Months of inventory sits at 1.5 months for the second week in a row. Total listings on the Spring Texas real estate market minimally increased by 1.8%. The debt ceiling crisis pushed mortgage interest rates higher last week causing some buyers to push the pause button on their home buying decisions.
Graduations, end of school events, and memorial day weekend are all behind us. It’s the time of year where people who want to make a move between school years put their plans into action. Expect new listings and home sales to increase over the next month. With low levels of inventory, sale price to list prices will creep closer to 100%. Last week the average sales price to list price ratio was 99% and the median was 100%. Average days on market dropped to 43 with median days plunging to 8 days. Buyers when you find the right house to call home put an offer in on it. 50% of the homes that sold last week went under contract in less than 8 days. I’m certain a lot of those homes received multiple offers.
Last week the average sales price for a Spring Texas home was $431,984 and the median sales price was $329,000. The median sales price increased 2.8% over last week. The median sales price is a better market indicator as there were several higher priced homes sold last week pushing the average sales price higher.
When you want to know what’s going on with the Spring Texas real estate market, reach out to a local Spring Texas Realtor for invaluable market insight. If you have questions about the market, 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 May 23 – May 29, 2023
