Spring TX Real Estate: Market Report May 2009
The latest MLS numbers for the Spring TX real estate market have been released and the months of inventory are showing a return to a balanced buyers and sellers market. Last May our real estate market favored the buyers with 6.9 months of inventory. We had plenty of homes for buyers to choose from and the buyers had the upper hand in the negotiations.
Fast forward a year and the historically low interest rates combined with a first time homebuyers tax credit has brought the Spring TX real estate market back into balance with 5.8 months of inventory.
Homes in the $190,000 or less price range continue to do well as the first time home buyers are out in the market determined not to let the opportunity to get $8,000 in free money for buying a home pass them by.
The influx in first time home buyers are creating more multiple offer scenarios in the lower price ranges than we have seen in some time.
Days on market remains steady at 95 days year over year and sellers are not signficantly negotiating off the list price as the sales price to list price is 96%.
New home builders in the Spring TX area have scaled back their quantity of available inventory homes causing new home buyers to scramble and pushing some of these buyers back into the resale home market.
I predict we will continue to experience strong sales in the first time home buyers price range until the expiration of the first time home buyers tax credit on December 1, 2009. Look for October and November to deliver a last minute rush from the first time homebuyers who have finally managed to save the monies to meet the FHA’s minimum down payment requirement of 3.5%.
The data represented is from the Houston Association of Realtors MLS for 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.