Spring Texas Real Estate Market Report – June 2012
What’s going on in the Spring Texas Real Estate Market? Our housing market is on a roll recording yet another monthly gain. Sales are up. Listing inventory is down. Average and median home prices are being pushed upward. Active listings remain below 1,000. June’s Days on Market dips to 70. We have a perfect storm for sellers with sales up, inventory down, and prices up. If you were thinking about selling your Spring Texas home, now is a GOOD time.
Listing inventory is down – If you are having trouble finding the right house to call “Home”, its because the listing inventory is low. In comparison to the same month last year, there were 27% fewer Spring Texas homes for sale on the market.
Months of Inventory – Months of inventory 37% lower month over year. A 27% decrease in active listings coupled with a 14% increase in home sales as pushed the months of inventory down to 5 months. Buyers are out and good listings are in demand.
Home prices – Average and median YTD prices are recording single digit gains. Listings in top condition are receiving full price offers and some listings are receiving multiple offers .
Days on Market (DOM) – Measured from the date a house is put on the market until the date it goes under contract. DOM helps to answer the question of “How long will it take before my house sells?” and for the month of June the answer was 70 days. The rush to make a housing transition before school starts is upon us and pushing the DOM lower for the month.
Mortgage Interest Rates – Rates on 30-year loans still remain ridiculously low. Our clients have been locking in interest rates of 3.375% and 3.5% on 30-year fixed rate conventional loans.
Low rental inventory – With months of inventory sitting at 1.3 months, the supply of single family home rentals is tight. Demand for homes to rent in Spring Texas remains strong with rental activity up 7% over last year. When you find a home you want to rent, quickly submit your application. If you delay, the home will no longer be available.
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 a large geographic area stretching from I45 to Hwy 249 to Beltway 8 to Spring Cypress.