaining “pending” status. Active listings, or the number of available properties, at the end of September declined 17.5 percent to 32,457.
Houston’s inventory of available homes dipped from 3.3 months in August to 3.2 months in September, down from the year-ago level of 4.7 months of inventory. The inventory of single-family homes across the United States currently stands at 4.9 months, according to the latest report from the National Association of REALTORS® (NAR).
|CATEGORIES||SEPTEMBER 2012||SEPTEMBER 2013||CHANGE|
|Total property sales||5,938||7,466||25.7%|
|Total dollar volume||$1,252,155,307||$1,755,591,725||40.2%|
|Total active listings||39,319||32,457||-17.5%|
|Total pending sales||3,483||3,563||1.5%|
|Single-family home sales||4,995||6,168||23.5%|
|Single-family average sales price||$219,480||$248,256||13.1%|
|Single-family median sales price||$164,800||$181,570||10.2%|
September sales of single-family homes in Houston totaled 6,168, up 23.5 percent from September 2012. That marks the 28th consecutive monthly increase.
Home prices achieved the highest levels ever recorded in Houston for a September. The single-family median price rose 10.2 percent from last year to $181,570 and the average price climbed 13.1 percent year-over-year to $248,256.
Broken out by housing segment, September sales performed as follows:
- $1 – $79,999: decreased 31.5 percent
- $80,000 – $149,999: increased 16.9 percent
- $150,000 – $249,999: increased 32.6 percent
- $250,000 – $499,999: increased 44.8 percent
- $500,000 – $1 million and above: increased 55.8 percent
HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In September 2013, existing home sales totaled 5,348, a 26.4 percent increase from the same month last year. The average sales price rose 13.4 percent year-over-year to $234,321 while the median sales price rose 11.1 percent to $170,000.
September sales of townhouses and condominiums shot up 42.2 percent from one year earlier. A total of 586 units sold last month compared to 412 properties in September 2012. The average price rose 6.4 percent to $181,532 while the median price was flat at $137,540. Months inventory was 3.1 months versus 5.3 months in September 2012.
Houston’s lease property market grew further in September. Rentals of single-family homes rose 15.9 percent compared to September 2012 while year-over-year townhouse/condominium rentals were flat. The average rent of a townhouse/condominium reached an historic high of $1,519 while single-family average rent slipped from its record high of $1,747 last month to $1,700.
- Single-family home sales increased 23.5 percent year-over-year, accounting for the market’s 28th consecutive monthly increase;
- Total property sales rose 25.7 percent compared to one year earlier;
- Total dollar volume soared 40.2 percent, increasing from $1.25 billion to $1.75 billion on a year-over-year basis;
- At $181,570, the single-family home median price reached the highest level for a September in Houston;
- At $248,256, the single-family home average price also reached a September high;
- 3.2 months inventory of single-family homes is down from 3.3 months in August 2013 and down from 4.7 months in September 2012 while comparing to the national average of 4.9 months;
- Sales of townhouses/condominiums rose 42.2 percent year-over-year.
- Rentals of single-family homes rose 15.9 percent while and townhouse/condominium units were flat.
- Townhome/condominium average rents reached a record high of $1,519.
The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.
The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.) Founded in 1918, the Houston Association of REALTORS®
(HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.
Yesterday we had a huge turn out for our Lakes of Bella Terra Broker’s Open event! We had 3 gorgeous properties to tour, 10915 Menaggio Court, 11115 Monte Rosa Court, and 11527 Abriola Ct. in Richmond, TX. These are three beautiful homes, in move in condition that you don’t want to miss out on if you’re looking to buy in the Katy/Richmond area. They feature a Premier Resort Style Community, award winning schools, and direct access to major highway systems! If you weren’t able to attend this event, please let us know so I can set up a private tour for you.
Our team has the opportunity to work with many out of state and international cliental. Most who are moving to Houston. The top questions on their mind is: Why live in the Katy/Richmond/Fulshear area?
This is one of my all time favorite questions. You have probably heard me say. People work in Houston but they LIVE in Katy….
What’s not to love? Premier Communities, Top Rated Builders, A Safe Family Environment, Award Winning Schools, I could go on and on….In short….It’s small town feel meets big city appeal!
Location! Location! Location!
Keller Williams Realty Now #1 Real Estate Company in the United States by Agent Count
Company also announces franchise expansion into Germany, Austria, Switzerland, and Turkey
Did you know that the National Association of Realtors is reporting that the luxury housing market more than doubled by the end of 2012. Statistics show an increase of 51% from early 2012, nationally.
Home builders in the Houston area have seen a 27% increase in new home starts from 2 years ago! Our Luxury market here in Katy is thriving. We are Bringing Luxury Home one home at a time here in Houston and the Katy areas!
Freddie Mac and Fannie Mae will begin letting some homeowners who are upside down in their mortgages to literally give back their home and have their debt cancelled. This is slated to begin on March 1st of this year.
Texas of Course!
Forbes’ List of the fastest growing cities in the United States includes Houston. Austin took top honors, Houston in second, and Dallas in third!
I’ve received many calls this week at my office regarding the recent agreement the US Congress made which avoided “The Fiscal Cliff”. The majority of these questions focused on how H.R. 8, the American Taxpayer Relief Act of 2012, is going to affect our Real Estate markets.
If you are an avid reader of my blog, you’re used to seeing me report about how real estate in the Katy/Houston/Richmond areas is thriving.