Sellers Market in Katy, TX- Low Inventory, High Demand

Katy, TX (Covering Katy) – June 10, 2013 – (RealEstateRama) — The Katy single-family homes market has low inventory heading into the summer months that are typically the most active for home sales.

According to data from the Houston Association of Realtors, Katy had only 1.2 months supply of inventory at the end of May. This means it would only take about a month for all of the homes in the Katy market to be sold or absorbed based on the current rate of sales. There were 3.1 months supply of inventory this time last year. Katy’s inventory level is significantly lower than the 5.2 months of nationwide supply recently reported by the National Association of Realtors.

Strong demand and limited inventory is pushing up median sales prices in the area. The median sale price rose from $208,000 in May 2012 to $238,000 in May 2013 – a 14% increase in one year. The average number of days on the market went from 51 to 34, over the same period.

MORE: http://coveringkaty.com/7696/business/sellers-market-katy-home-prices-increasing-supply

About Covering Katy
Covering Katy (www.CoveringKaty.com) covers news, events of Katy, Texas which is one of the fastest growing communities in the United States, and a suburb of Houston, TX. Its publisher is Dennis Spellman is a 25 year veteran of TV and Radio news. Dennis anchors and reports for Houston’s only all news radio News 92 FM.