New listings coming onto the Spring Texas real estate market plunged 37% week over week. Don’t sound the alarms. The drop is new listings was anticipated. The week of Spring Break historically experiences a decrease in new listings. Homeowners are enjoying the week with their families as others use the week to get their homes ready for the market. Homes under contract dropped 15%. Don’t sound the alarms. Drop in home sales is due to the same reason. Buyers had other priorities last week.
Total listings dipped 9% week over week. Consistent buyer demand and a plunge in new listings dropped months of inventory to 1.4 months. Less inventory and consistent buyer demand mean buyers had to write stronger offers to secure the home of their dreams. Last week 55% of the sold homes were sold at 100% or above of its list price.
Average sales price was $392,000 up from the prior week’s sales price was $345,878. The median sales price to list price was 99%. Multiple offers are not a thing of the past. Low inventory will continue the need for buyers to heavily compete. Buyers first offer needs to be their best offer as they may not receive a chance to improve it.
The numbers for the national real estate market provide insight into the real estate market as a whole. 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, Jill Wente @ 281.804.8626
Market stats are from the Houston Association of Realtors for Spring Texas properties classified as single family homes for the week of March 14 – March 20, 2023
