Spring TX Real Estate: Market Report April 2009
The latest MLS numbers for the Spring TX real estate market are out and April 2009 had the highest quantity of pended sales in a month dating back to before Hurricane Ike barreled through in September 2008.
The average sales price for the month decreased by 14% to $154,804 but the decrease was not because home prices have declined. Instead the decline is attributable to merely a shift in the mix of the price ranges that are selling.
The higher price home buyers who have felt the sting of the stock market decline are still holding onto their money and not making any decisions. At the opposite end of the price range are the first time home buyers who are out in droves and taking advantage of the $8,000 first time home buyers tax credit.
If the list price of your home would be under $190,000 now is the time to put your home on the Spring Texas real estate market. There is 5.6 months of inventory or less in the under $190,000 price range and under six months is considered a sellers market.
We have not seen multiple offer situations except on some foreclosure recently but in April I listed a home in Louetta Lakes at $153,000 and within seven days we had multiple offers. The sellers were thrilled with the multiple offer scenario and now the home is under contract and on its way towards closing.
The data represented is from the Houston Association of Realtors MLS for existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress.