Summer selling has arrived! New listings added to the Spring Texas real estate market catapulted 35% week over week. Homes under contract dropped 5%. Total homes available jumped up by 7.7%. Buyers have the highest quantity of homes of homes to choose from in all of 2023. Months of inventory grew to 1.7.
Mortgage interest rates are lower than Q4 2022. The 30 year conventional rate is sitting at 6.5% with FHA and VA rates sitting at 6.0%. According to Goldman Sachs, 99% of borrowers have a mortgage rate lower than 6% (or the current market rate). Of those, 28% locked in rates at or below 3% and 72% locked in rates at or below 4%. Inventory levels will remain low while mortgage interest rates are high.
2023 is the year of the missing move-up buyer. The buyers are sellers of 2023 are doing so because of life events such as divorce, death, marriage, job, relocation, or investment. These buyers and sellers have true needs versus the wants of the move-up buyer.
The median and average sales price to final list price is 100% and 99%, respectively. Sellers are not accepting “low ball” offers. The initial list price may be a stretch for the market but the sellers are not going to accept a ridiculous offer when its just been listed. They will wait and see how the market responds and then after 30 days on market a price adjustment will occur.
Homes are quickly going under contract. Last week the average days on market was 34 and the median days on market was 17.
The average sales price came in at $402,530. The average sales price has been hovering in the $400-$410k price range recently. Prices are not declining. If you are sitting on the sidelines waiting for Spring Texas home prices to retreat, you are costing yourself money. The average price per square foot is $145.93 and the median price per square foot is $137.47
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 for the information to help you make sound financial housing decisions.
Market stats are from the Houston Association of Realtors for Spring Texas properties classified as single family homes for the week of June 6 – June 12, 2023
