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.
Jill is amazing and by far the best realtor I have ever worked with and if I could give her... read moreJill is amazing and by far the best realtor I have ever worked with and if I could give her 100 stars I would. I listed my home with Jill after having a bad experience with a very well known agency that advertises their ability to sell your home fast - which is what we needed and what they did not do.
I think what is most important to know if you are looking to hire a realtor is that the other company had my home on the market for weeks with minimal showings and no offers. With no major changes to the home Jill had my home on the market for TWO days and we ended up with NINE offers - the house closed in 21 days at a price above list price!
Jill was able to do this because she is a consummate professional, she has developed a process from your initial meeting to the closing that is stellar. Her level of service is extraordinary and going above and beyond seems to be her standard operating practice.
I highly recommend Jill if you are looking to hire a realtor!!! read less