Katy Texas & West Houston Real Estate Market Update - March 2009

Katy area sales were mixed for the month of March.  Area 36 showed an increase in the number of closings compared to last year, with a slight drop (5%) in price per square foot.  Area 25 experienced a 20% drop in closings with a slightly larger (9%) drop in price per square foot.  Katy’s master-planned communities continued to fair well, with stable sales volumes and prices during March.  The first quarter of the year finished up much like the last quarter of 2008, with lower overall sales volumes and relatively stable prices.  One noticeable shift this quarter was lower median sale prices.  Sales of more expensive homes were relatively strong into the end of 2008, but that market has tapered off.  The theme for 2009 will likely be modest, affordable housing, with the new first-time home buyer tax credit providing a boost to the lower end of the market.

 

Continued...Download April 2009 Newsletter