The health of the Spring Texas real estate market can be determined through the evaluation of the key indicators of months of inventory, sales price to list price, average sales price, and days on market. The number of months of inventory tells you who’s in control of the market. Six months is considered a balanced market. More than six months is a buyers market. Less than six months is a sellers market. Months of inventory for the Spring Texas real estate market is 1.5 months. Low inventory has sellers in control of the negotiations.
Looking for a deal? Wondering how much of a discount off the sales price the sellers will agree to? The sales price to list price ratio helps establish expectations. The sales price to list price average was 98% and the median was 99%. 46% of homes sold at 100% or greater than the list price. Some homes did sell for significantly less than 99%. The sales price to list price ratio is one component of your overall negotiating strategy when purchasing a Spring Texas home.
The average sales price was $361,952. Last week’s average sales price was $388,806. Reviewing the average sales price on a week by week basis can be misleading as trends occur over longer periods of time. Low inventory keeps home prices higher. As inventory increases prices will drop as sellers have more competition and use price to differentiate their product.
Average days on market was 65 with the median days on market coming in at 32. Days on market measures from the time a house is listed on the market until the property goes into contract. Short days on market is an indicator of demand. More demand fewer days on market.
The numbers for the national real estate market provide a high level overview of the health of the real estate market. When it’s time to get serious about 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 February 28 – March 6, 2023