Last week’s dip in the 30 year mortgage interest rate had no impact on the Spring Texas real estate market. Total number of homes available for sale remain unchanged. Months of inventory of 2.6 remains unchanged from last week. New listings declined 19%. Seasonality has come into play. Homeowners are gearing up for the holidays and will wait until the new year before listing their home.
Are you thinking about taking your home off the market during the holidays? Do you have a need to sale? If so, leave your home on the real estate market. This time of year is when we typically have the lowest amount of competition. One thing I can tell you with certainty is your house will not sell if it’s not on the market.
Are you thinking about waiting for the interest rates to drop before buying? If you wait until the mortgage interest rates drop you will be competing against more buyers. More competition will drive up home prices and you will pay more for your Spring Texas house. You can get the best deals purchasing a home in the 4th quarter of the year. With fewer buyers, sellers are willing to negotiate more. Sellers willingness to negotiate shows up in the average sales price to list price ratios which for the week was at 98%. Earlier in the year the average list price to sales price ratio was 100%.
Here’s the need to know numbers on the Spring Texas real estate market:
Average Sales Price to List Price – 98% Median Sales Price to List Price – 97.8%
Average Days on Market – 56 Median Days on Market – 36
Average Sales Price – $363,502 Median Sales Price – $285,000
Average Price Per Square Foot – $146.56 Median Price Per Square Foot – $141.38
How’s the real estate market in your Spring Texas neighborhood? Reach out to Jill Wente, Spring Texas Realtor 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 November 7 – November – 13, 2023
