Exploring the Real Estate Market in 77450
Over the last six months, there has been some volatility in the real estate market in Zip Code 77450 as we shall see by looking at key statistics. Prices peaked in late June and have been in a decline ever since. The average price in June was $232,000 while now it’s $216,000. See the chart at left.
The days a property stays on the market before it has a contract negotiated is another key indicator of the health of a real estate market. As you can see above, the longest days on the market occurred in June with a steep decline beginning immediately after the peak. After a strong decline, days on the market began to rise again in September and continues to move in an upward path. This is not unusual as we enter the fall market.
How much inventory is available and how does this impact the health of the real estate market? This is called the absorption rate; for an in-depth explanation of absorption rates see my blog: FuellingKaty.com.
Inventory in 77450 has been steadily declining since late June. From a high of 359 houses on the market we now find only 228 houses for sale.
For detailed statistics on Zip Code 77449, see FuellingKaty.com.
If you would like a detailed report on your home and it’s value, contact me and I will be happy to prepare a comparative market analysis for you.
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Very Interesting Julie. Do you think that the values of the homes in 77450 or any other zip code in Katy may be declining because of other factors, or is it simply the absorption rate theory? I’m just curious as I recently had a conversation similar to this regarding the real estate market in Fla and Calif.
Sandra, Hope I didn’t misrepresent the data! Real estate on the southside of the freeway is holding it’s own and some areas are recovering well. You are right in that absorption rate is one factor in determining value–this is the time of year when mostly overpriced listings still languish on the market as sales rapidly decline re the impending holiday season. California, Nevada and Florida are still suffering from massive foreclosures and continually declining values. Thanks for reading, Julie