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.
This agent is nothing short of spectacular!! Me and my wife first met Jill on the sale of our first... read moreThis agent is nothing short of spectacular!! Me and my wife first met Jill on the sale of our first house. She was completely involved in all the details and aspects of the sale, from proper presentation to market analysis. Her patience and ability to explain the complex issues and simplfy them were a great help to us in understanding the process as a whole and thus relieving much of the stress and worry that comes with such a sale.
Her meticulous attention to detail in not only the home itself but also its web presence directly led to the immediate sale of our home in the first week it was listed.
I highly recommend Jill Wente. She is the agent we are all always looking for!!! read less