For the third week in a row, the Spring Texas real estate market continues its trend of higher inventory. With the inventory at its highest level of 2023, buyers are feeling the loosening of the sellers stranglehold on negotiations. But this is not the time for the low ball offers. As six months of inventory is a balanced market and with this weeks inventory at 2.2 months we are still in a strong sellers market.
Homes under contract and new listings both experienced decreases last week. This is typical market activity for the start of the school year. As families get into their school routines, the real estate market takes a breather for a couple of weeks.
What should you expect for the Spring Texas real estate market as it heads into Fall which is weird to say considering 100 degree days are forecasted for the next week?
The Fall real estate market will experience a weakening in housing demand due to higher interest rates. Higher interest rates coupled with seasonality will increase days on market. Months of inventory will grow slightly. Due to low inventory levels housing prices will remain stable. The Fall real estate market will be driven by the 7 D’s of real estate: Death, divorce, diamonds, d’relocation, downsizing, debt, and diapers.
Low mortgage interest rates enticed people to upsize their lives. Now that 92% of the homeowners have a mortgage interest rate below 6%, the enticement to upsize is gone. The 7 D’s of the real estate market will always remain.
Here’s the need to know numbers on the Spring Texas real estate market:
Average Sales Price to List Price – 99% Median Sales Price to List Price – 100%
Average Days on Market – 28 Median Days on Market – 14
Average Sales Price – $360,735 Median Sales Price – $317,000
Average Price Per Square Foot – $149.84 Median Price Per Square Foot – $150.22
Market averages are approximately 30 days behind the current market. Average Days on market for the homes that went under contract last week was 32.
Market stats are from the Houston Association of Realtors for Spring Texas properties classified as single family homes for the week of August 8 – August 14th, 2023