Archive for the 'Spring Texas Real Estate Market Reports' Category
Spring Texas Real Estate 2009 – Year in Review
January 15th, 2010 categories: Spring Texas Real Estate Market Reports | views
With the February 2009 numbers of home sales down 30% and median sales price down 16%, the Spring Texas real estate market was off to a frightening start. The 8.5% of the Houston Realtors who decided not to practice real estate at the end of 2008 were starting to look like the smart ones in the room.
As we progressed further into the year, our government finalized a first-time homebuyers tax program and a program to purchase mortgage backed securities keeping interest rates at record lows plus the stock market began to recover. All of these events combined helped the Spring Texas real estate market to end the year signficantly stronger than how it began.
With home sales (2,288) being down 11% and the median home price ($137,000) being down 2.5% from 2008, the real estate market for 2009 was not great. Its all relative though because if you compared our market to real estate markets in other parts of the country, our market fared significantly better.
What should you expect from the Spring Texas real estate market in 2010?
- New construction – Flat. Metrostudy expects about 18,000 new homes to be built in the Houston area which is the same number as 2009. New homes levels will be at 65% of 2006 when 51,000 homes were built.
- Interest rates – Low through Q1 then increase. Interest rates are generationally low. They will continue to hover in the low 5 percent range while the government continues its commitment to purchase mortgage backed securities. At the conclusion of the program which is anticipated to be the end of March, the interest rates will begin rising. They will end the year around the mid to upper 5 percent range.
- Hottest price ranges – $400,000 or less. During the first half of the year, the hottest price ranges will mirror 2009 which were homes priced at $400,000 or less. After the homebuyers tax credit programs end on June 30th, I predict the lower price ranges will still be the drivers of the market. The economy along with higher paying jobs are required before we will see an increase in sales activity at the upper price ranges.
- Home prices – Stable. Less new homes will favor the resale market. The less competition will keep prices stable and provide upwards pressure.
- Whose market? Buyers or Sellers? – Dependendent upon the price range. $200,000 or less price ranges the sellers will have a slight upper hand in the market, $200,000 to $400,000 will be a balanced market, and $400,000+ will be a buyers market.
How will 2010 compare to 2009? In the end the total numbers of homes sales will show a slight increase over 2009. The median sales price will also experience an increase as more homes will be sold in the higher price ranges as the economy improves.
For more numbers, check out the Real Estate Market Reports category.
The data represented is from the Real Estate Center at Texas A&M University and the Houston Association of Realtors MLS for single family existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress. A good portion of the houses in MLS area 13 have a Spring TX mailing address
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Spring TX Real Estate: Market Report November 2009
December 15th, 2009 categories: Spring Texas Real Estate Market Reports | views
How’s the Spring TX real estate market? Are the YTD numbers still down compared to 2008? Is the market getting any better?
The Spring TX real estate market is still down compared to 2008 but in comparison to the first of the year the numbers are showing some significant improvement.
November 2009 YTD:
- Sales are 2,090 – down 11.6%
- Pending Sales are 985 – down 16.5%
- Active Listings are 804 – down 21.1%
- Months of inventory is 5.7 – down a full month or 15%
In comparison to the February YTD sales being down 29.8%, our November number of sales down 11.6% is an extreme improvement. A similar improvement is seen in the pending sales as the February YTD pending sales were down 33.5% while the November pending sales were only down 16.5%.
The good news continues with 21.1% less homes on the market this year than last year. Less homes on the market coupled with decent sales has reduced the months of inventory to 5.7 months and a return to a more balanced market between buyers and sellers.
The bad news is not all price points in the single family resale market are experiencing a return to a more balanced market. There are plenty of homes for sale at the $400,000+ price point with the months of inventory ranging from 9.6 to 22 months.
The extension and expansion of the home buyers tax credit coupled with low mortgage interest rates should continue to help the Spring Texas real estate market improve in 2010. Home sales in the $400,000+ price range will continue to struggle until the economy improves, unemployment declines, and consumer sentiment strengthens.
For more numbers, check out the Real Estate Market Reports category.
The data represented is from the Real Estate Center at Texas A&M University and the Houston Association of Realtors MLS for single family existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress. A good portion of the houses in MLS area 13 have a Spring TX mailing address
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Spring TX Real Estate: Market Report September 2009
October 14th, 2009 categories: Spring Texas Real Estate Market Reports | views
How’s the Spring TX Real Estate market? According to the recently released September 2009 data, our real estate market is still chugging along and continues to show improvement over 2008.
For those of you who don’t remember last September Hurricane IKE barreled through our area and brought all real estate sales activity in the Spring Texas area to a screeching halt. Thus comparing September 2008 to September 2009 shows skewed numbers.
For a more accurate representation of how the Spring TX real estate market is fairing I am comparing September 2008 YTD to September 2009 YTD. Area 13 single family home sales are 1,683 (16.7% less than the prior year) and active listings are 1,103 (33% less than the prior year). The larger decrease in active listings than the decrease in sales has created a decrease in the months of inventory by 1.1 months. With the months of inventory sitting at 5.7 months, our real estate market has shifted from being a buyer’s market to a more balanced market.
Unfortunately a balanced market has not returned to all price ranges. Homes in the $400,000+ price ranges are firmly in a buyer’s market as months of inventory is 10+ months. First-time home buyers are still the driving force in the real estate market as the months of inventory in the $100,000 to $170,000 price ranges are between 4.6 and 5.5 months. At 87, the days on market is not showing any significant change from the prior year of 89 days. Sellers are not desperate to sale as the Sales Price to List Price is holding steady at 97%.
I am predicting the Spring TX real estate market to continue to improve through out the remainder of the year. If the first time home buyers tax credit is NOT extended, the months of inventory for the $100,000 to $170,000 price range will increase and the market will shift from a sellers market to a balanced market.
For more numbers, check out the Real Estate Market Reports category.
The data represented is from the Real Estate Center at Texas A&M University and the Houston Association of Realtors MLS for single family existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress. A good portion of the houses in MLS area 13 have a Spring TX mailing address.
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Spring TX Real Estate: Market Report August 2009
September 16th, 2009 categories: Spring Texas Real Estate Market Reports | views
Its numbers time again as the latest stats for the Spring Texas real estate market have been released. For those of you who don’t like numbers and think they are boring, you have my permission to be excused from reading this post and to go off and search homes for sale instead.
For everyone else, let’s get back to the numbers and find out how the Spring Texas real estate market is doing. In comparison to February 2009, the real estate market is doing better and continues to improve as the year progresses. But the real estate market is still down from last year with 20% less units sold than in 2008.
Homes in the uppper price ranges (over $400,000) continue to struggle as the buyers are just not out there and inventory remains high at 8+ months. The move up buyers continue to sit on the sidelines and are waiting to feel better about the economy and the unemployment rate.
Currently its the first time homebuyers and relocation buyers that are the drivers of the Spring Texas real estate market. With the fast approaching expiration date of the tax credit on November 30th, the first time homebuyers have a sense of urgency to make a decision and seem willing to make concessions in their criteria in order to meet the deadline.
Recently I have been bombarded by emails from the National Association of Realtors, Texas Association of Realtors, and Houston Association of Realtors all asking me to contact my Congressmen and urge them to expand and extend the first time homebuyers tax credit before the November 30th expiration date. As a Realtor who relies on buyers and sellers to make a living supporting an extension of the tax credit seems like a “no brainer”. But as a taxpayer and a U.S. citizen I have to ask when does a good thing become too much of a good thing?
For more numbers, check out the Real Estate Market Reports category.
The data represented is from the Houston Association of Realtors MLS for single family existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress. A good portion of the houses in MLS area 13 have a Spring TX mailing address.
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Spring TX Real Estate: Market Report July 2009
August 18th, 2009 categories: Spring Texas Real Estate Market Reports | views
The further into the year we get the better the Spring Texas real estate market gets. The year over year percentage decreases continue to decline as we continue our climb to the return of a normal market.
Our real estate market still has a way to go but the chart shows you the dramatic improvements it has made since the first of the year.
Houses in the under $200,000 price range continue to be where the most buyer activity is occurring. This comes as no surprise since the under $200,000 price range is being fueled by the first time homebuyers tax credit.
If your house falls in the lower price range and you are thinking about selling it, now is the time. There are still first time homebuyers in the real estate market wanting to take advantage of the tax credit but waiting on the right home. You need to hurry though because the first time homebuyers tax credit credit expires on December 1st, 2009 and this price range is bound to take a breather.
Spring Texas houses in the $400,000+ price range continue to sit and sit as the buyers are missing in action. Prices are still stable at the upper price ranges as sellers seem to be content with waiting until the buyers return.
If you love numbers like I do, check out the Real Estate Market Reports category to get your fill.
The data represented is from the Houston Association of Realtors MLS for single family existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress. A good portion of the houses in MLS area 13 have a Spring TX mailing address.
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Spring TX Real Estate: Market Report June 2009
July 15th, 2009 categories: Spring Texas Real Estate Market Reports | views
What’s going on in the Spring TX real estate market? Some of our numbers look very different than last year and some numbers are eerily similar.
In the very different category is the quantity of active listings on the real estate market in June of 2008 versus June 2009. In June of 2008, there were 1,710 active listings. Fast forward a year and there are 1,105 active listings which is 35% less than the previous year.
As a listing agent, I have certainly seen the decrease in listing activity this year. Last year during the summer months my farm territory had approximately 5% of its homes on the market. This year the active listing are sitting at 1%.
Also in the very different category is the quantity of months of inventory. Last year the months of inventory was 7.2 while this year it is 5.9. In 2008, the buyers were in the drivers seat and their offers reflected their stronger negotiating position. This year we are experiencing a more balanced market and with it the return of more reasonable and less demanding buyers.
Now for those eerily similar numbers, June 2008 Sales were 247 and June 2009 Sales were 243. A miniscule four less home sales versus the previous year.
Where are all the buyers? A look at the numbers reveals no real surprises. The buyers fueling the Spring TX real estate market are the first time home buyers. They understand what a great deal the $8,000 first time homebuyer tax credit is and are cashing in on what may be a once in a life time opportunity. Homes in the under $180,000 have only 5.8- months of inventory compared to the slow moving $250,000+ homes with 8.2+ months of inventory.
If you love numbers like I do, check out the Real Estate Market Reports category.
The data represented is from the Houston Association of Realtors MLS for single family existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress.
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Spring TX Real Estate: Market Report May 2009
June 15th, 2009 categories: Spring Texas Real Estate Market Reports | views
The latest MLS numbers for the Spring TX real estate market have been released and the months of inventory are showing a return to a balanced buyers and sellers market. Last May our real estate market favored the buyers with 6.9 months of inventory. We had plenty of homes for buyers to choose from and the buyers had the upper hand in the negotiations.
Fast forward a year and the historically low interest rates combined with a first time homebuyers tax credit has brought the Spring TX real estate market back into balance with 5.8 months of inventory.
Homes in the $190,000 or less price range continue to do well as the first time home buyers are out in the market determined not to let the opportunity to get $8,000 in free money for buying a home pass them by.
The influx in first time home buyers are creating more multiple offer scenarios in the lower price ranges than we have seen in some time.
Days on market remains steady at 95 days year over year and sellers are not signficantly negotiating off the list price as the sales price to list price is 96%.
New home builders in the Spring TX area have scaled back their quantity of available inventory homes causing new home buyers to scramble and pushing some of these buyers back into the resale home market.
I predict we will continue to experience strong sales in the first time home buyers price range until the expiration of the first time home buyers tax credit on December 1, 2009. Look for October and November to deliver a last minute rush from the first time homebuyers who have finally managed to save the monies to meet the FHA’s minimum down payment requirement of 3.5%.
The data represented is from the Houston Association of Realtors MLS for existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress.
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Spring TX Real Estate: Market Report April 2009
May 14th, 2009 categories: Spring Texas Real Estate Market Reports | views
The latest MLS numbers for the Spring TX real estate market are out and April 2009 had the highest quantity of pended sales in a month dating back to before Hurricane Ike barreled through in September 2008.
The average sales price for the month decreased by 14% to $154,804 but the decrease was not because home prices have declined. Instead the decline is attributable to merely a shift in the mix of the price ranges that are selling.
The higher price home buyers who have felt the sting of the stock market decline are still holding onto their money and not making any decisions. At the opposite end of the price range are the first time home buyers who are out in droves and taking advantage of the $8,000 first time home buyers tax credit.
If the list price of your home would be under $190,000 now is the time to put your home on the Spring Texas real estate market. There is 5.6 months of inventory or less in the under $190,000 price range and under six months is considered a sellers market.
We have not seen multiple offer situations except on some foreclosure recently but in April I listed a home in Louetta Lakes at $153,000 and within seven days we had multiple offers. The sellers were thrilled with the multiple offer scenario and now the home is under contract and on its way towards closing.
Read also:
The data represented is from the Houston Association of Realtors MLS for existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress.
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Spring TX Real Estate: Market Report March 2009
April 14th, 2009 categories: Spring Texas Real Estate Market Reports | views
The latest MLS numbers for the Spring TX Real Estate market are in and all you have to do is look at the months of inventory of the various home price ranges to discover where the buyers are. 
The months of inventory for homes priced between:
- $100,000 to $189,999 are 4.1 to 5.5 months
- $190,000 to $399,999 are 6.2 to 8.4 months
- $400,000 to $1 million+ are 10 to 22.8 months
The stock market’s impact on the investment portfolio of the over $400,000 home buyer has caused this group of buyers to develop a wait and see mentality. These home buyers are in no rush to increase their expenses by purchasing a more expensive home.
On the other hand, we are experiencing an increase in activity for homes in the lower price ranges. As word spreads about the $8,000 first time home buyers tax credit and the lowest home mortgage interest rates on record, first time home buyers are in the Spring Texas real estate market and are looking to cash in.
The indecisive of home buyers in the lower price ranges is causing them to lose out on the homes they want. Homes I have shown to buyers two weeks earlier are now in contract by the time they want to view the homes again.
Months of inventory for the Spring TX real estate market is sitting at 5.6 months which is over a month less than last year. The days on market for the month has crept up a bit over last year to 100 days versus 88 days.
If you are thinking about selling your Spring Texas home and the value of it is less than $190,000, now is the time to put your home on the real estate market. Buyers are out in the lower price ranges and good houses are in demand.
If the value of your home is over $400,000, I recommend you waiting to put your house on the real estate market. Homes at the higher price ranges are slow in moving which translates into your home be on the market longer and more inconvenience for you.
Give me a call at 281.804.8626 if you are ready to put your Spring Texas home on the real estate market.
Read also:
The data represented is from the Houston Association of Realtors MLS for existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress.
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Spring TX Real Estate: Market Report February 2009
March 15th, 2009 categories: Spring Texas Real Estate Market Reports | views
The latest MLS numbers for the Spring TX Real Estate market have been released and the numbers have provided no real surprises.
Buyers were just not in the home buying mood during the month as evidenced by 32% less sales versus the previous year.
The months of inventory in the over $500,000 price ranges are at 10+ months with a 40%+ decrease in sales over the previous year. The stock market’s continual downward direction has dried up home buyer activity at the upper price ranges of the real estate market.
On the other hand, we are experiencing an increase in activity for homes in the lower price ranges. As we head into summer, I anticipate the lower price ranges of the real estate market will continue to do well as more first time home buyers take advantage of the $8,000 first time home buyers tax credit and historically low interest rates. Currently 30 year interest rates are in the low 5% range.
Months of inventory for the Spring TX real estate market is at 5.4 months which is over a month less than last year. So if you think you are seeing less “For Sale” signs you are right. The inventory of homes available in some of our Spring Texas Neighborhoods has decreased from 5% to 1%.
The days on market for the month was 98 days. Homes that are priced right for the market and out shine the competition are moving much quicker than 98 days with some receiving contracts within a couple of weeks.
If you are a seller who is contemplating putting your house on the Spring Texas real estate market this summer, I suggest you put that “For Sale” sign in your yard sooner vs later. There are less homes on the market for your home to compete with now than there will be this summer and less competition will translate into a higher sales price for you.
Give me a call at 281.804.8626 if you are ready to put your Spring Texas home on the real estate market.
Read also:
The data represented is from the Houston Association of Realtors MLS for existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress.
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