The Spring selling season is HERE. New listings hitting the Spring Texas real estate market jumped 64% week over week. With Spring Break being the week before which is historically a lower listing week, the week over week increase is inflated but still is an indicator of the start of a strong selling season.
Months of inventory remains low at 1.4 months. Spring Texas continues to be a sellers market. Homes priced right for the market and strategically marketed are generating multiple offers. Low inventory is forcing buyers to make their first offer their best offer as they may not have a second chance. Buyer demand absorbed the majority of the increase in new listings resulting in a minimal increase in total listings of 1.3%
The average sales price of $382,366 was relatively unchanged from the prior week of $392,000. The average sales price was 98.5% of the list price. Buyers are becoming more concerned with purchasing the right home in the right location knowing that they can refinance when the mortgage interest rates decline.
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 21 – March 27, 2023