The Houston Association of Realtors (HAR) has released the MLS statistics for the month of May 2008 for Area 13 which the majority of Area 13 would be considered Spring Texas.
The closed sales for May 2008 were 283 which was 10.4% less than a year ago. The quantity of active listings for Area 13 are 1,703 which is 8.6% less than a year ago. The average days on market (DOM) has experienced a significant increase of 27 days from the prior year to 95 days.
The decrease in closed sales is greater than the decrease in active listings which has resulted in an increase in inventory over the prior year. The months of inventory (absorption rate) for the Spring Texas real estate market is 7.0 months.
Traditionally less than 6 months of inventory is considered a sellers market and more than 6 months of inventory is considered a buyers market. Thus with 7 months of inventory, the Spring Texas real estate market is a buyers market. Its the ideal time for buyers to negotiate the best terms.
The increase in inventory means Spring Texas home buyers have to power to be choosey. So sellers if you are going to get your house sold this summer, you need to have it stand out amongst the competition. Extensive marketing, strategic pricing, and in great condition will have your home being the bride instead of the bridesmaid.
If you are thinking about purchasing a Spring Texas home, contact Jill Wente & Company and we will guide you through the entire home buying process. If you are thinking about selling, give us a call at 281.804.8626 to receive a FREE home price evaulation.
Jill was a pleasure to have as my real estate agent. Jill never left any questions unanswered and always responded... read moreJill was a pleasure to have as my real estate agent. Jill never left any questions unanswered and always responded promptly. She is highly knowledgeable in all aspects of real estate and helped out tremendously. She went over and above to achieve all my goals and I really appreciated it. I would highly recommend her over anyone else. I know from experience as I was able to sell my property stress-free with Jill. read less