Spring Texas Real Estate Market hits highest level of inventory in 2023 with 1.9 months. If you have been on the sidelines due to intense competition or lack of choices, now is the time to restart your home search. New listings increased 5% week over week. Sellers are feeling summer getting away from them as they rush to get their homes on the market. The number of homes under contract are remaining constant.
The number of homes sold last week skyrocketed 30% over the prior week. The last week of the month always has the most closings of any week of the month. The main driver for month end closings is due to the majority of rental leases terminate at the end of the month. Buyers are attempting to minimize the amount of time they are paying for two places increasing the number of month end home sales.
If you are wondering how long it will take your Spring Texas home to sell, the good news is not long. The average days on market is 41 and the median days on market is 13.
What’s the best way to price your house for the real estate market to net the highest return? Do you price it higher to give you room to negotiate with the buyer? The best home pricing strategy is to price it for the market. You do this by reviewing the latest similar home sales and consider the natural search price breaks on real estate websites. For instance, if you are deciding between pricing your home at $405,000 or $400,000, price it at $400,000. Real estate websites have a natural price break at $400,000. Pricing at $400,000 will have your listing exposed to buyers searching up to $400,000 and for buyers starting their search at $400,000. Pricing at $405,000 reduces the amount of exposure for your listing.
Sales price to list price ratios remain high at the average and median of 99% and 100%, respectively. Average sales price exploded last week coming in at $448,625. The inflated average was caused by a higher number of more expensive homes being sold last week. The median sales was $299,900 which is where the median sales prices have been hovering for months. The median price per square foot was $154.45 with the average price per square foot being 161.22.
Wondering how your Spring Texas neighborhood is faring? Reach out to Jill Wente, top rated Spring Texas real estate agent to discuss if now is the right time for you to make a move.
Market stats are from the Houston Association of Realtors for Spring Texas properties classified as single family homes for the week of June 27 – July 3, 2023
