Spring Texas Real Estate Market Report – June 2013
How’s the Spring Texas real estate market? The real estate market is on FIRE! Home sales are up 11% over the same month prior year and are up 13% YTD. If you waited to buy, you are wishing you hadn’t as the average home price is up 7% YTD. Listing inventory is down 32% YTD. Months of inventory is hovering around 3 months. The Spring Texas real estate market is predicted to be a sellers market until 2016 at which time supply is projected to meet up with demand.
Listing inventory remains low with less than 700 homes for sale. Listing agents are revamping their marketing strategy to maximize the possiblity of receiving multiple offers. Many Spring Texas houses are under contract within a week of being listed.
If you are thinking about upsizing, now is the time to list your Spring Texas home for sale,
Months of Inventory – inched up slightly to 3.1 months from May’s 2.9 months. Inventory levels are at ridiculously low levels that any increase in the supply of homes is good news for Spring Texas home buyers.
Home prices – Average and median YTD prices are up 7% YTD. Appraisers are having difficulty acknowledging the changing market which is causing some appraisals to come in below the agreed upon sales price. Sales Price to List Price is at 98%. If you are serious about purchasing a house, don’t even think about lowballing the sellers on price. Sales Price to List Price has inched up to 98% with a lot of homes selling at 100% of list price.
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 46. In June of 2012, the days on market was 73 days. Spring Texas homes in good condition and priced right are quickly going under contract.
Mortgage Interest Rates – Interest rates have moved upwards over the last 90 days. The rate for a 30 year conventional loan is around 4.5%. The days of 3% interest rates for 30 year loans are gone.
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.