Median days on market jumps to 55 days. As mortgage interest rates have risen so have days on market. Homes that before would have been under contract in hours are now taking days, weeks, months. Understanding the Spring Texas real estate market gives you the power to make sound financial decisions. Days on market, months of inventory, sales price to list price ratios are all real estate market indicators that need to be interpreted on a local market level. Today’s Spring Texas real estate market is not last years market nor is it last month’s market nor is it Los Angeles California’s market nor is it the market that you sold a home in 10 years ago. Whether you are buying or selling ask your Realtor® to educate you on the market. If your Realtor® is unable to educate you on the market, then you need to find yourself a different Realtor®.
New listings showed little change. Homes under contract dropped 12%. Last week we experienced numerous days of monsoon rains which impacted sales. Buyers won’t risk their lives to view homes in treacherous weather conditions. Months of inventory ticked up from 1.5 to 1.6 months. Six months of inventory is considered a balanced market. 1.6 months of inventory is considered a sellers market. Sellers are willing to negotiate but the majority of them are not desperate and submitting an offer at 90% of the list price is a waste of your time and the sellers time.
Here’s some good news for buyers. The average sales price to list price is 98%. If you were tired of all the bidding wars and tired of going higher and higher, now is a good time for you to negotiate a discount. But not all houses are on sale. Last week 37% of the Spring Texas homes sales sold at 100% or more of the list price. Coming in at $366,711 the average home sales price is 1.3% less than last week.
National real estate market numbers and averages provide a broad brush stroke of the real estate market. When you really want to know what’s going on with the Spring Texas real estate market, reach out to a local expert. I’ve been a Spring Texas Realtor for 20 years and I’m dialed into the market. If you have questions, reach out to me, Jill Wente, I’m happy to answer your questions.
Market stats are from the Houston Association of Realtors for Spring Texas properties classified as single family homes for the week of January 31 – February 6, 2023
