Spring TX Real Estate: Market Report November 2009
How’s the Spring TX real estate market? Are the YTD numbers still down compared to 2008? Is the market getting any better?
The Spring TX real estate market is still down compared to 2008 but in comparison to the first of the year the numbers are showing some significant improvement.
November 2009 YTD:
- Sales are 2,090 – down 11.6%
- Pending Sales are 985 – down 16.5%
- Active Listings are 804 – down 21.1%
- Months of inventory is 5.7 – down a full month or 15%
In comparison to the February YTD sales being down 29.8%, our November number of sales down 11.6% is an extreme improvement. A similar improvement is seen in the pending sales as the February YTD pending sales were down 33.5% while the November pending sales were only down 16.5%.
The good news continues with 21.1% less homes on the market this year than last year. Less homes on the market coupled with decent sales has reduced the months of inventory to 5.7 months and a return to a more balanced market between buyers and sellers.
The bad news is not all price points in the single family resale market are experiencing a return to a more balanced market. There are plenty of homes for sale at the $400,000+ price point with the months of inventory ranging from 9.6 to 22 months.
The extension and expansion of the home buyers tax credit coupled with low mortgage interest rates should continue to help the Spring Texas real estate market improve in 2010. Home sales in the $400,000+ price range will continue to struggle until the economy improves, unemployment declines, and consumer sentiment strengthens.
For more numbers, check out the Real Estate Market Reports category.
The data represented is from the Real Estate Center at Texas A&M University and the Houston Association of Realtors MLS for single family 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. A good portion of the houses in MLS area 13 have a Spring TX mailing address