Spring Texas Real Estate Market Report – August 2013
How’s the Spring Texas real estate market? The housing market experienced another strong month. Home sales were up 18% over last August and 11% YTD. The demand for housing continues to drive prices upward. Listing inventory dropped back down to 3 months. Multiple offers are becoming the norm and homes are quickly going under contract.
Listing inventory remains at under 700 active listings on the market. Sellers are receiving multiple offers and if you want your offer to be considered you need to bring your best offer. Cash offers are on the rise and are winning over financed offers.
Months of Inventory decreased to 3 months. Six months of inventory is considered a balanced market. Less than 6 months of inventory have the sellers in control. More than 6 months of inventory have the buyers driving the negotiations. The Spring Texas real estate market has been and continues to be a sellers market. Sellers are rejecting low offers as they are confident a better offer will soon be presented.
Home prices – Average and median YTD prices have seen double digit increases this year. Appraisers are still being conservative in their appraisals causing some buyers to bring extra money to the closing table.
Days on Market (DOM) – Measured from the date a house is put on the market until the date it goes under contract. DOM on market for the month was 54 which is 19% quicker than last year. You need to be decisive and act quick in this market. It’s a common occurrence for houses that were listed on Thursday to be under contract by the following Monday.
Mortgage Interest Rates – Interest rates crept up over the summer but have been hovering around the 4.5% for 30 year fixed rate and 3.5% for 15 year conventional loans. The Federal Reserve has decided not to taper its monthly purchase of bonds keeping mortgage interest rates low.
If you are ready to sell your house and in need of a Spring Texas real estate agent, call us at 281.804.8626. Our marketing strategy is designed to generate multiple offers in a quick time frame.
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.