Spring Texas Real Estate: Market Report February 2012
What’s going on in the Spring Texas Real Estate Market? Single family home sales increased through the roof. Average and median home prices remain stable. Active listings drop below 1,000. Increase in sales and a decrease in active listings push months of inventory lower.
Months of Inventory – A decrease in active listings coupled with an increase in home sales as pushed the months of inventory down to 5.3 months. It has been over two years since the Spring Texas real estate market has seen months of inventory below six months. If you are thinking about selling your Spring Texas house, low inventory is GOOD NEWS. A decrease in competition translates into an increase in your sales price.
The decrease in inventory has also contributed to an increase in multiple offers. Within the last 30 days, one of our listings received four offers.
Quantity of Sales – Home sales increased by a whopping 52% over last year. Pending sales did not experience the same astronomical increase as they only increased 4%. Although hard to quantify, more than a few of the increase in sales are attributable to the housing demand created by the relocation of 200 Halliburton employees to our area. Halliburton relocated their technology center from their Duncan OK location to their Beltway 8 and IAH airport location. The employee moves were scheduled for February.
Mortgage Interest Rates – rates for 30-year FHA loans are still between 3.75% and 4%. You still have time to lock in a super low interest rates as rates are predicted to remain low for at least the next 12 months.
Leases are still HOT. Rental of single family homes have experienced a 12% YTD increase over last year. With the increase in rental demand, landlords can and will be choosy on their tenant selection.
What’s ahead for the Spring Texas real estate market? Check out our real estate predictions for 2012.
Real estate is local and not all subdivisions are faring the same. If you are interested in selling your Spring Texas home, give me a call at 281.804.8626 to discuss what’s going on in your subdivision.
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 a large geographic area stretching from I45 to Hwy 249 to Beltway 8 to Spring Cypress.