Spring Texas pending home sales jump 50% week over week. That’s right 50% week over week. Declining mortgage interest rates have buyers out shopping and buying. Mortgage interest rates have declined 1% since October 2023. Buyer demand has not only eaten up all the new listings it also has taken a bite out the total active listings. Months of inventory ticked down from 2.4 to 3 months. Six months of inventory is considered a balanced market. Less than six months is considered a sellers market.
Mortgage interest rates are expected to further decline in 2024 and as they do buyer demand will heat up and the race will be on. For those buyers who are waiting until 30 year mortgage interest rates are in the 2% range … Fugeddaboudit. Those rates were a fluke brought on by an economic event that we hope will never be duplicated.
Here’s the stats to know about the Spring Texas real estate market:
Average Sales Price to List Price – 97.7% Median Sales Price to List Price – 98%
Average Days on Market – 52 Median Days on Market – 43
Average Sales Price – $374,303 Median Sales Price – $316,066
Average Price Per Square Foot – $157.29 Median Price Per Square Foot – $146.13.
Wondering how the real estate market is doing in your Spring Texas neighborhood? Or wondering how much home equity you have built up after the last couple of years? Reach out to Jill Wente, Realtor for answers to all your real estate questions.
Market stats are from the Houston Association of Realtors for Spring Texas for properties classified as single family homes for the week of January 16 – January 22, 2024