Spring Texas Real Estate Market Report – March 2013
How’s the Spring Texas real estate market? The real estate market is HOT! Home sales are up 13% over the same month prior year and are up 10% YTD. Home prices are increasing. Listing inventory is down 32%. Months of inventory continues to drop. Buyers are out and are ready to purchase. The Spring Texas real estate market is predicted to remain HOT during the coming months.
Listing inventory sinks even lower to only 651 active listings. Smart buyers are making appointments to view new listings within the first day of the listing hitting the market. Many homes are receiving multiple offers within the first week of being added to the market. Multiple offers is a term we are frequently hearing and will continue to hear in response to a listing’s availability.
If you are thinking about listing your Spring Texas home for sale, do it now!
Months of Inventory – Declined even lower to 3.0 months. The Spring Texas real estate market is a sellers market. Sellers are driving the bus and dictating the terms of the sale. Over list or full price offers is what’s required to win in multiple offer scenarios.
Home prices – Average and median YTD prices are inching upwards. Some home sellers are running into low appraisals as appraisers are reluctant to recognize the increase in demand.
Days on Market (DOM) – Measured from the date a house is put on the market until the date it goes under contract. DOM on market for the month was 79. The average days on market for houses in the in demand subdivisions is less than a week. Don’t wait to view a Spring Texas house during its scheduled open house as many houses are going into contract before open house day.
Mortgage Interest Rates – Interest rates remain at historical lows but are beginning to creep upwards. The Mortgage Banking Association predicts interest rates may be above 4% by the end of 2013. To lock in the best interest rate, buy now.
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.