Spring Texas Real Estate Market Report – July 2013
How’s the Spring Texas real estate market? The real estate market is booming. Although home sales and average home prices for the month of July were about even with June, YTD sales are up 9% and YTD average home prices are up 8%. Listing inventory increased by 2% for the month while inventory is down 31% YTD. Months of inventory remained relatively unchanged at 3.1 months.
Listing inventory increased by 15 listings. Any increase no matter how small is appreciated by Spring Texas home buyers. We are working with numerous buyers who are ready to purchase as soon as the right house comes on the market.
Months of Inventory remained relatively unchanged for the month. Sitting at 3.1 months of inventory, the Spring Texas real estate market is firmly in a sellers market. Houses that are aggressively marketed and priced right are going under contract within a few days.
Home prices – Average and median YTD prices are up 8% and 9% YTD, respectively. 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. The best homes are selling at 100% of list price and have 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 on market for the month was 44. Spring Texas houses are going under contract 36% faster than they were in July of 2012.
Mortgage Interest Rates – Interest rates remained relatively unchanged over the last month. The interest rate for a 30 year conventional loan remains around 4.5%.
If you are need of a Spring Texas Realtor to list your house, give us a call at 281.804.8626. Our marketing strategy is designed to create multiple offers in a quick time frame.
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.