What’s going on with the Spring Texas Real Estate Market? Fueled by the last minute rush from buyers wanting to take advantage of the tax credits before there expiration on April 30th, home sales for the month were 27% higher than April 2009. While the prior year’s month over month showed a significant increase, there was no corresponding increase over the prior year’s YTD sales figure.
The YTD average sales price and median sales price are slightly higher but not due to price appreciation. The increase is attributable to a shift in the distribution of home sales with a larger percentage of the sales occurring at the higher price ranges. Months of inventory which is the quantity of time it would take for all the homes currently on the Spring Texas real estate market to sell based upon prior sales activity is 6.o months. Six months of inventory is considered to be a balanced market with neither buyers nor sellers having the upper hand.
Homes in the over $400,000 price range are still suffering from a buyer’s market with months of inventory in the 8 to 10 months range. The home buyers tax credits spurred activity in the lower price ranges but had little to no impact on the upper price ranges.
You can expect to see a significant decrease in pending home sales for May versus April. As we have experienced a signficant decrease in showing activity since the end of April. It will be interesting to see what the YTD home sales figures are in September. Until then, we won’t be able to determine if the tax credits fueled a true increase in home sales or merely pushed up the timing of home sales.
Want more numbers? Check out past Spring Texas real estate market reports
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 Texas mailing address
Jill Wente was our realtor when we recently sold our home in Spring, TX. Jill's name was frequently seen... read moreJill Wente was our realtor when we recently sold our home in Spring, TX. Jill's name was frequently seen on for sale signs in our neighborhood and my wife decided that her research said Jill was who we should use.We met with Jill about one month before we were ready to list the property and Jill was very willing to speak with us and go through what she felt were the appropriate things that a home owner should be doing. She also had multiple home sales in the area and told us where she thought we should price our home. In addition Jill went through the entire home and gave us instructions on what needed to be done in order to make our home the most attractive. Before the home was put on the market, with a "coming soon" sign in the front yard, we had showing and offers. After the initial open house, we had 4 offers and selected one. The offers were at asking price or above. Unfortunately, the people who made the original offer we accepted, were not able to get their financing, but this didn't stop Jill. We kept the earnest money and relisted and immediately had 3 new listings, including the original family who opted out. After several discussions, we agreed to offer the home to the original family again, but included at Jill's recommendation very high earnest money requirements which the family accepted. The purchase went through and we set closing, moving out of our home to a new home near Austin, TX. Unfortunately during the move out, a leak developed in the laundry room and Jill found this. She immediately called us and we left everything in her capable hands as we were out of town. She contacted a plumber, had the pipe repaired, contacted a remediation company to dry the house, and another contractor to repaint the damaged areas. Jill also delayed the closing in order to get everything done. Jill was able to take a horrible experience and make everything right. She is the best realtor we have used and we have had at least 8 moves using 15 different realtors in the past. read less