The Spring selling season is in full gear with new listings rising 37% over last week. With only 1.4 months of inventory, its the sellers who are in control of the Spring Texas real estate market . Six months of inventory is considered a balanced market. More than six months of inventory is considered a buyers market. Less than six months of inventory is considered a sellers market.
If you are thinking you are going to score a big discount, think again. Low inventory has increased the number of multiple offers received over Q4 of last year. The median sales price to list price is 100%. The highest sales price to list price was 114% and the lowest sales price to list price was 89%. Median days on market was 18 with average days on market was 46. Days on market is the length of time measured from the day the house was listed to the day the house went under contract.
The average sales price is $393,100 which is the level its been hovering at for the last couple of weeks. Low inventory continues to plague the Spring Texas real estate market. We are starting to see some sellers rethink their housing and financial goals. They are selling their larger homes cashing out the equity and purchasing a less expensive property. We are seeing an increase in the number of cash transactions due to this strategy.
When you want to know what’s going on with the local 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, Realtor® @ 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 April 11 – April 17, 2023