Real Estate Market Reports
Spring Texas Real Estate Market Report – March 2012
April 15th, 2012 categories: Spring Texas Real Estate Market Reports
What’s going on in the Spring Texas Real Estate Market? Single family home sales are on a roll recording yet another monthly increase. Average and median home prices are pushing upward. Active listings remain below 1,000. Increase in sales and a decrease in active listings push months of inventory lower. Days on Market dips to 73.
Months of Inventory – Months of inventory 29% lower month over year. The decrease in active listings coupled with an increase in home sales as pushed the months of inventory down to 5.3 months. If you are thinking about selling your Spring Texas house, now is GOOD time. Buyers are out and good listings are in demand.
Home prices – Increase in demand and decrease in supply of active listings is pushing home prices skyward.
Days on Market (DOM) – Measured from the date a house is put on the market until the date it goes under contract. DOM experienced a 29% decrease for month over year. DOM helps to answer the question of “How long will it take before my house sells?” and for the month of March the answer is 73 days. Although the DOM for every Spring Texas subdivision is different, the average does give you some idea as to how long you will be inconvenienced with showings.
Mortgage Interest Rates – Rates on 30-year loan are bouncing around in the high 3% to low 4% range. FHA loans became a little more expensive on April 9th as the up-front mortgage insurance premium increased from 1% to 1.75% and the monthly mortgage insurance premium increased by .1%.
Leases continue to be in demand. Rental of single family homes have experienced a 14% YTD increase over last year. Days on Market for single family rentals is 53 days. If you see a home you want to rent, you need to move quickly because it will not be around for long.
What’s ahead for the Spring Texas real estate market? Check out our real estate predictions for 2012.
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.
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Spring Texas Real Estate: Market Report February 2012
March 17th, 2012 categories: Spring Texas Real Estate Market Reports
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.
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Spring Texas Real Estate: Market Report January 2012
February 16th, 2012 categories: Spring Texas Real Estate Market Reports
What’s going on with the Spring Texas Real Estate Market? The buyers were out in force in January generating a 12% increase in home Sales and a 11% increase in Pending Sales. Both the average sales price and the median sales price experienced increases. Spurred by an increase in a sales and a decrease in listings, the months of inventory dropped below 6 months.
Months of Inventory – six months of inventory is typically considered a balanced market and for the last two years the Spring Texas real estate market has been hovering above 6 months. The buyers have definitely been throwing their weight around and has forced more than one seller to take their house off the market and wait for better days.
With less than 6 months of inventory, those better days could now be here. If you are thinking about putting your house on the market this Spring, don’t wait. Do it now when the months of inventory is lower.
Quantity of Sales – Both sales and pending sales experienced a double digit increase. More than a few of these sales were fueled by the relocation of 200 Halliburton employees to the 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 – 30-year rates for FHA loans are hovering between 3.75% and 4%. If you are confident about your job prospects and you’re thinking about up-sizing, now is the time. Interest rates will go back up. Lock in a 30-year rate now when the rates are low. The difference in your monthly payment on a $250,000 mortgage at 5% vs 4% is $461.
What’s ahead for the Spring Texas real estate market? Check out our real estate predictions for 2012.
Our Prudential Gary Greene Champions office started the year off running. For the month of January, our office pended $28 million in real estate (increase of 55% over last January).
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.
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Spring Texas Real Estate Market 2011 and 2012 predictions
January 20th, 2012 categories: Spring Texas Real Estate Market Reports
The final numbers are in and its time to reflect on the Spring Texas real estate market of 2011 and make some predictions for 2012.
Highlights of the Spring Texas real estate market of 2011:
- Lending requirements remain tight - Money is still available for home loans. But unlike 2005 and 2006 when all you needed was to be alive and a credit score (not even a good one) to get a loan, lenders are requiring buyers to provide an exhausting amount of supporting documentation.
- Mortgage interest rates hit 50 year lows – The housing market does not live on interest rates alone as new lows did not spur housing demand.
- 4% Increase in home sales – 2,124 homes were sold in MLS Area 13 in 2011. More homes sold in 2011 than 2010 and 2009.
- Stable prices – Average home prices experienced a small decrease of 2%.
- Rentals increase – Tougher loan requirements, higher unemployment, and the poor housing market in other areas all attributed to a 4% increase in single family home rentals. During 2011, 2,124 single family homes were rented in MLS area 13.
- Months of Inventory increase – Months of inventory increased from 6.8 to 7.1 months along with days on market from 80 to 92 days.
- Exxon Mobil Campus – Exxon Mobil finally publicly announced they are building a campus in Spring Texas. The first employees are projected to be working at the new campus by the 4th quarter of 2013. Exxon Mobil’s campus will fuel housing demand in Spring Texas and the Woodlands.
Predictions for the Spring Texas real estate market of 2012:
- Mortgage interest rates will remain low – Fixed rates for 30-year loans will remain below 4.5% and you could possibly see rates as low as 3.5%. Interest rates will start to creep upwards toward the end of 2012.
- Consumer confidence on the rebound – Consumer confidence made a come back towards the end of the year. People who have been thinking about buying a home or trading up will put those plans into action in 2012.
- Job Growth – Greater Houston Partnership predicts a net gain of 84,600 jobs for the Houston region which is an increase in job creation of 3,600 over 2011. Houston is currently adding more jobs than any other large metropolitan in the nation. An increase in jobs always means good things for the housing market as more people can afford to buy a home.
- Relocation business will increase and inventory will decline – Housing demand driven by consumer confidence and relocation increase will decrease inventory and the outcome will be a slight increase in home sales.
Bottom line - 2012 will be a slightly better year than 2011 but it will not be a record breaking year. Months of inventory will decrease and home prices will experience a slight increase.
In 2011, Prudential Gary Greene Realtors (our broker) experienced its 4th best year ever as it grew 2x as fast as the competition. Our Prudential Gary Greene Champions office represented over 1,300 buyers and sellers in over $281 million in real estate transactions. Our office was thrilled to have been chosen by over 1,100 sellers in the listing of their homes.
Data 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.
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Spring Texas Real Estate: Market Report November 2011
December 18th, 2011 categories: Spring Texas Real Estate Market Reports
What’s going on with the Spring Texas Real Estate Market? Pending Sales record a whopping 57% increase and home sales record a smaller but significant 16% increase over same month last year. Active listings are down, homes prices are holding steady, and months of inventory is returning to a balanced market. Good time to be a home buyer? Absolutely! Good time to be a Spring Texas home seller? Getting better. 
Months of Inventory for the same month last year the months of inventory has decreased by 18%. Sales for the month were up and active listings were down. We are starting to experience a return to a balanced market with months of inventory at 6.1 months. We typically see a decrease in months of inventory during November and December as sellers wait until after the holidays to put their homes on the market. Hopefully, the months of inventory will stay around the 6 month level or less into 2012.
Sale Prices – YTD sale prices for Spring Texas homes are stable. The average price for the year over year is less but it could have more to do with more lower priced homes been sold as the median home price is holding steady.
Quantity of Sales – Pending sales were a whopping 57% higher and closed sales increased 16% over November 2010. The increase is attributable to sales activity in 2010 being impacted by home buyers tax credits which pushed demand into the first six months of 2010. YTD sales volume is up 3% over last year and is projected to continue to increase through the end of 2011.
Single family home rentals – YTD rentals are up 23%. The increase in rental activity is being fueled by the stricter lending requirements that are keeping would be buyers from being able to buy. Would be relocating buyers are waiting until their existing house sells before buying and thus are increasing the demand for single family home rentals. Landlords
Bottom line for Sellers: YTD sales prices are holding steady and months of inventory is down as a balanced market returns. If you held off putting your Spring Texas home on the market because buyers clearly had the upper hand, your waiting is over and it’s time to list your home.
Bottom line for Buyers: 30-year fixed interest rates are still near historical lows in the low 4% range. Months of inventory is decreasing with buyers losing the negotiating power they have been enjoying all year long. If you don’t have the money saved for a down payment, ask your relatives for a gift. Don’t miss out on locking in 30-year interest rates at these ridiculously low levels.
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 a large geographic area stretching from I45 to Hwy 249 to Beltway 8 to Spring Cypress. 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 281.804.8626 to schedule an appointment.
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Spring Texas Real Estate: Market Report October 2011
November 14th, 2011 categories: Spring Texas Real Estate Market Reports
What’s going on with the Spring Texas Real Estate Market? Sales and Pending Sales are up not only for the month but YTD. Listing inventory is down. Home prices are holding steady. Months of Inventory is finally decreasing. 30-year interest rates on home loans are still at historical lows. Good time to be a home buyer? YES. Good time to be a Spring Texas home seller? Improving. 
Months of Inventory for the same month last year the months of inventory has decreased by 14%. Sales for the month were up and active listings were down. We are starting to experience a return to a balanced market with months of inventory at 6.2 months.
Sale Prices – Year over year and YTD sale prices for Spring Texas homes are stable.
Quantity of Sales – October 2011 sales were 14% higher than October 2010. The significant increase is attributable to sales activity in 2010 being impacted by home buyers tax credits which pushed demand into the first six months of 2010. YTD sales volume is up 2% over last year. Not much of an increase on a percentage basis but considering there were tax credits last year and none this year a 2% increase is significant.
Days on Market (DOM) – No change from last year at 86 days but the YTD number is 89 which is 13 days higher than 2010 YTD.
Bottom line for Sellers: YTD sales prices are holding steady fueled by an increase in sales and fewer Spring Texas homes for sale. If you were going to take your home off the market during the holiday season, you need to reconsider. An increase in sales and fewer homes for sale will result in a higher sales price for your home.
Bottom line for Buyers: 30-year fixed interest rates are still near historical lows of 4% to 4.25% making it a great time to buy. Months of inventory is decreasing and the real estate market is turning back to a balanced market. The negotiating advantage you have enjoyed for the last couple of years is slipping away. The completion of the Exxon Mobil campus in 2014 will further increase demand and raise home prices. If your employment situation is secure (whatever that means anymore), then now is the time to buy to lock in a good interest rate and a good deal.
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 a large geographic area stretching from I45 to Hwy 249 to Beltway 8 to Spring Cypress. 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 schedule an appointment.
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Spring Texas Real Estate: Market Report June 2011
July 14th, 2011 categories: Spring Texas Real Estate Market Reports
What’s going on with the Spring Texas Real Estate Market? As anticipated last year’s home buyers tax credits continue to skew the year over year and the YTD comparisons. In order to qualify for the home buyers tax credits, buyers had to be in contract by April 30th, 2010 and close by June 30, 2010. After the home buyers tax credits expired on April 30th, 2010, Spring Texas home sales fell like a rock because demand had been pushed forward. Pending Sales for June 2011 are up 30% over last year. The increase in pending home sales is misleading since it’s being compared to a month when sales were pushed forward.
With the comparisons out of whack due to last year’s artificial stimulation, the metrics we need to evaluate to determine what’s going on with the Spring Texas real estate market are:
Months of Inventory – Based on prior home sales activity and current active listings, the months of inventory is 7.9 months. More than six months of inventory is considered a buyers market.
Sale Prices - Year over year and YTD Sales prices for Spring Texas homes are down. Prices are not significantly down but they are still down.
The increase in the months of inventory and the decrease in homes sale prices have been directly impacted by the stringent lending requirements and the high unemployment rates. Both decrease the quantity of qualified buyers and exert downward pressure on prices.
Bottom line for Sellers: If your reason for selling your Spring Texas home is because you want to trade up to a larger home, then stay the course. Yes, you will not make as much money on the sell of your home as you would like but you won’t be paying as much for the home you are wanting to buy either. If your reason for selling is because you want to downsize, then take your house off the market and wait until the real estate market improves.
Bottom line for Buyers: If you are feeling confident about your future job employment, then now is a great time to buy a home. The lackluster growth in the economy and high unemployment rates is keeping interest rates at historical lows of 4.5% to 4.75% so you can afford more house. Plus with Spring Texas home prices you are getting a better deal than you would have a couple of years ago. Just don’t expect interest rates and home prices to continue to stay low. The economy will improve and interest rates will go back up. Exxon Mobil’s campus will increase housing demand and increase prices of Spring Texas homes.
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 a large geographic area stretching from I45 to Hwy 249 to Beltway 8 to Spring Cypress. 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 schedule an appointment.
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Spring Texas Real Estate: Market Report March 2011
April 20th, 2011 categories: Spring Texas Real Estate Market Reports
What’s going on with the Spring Texas Real Estate Market? Surprisingly, Sales are up 14% over last March and Sales YTD are up 2%. Due to the flurry of activity created by last year’s home buyer tax credits, a decrease in home sales is what was expected which is why an increase is so surprising. 
A 10% increase in the number of homes on the Spring Texas real estate market is putting pressure on home prices. As both the average sales price and the median sales price are in negative territory for the year. The good news is the decreases are not significant as they are less than 10%. Heading into the Spring selling season the months of inventory remain high at 7.5 months. putting the negotiating power firmly in the hands of home buyers.
Interest rates for 30-year home loans are still bouncing around increasing the need for buyers to lock their interest rates as soon as possible. Also impacting home loans is the increase by the FHA of the monthly mortgage insurance premium which took effect on April 18th. On a $150,000 home loan, the cost of an FHA loan increased by 28%.
I anticipate an increase in Spring Texas homes for sale next month as sellers have begun to come out in droves in anticipation of what hopes to be a busy summer selling season. If you are wanting to buy a home but not finding what you want, don’t despair because more inventory is on its way.
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.
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Spring Texas Real Estate: Market Report February 2011
March 23rd, 2011 categories: Spring Texas Real Estate Market Reports
What’s going on with the Spring Texas Real Estate Market? It can be summed up by saying “What one month giveth, the next month taketh away”. February home sales were down by 16% over the previous year. The decrease in home sales was enough to wipe out January’s increase resulting in a YTD decrease in home sales of 7%.
Comparing month over month or YTD sales for the Spring Texas real estate market are going to be misleading for the entire year of 2011. Due to the demand pushed forward by last year’s home buyer tax credits. This year the health of the Spring Texas real estate market needs to be evaluated based upon the months of inventory.
If the months of inventory increases, home prices will drop. If the months of inventory decrease, home prices will increase. The Spring Texas real estate market is starting off the year with 7.3 months of inventory which puts us in a buyers market.
Six months of inventory is considered a balanced market. More than 6 months of inventory is considered a buyers market and less than 6 months of inventory is considered a sellers market.
The advice I have for buyers is get out there now especially if you are getting a FHA loan. The interest rates for 30 year loans are still hovering a hair below 5% and if you have a house in contract before April 18th, you can avoid an increase in the monthly cost of FHA loans.
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.
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Spring Texas Real Estate: Market Report January 2011
February 9th, 2011 categories: Spring Texas Real Estate Market Reports
What’s going on with the Spring Texas Real Estate Market? Sales and pending sales are up over January 2010. Not significantly up but they are still up. Considering that last year at this time the Spring Texas real estate market was being artificially stimulated by home buyers tax credits an increase albeit a small one over January 2010 is significant.
Retailers holiday sales indicated an increase in consumer confidence and now we are starting to see the impact of the increase in consumer confidence in the real estate market. Tax credits were never the answer. The answer is and always will be JOBS. People are not going to empty their wallets unless they feel confident they will be able to keep earning money.
Last year we saw a lot of home sellers putting their houses on the market in hopes of capturing buyers out for tax credits.
This year we already have more inventory than we did last year AND we are a couple of months from “the season”. The advice I have for Spring Texas home sellers is put your house on the market now. The closer to the start of “the season’ its gets the more competition there will be. The competition is going to be tough so you better be ready to bring your “A” game.
The advice I have for buyers is get out there now. Yes, there may be more competition in a couple of months but there are plenty of homes to choose from now. Waiting may cost you more money as mortgage interest rates have increase over a 1/2% point in the last 6 months. Interest rates for 30 year home loans are hovering right around 5%.
Want more numbers? Check out past Spring Texas real estate market reports.
Want to learn how higher interest rates decrease your buying power? Watch this video.
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.
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