Spring TX Real Estate: Market Report July 2008 – What’s going on with the Spring TX Real Estate Market?
• Decrease in closed sales. The 2008 YTD closed sales for MLS area 13 was 1,629 which is a decrease of 14.6%.
• Decrease in single-family median homes price of 1.8%. Even though the Spring Texas Real Estate market is experiencing a decrease in closed sales the GOOD NEWS is that our home prices are still remaining stable with only a small decrease over 2007.
• Spring Texas homes remain affordable. At $143,400, our area’s single-family median home price is over 30% less than the national median explaining why Spring Texas homes were ranked #14 for affordability.
• Increase in Days on Market (DOM) from 72 to 90. With fewer buyers in the market and plenty of homes to choose from, sellers are having to wait longer in 2008 before getting that contract. With fewer motivating factors to create a sense of urgency, buyers are content to look longer and be more choosy in their home selection. The staged homes that are priced right go fast the rest just lanquish on the market.
• Increase in months of inventory from 6.2 to 6.8 months. A 14.6% decrease in closed sales coupled with a 3.5% decrease in active listings of homes on the market equals an increase in months of inventory.
• Average Sales Price to List Price is 97%. The Sales Price to List Price has remained unchanged from 2007 to 2008. In 2008, we are seeing more houses go through several rounds of price reductions before they eventually sell for the average S.P. / L.P. of 97%. This does nothing but increase the days on market for the seller. If Spring Texas home sellers set their prices to match the market in the beginning, they will experience less inconvenience because the DOM will be shorter.
If you are thinking about selling your Spring Texas home, contact Jill Wente at 281.804.8626. If you are considering purchasing a home, Spring Texas Realtors will guide you through the entire home buying process.
I am an Escrow Officer for Texas American Title-The Woodlands. I have had the pleasure of partnering with Jill... read moreI am an Escrow Officer for Texas American Title-The Woodlands. I have had the pleasure of partnering with Jill Wente on several real estate transactions. Her attention to detail and knowledge of the real estate industry are top notch! She is honest, straight forward, organized, and completely in tune with each of her transactions. She asks questions and truly listens to the information given to her and applies it in her future transactions. She is wonderful to work with and proves in each transaction that her top priority is that her clients are given the best customer service and are comfortable with each step of the process. She works proactively rather than reactively, and prepares herself for any questions her clients may have during the process, and does so before the question arises. Her clients are lucky to have her on their side! I look forward to any and all opportunities I have to partner with Jill in the future. read less