With the February 2009 numbers of home sales down 30% and median sales price down 16%, the Spring Texas real estate market was off to a frightening start. The 8.5% of the Houston Realtors who decided not to practice real estate at the end of 2008 were starting to look like the smart ones in the room.
As we progressed further into the year, our government finalized a first-time homebuyers tax program and a program to purchase mortgage backed securities keeping interest rates at record lows plus the stock market began to recover. All of these events combined helped the Spring Texas real estate market to end the year signficantly stronger than how it began.
With home sales (2,288) being down 11% and the median home price ($137,000) being down 2.5% from 2008, the real estate market for 2009 was not great. Its all relative though because if you compared our market to real estate markets in other parts of the country, our market fared significantly better.
What should you expect from the Spring Texas real estate market in 2010?
How will 2010 compare to 2009? In the end the total numbers of homes sales will show a slight increase over 2009. The median sales price will also experience an increase as more homes will be sold in the higher price ranges as the economy improves.
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
There is not a better realtor than Jill Wente. Jill goes way above and beyond for her clients and provides... read moreThere is not a better realtor than Jill Wente. Jill goes way above and beyond for her clients and provides a first class service. Always professional, knowledgeable and has incredible integrity and her work ethic can’t be matched. read less