Spring Texas Real Estate: Market Report November 2010
What’s going on with the Spring Texas Real Estate Market? To compare last November’s sales numbers to this November’s sales numbers doesn’t seem quite fair. As last November, first time home buyers were scrambling to get homes under contract before the expiration of the home buyers tax credit resulting in a spike in sales. This November the government is not handing out any free money to home buyers resulting in sales being down 37% compared to last year.
Our YTD home sales for the Spring Texas real estate market are down 10% but the GOOD NEWS is we are still selling homes. The homes that are priced right, staged, and effectively marketed do sell and will continue to sell.
The inventory of available Spring Texas homes for sale remains high at 7.5 months which is 36% higher than last year. Six months of inventory is considered a balanced market. At the current level of months of inventory, the Spring Texas real estate market is considered to be a buyers market.
The increase in active listings have not impacted sale prices with both average price and median price squeaking out a 2% YTD increase.
If you are thinking about buying a home now is the time to strike. As both the Mortgage Bankers Association and the National Association of Realtors are projecting interest rates to increase over the next six quarters. Just how much will the increase be? Mortgage interest rates are predicted to be between 5.4 – 5.8% by the 2nd quarter of 2012. A full percentage point higher than the current interest rates.
Want more numbers? Check out past Spring Texas real estate market reports.
The data represented is from the Real Estate Center at Texas A&M University and the Houston Association of Realtors MLS for single family 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. A good portion of the houses in MLS area 13 have a Spring Texas mailing address.