Real Estate Market Reports

Spring TX Real Estate: Market Report October 2008

November 15th, 2008 categories: Spring Texas Real Estate Market Reports

How’s the Spring TX real estate market fairing? Is it getting better or is it getting worse? In a word “BETTER”.

Our months of inventory has decreased and is creeping closer to a balanced market at 6.2 months. According to the National Association of Realtors, nationally the real estate market has 10 months of inventory.

Our Spring Texas real estate market has out-performed the national real estate market through out all of 2008 and it continues to do so.

Sales ↓ - 12% decrease with 201 October 2007 sales versus 189 October 2008 sales. The percentage decrease in sales was smaller in October versus recent months. With the majority of the damage caused by Hurricane Ike repaired and the national election now behind us, the buyers are starting to find their way back out into the Spring Texas real estate market.

Active Listings ↓ - 23% decrease in active listings on the market from 1,772 in October 2007 to 1,365 in October 2008. Less active listings and less qualified buyers combine for a balanced market.

Months of Inventory ↓ - 7% decrease in months of inventory to 6.2 months. With the months of inventory now hovering closer to 6 months, a more balanced market between buyers and sellers has returned. Buyers your best chance to get a good deal on a Spring Texas home is right NOW. As Sellers are experiencing less showings due to the Holidays and are more willing to deal.

Days on Market ↑ - 4% increase of Days on Market from 84 to 87. Buyers are being more choosy. They feel no urgency to buy and are taking their time to make a decision. Requiring home sellers to be more patient.

Sales Price to List Price ↔ - No change in the Sales Price to List Price which remains at 96%. The homes that are selling have been priced right to attract buyers. And thus sellers are able to negotiate a high sales price to list price.

If you are thinking about buying a home now is the time. With 6.2 months of inventory, the market is coming into a more balanced position and the negotiating power that buyers have enjoyed the majority of 2008 is starting to disappear.

And contrary to what you may have heard, lenders so have money to lend. Getting a loan will require more documentation than previously but there is MONEY available for loans. Plus interest rates are still very attractive with 30 year rates at around 6%.

If you needed another reason why now is a good time to buy a home, then buy before the minimum down payment on FHA loans increases. On January 1, 2009 the minimum required down payment increases from 3% to 3.5%.

If you are thinking about selling your Spring Texas home, contact Jill Wente at 281.804.8626. If you are considering purchasing Spring TX real estate, please contact Jill Wente & Company and we will guide you through the entire home buying process.

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The data represented is from the Houston Association of Realtors MLS for Area 13. Area 13 covers the geographic boundaries of East - I45 to West - Hwy 249 to South - Beltway 8 to North - Spring Cypress.

Written by Jill Wente | Discussion: No Comments »

Spring TX Real Estate: Market Report September 2008

October 10th, 2008 categories: Spring Texas Real Estate Market Reports

What’s going on with the Spring TX real estate market? Is it good, is it bad, is it time to sell, is it time to buy?

Real estate is LOCAL and its fairing better in some cities than in others. The Long Beach CA real estate market is different than the Hoboken NJ real estate market which is different than the Houston TX market which is different than the Katy TX market which is different than the Spring TX real estate market.

Anyway you get the picture. Real estate is LOCAL.

The only real estate market that I am going to discuss is the Spring Texas real estate market because that’s the one I know.

The interruption caused by Hurricane IKE skews our September numbers. Thus comparing September 2008 to September 2007 does not provide an accurate picture.

Instead I am comparing September 2008 YTD to September 2007 YTD which in my opinion is a better representation of what is going on in the Spring Texas real estate market.

Sales ↓ - 17.7% decrease in YTD Sales with 2,459 sales YTD 2007 sales versus 2,023 sales YTD 2008. A decrease in sales is not surprising considering there are fewer qualified buyers.

Median Home Price ↓ - Down 1.4% from $146,000 to $144,000. GOOD NEWS is that home prices are holding steady and only experiencing a small decrease.

Active Listings ↓ - Listings on the market has decreased 6.4% from 1,757 YTD 2007 to 1,645 YTD 2008. A decrease in active listings is good

Months of Inventory ↑ - 10% increase in months of inventory with YTD being 6.8 months. Over 6 months of inventory is typically considered to be a buyers market.

Days on Market ↑ - 10% increase of Days on Market from 80 to 88. Buyers are being more choosy. They feel no urgency to buy and are taking their time to make a decision. Requiring home sellers to be more patient.

Sales Price to List Price ↔ - No change in the Sales Price to List Price which remains at 97%. Sellers are not feeling pressure to take LOW BALL offers.

In summary:

Yes, we have seen fewer sales of Spring Texas homes in 2008 vs 2007. But the quantity of sales is NOT as CRITICAL as what is happening with our home prices. Home prices are holding steady with only a small decrease. Since home prices are holding steady, sellers are not feeling pressure to accept LOW BALL offers as represented in the sales price to list price ratio of 97%.

If you are looking to buy a home now is the time. With 6.8 months of inventory, buyers have the upper hand in negotiations causing sellers to be more reasonable on purchase terms. Money is still available and lenders are looking to lend. Interest rates are still reasonable with FHA rates hovering around 5.5% - 6.0%. Since home prices are holding steady, buyers do not have to be overly concerned with purchasing a home today that is worth considerably less tomorrow.

If you are thinking about selling your Spring Texas home, contact Jill Wente at 281.804.8626. If you are considering purchasing Spring TX real estate, please contact Jill Wente & Company and we will guide you through the entire home buying process.

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Written by Jill Wente | Discussion: No Comments »

Spring TX Real Estate: Market Report July 2008

August 24th, 2008 categories: Spring Texas Real Estate Market Reports

Spring TX Real Estate: Market Report July 2008

What’s going on with the Spring TX Real Estate Market?

• Decrease in closed sales. The 2008 YTD closed sales for MLS area 13 was 1,629 which is a decrease of 14.6%.

• Decrease in single-family median homes price of 1.8%. Even though the Spring Texas Real Estate market is experiencing a decrease in closed sales the GOOD NEWS is that our home prices are still remaining stable with only a small decrease over 2007.

• Spring Texas homes remain affordable. At $143,400, our area’s single-family median home price is over 30% less than the national median explaining why Spring Texas homes were ranked #14 for affordability.

• Increase in Days on Market (DOM) from 72 to 90. With fewer buyers in the market and plenty of homes to choose from, sellers are having to wait longer in 2008 before getting that contract. With fewer motivating factors to create a sense of urgency, buyers are content to look longer and be more choosy in their home selection. The staged homes that are priced right go fast the rest just lanquish on the market.

• Increase in months of inventory from 6.2 to 6.8 months. A 14.6% decrease in closed sales coupled with a 3.5% decrease in active listings of homes on the market equals an increase in months of inventory.

• Average Sales Price to List Price is 97%. The Sales Price to List Price has remained unchanged from 2007 to 2008. In 2008, we are seeing more houses go through several rounds of price reductions before they eventually sell for the average S.P. / L.P. of 97%. This does nothing but increase the days on market for the seller. If Spring Texas home sellers set their prices to match the market in the beginning, they will experience less inconvenience because the DOM will be shorter.

If you are thinking about selling your Spring Texas home, contact Jill Wente at 281.804.8626. If you are considering purchasing a home, please contact Jill Wente & Company and we will guide you through the entire home buying process.

Written by Jill Wente | Discussion: No Comments »

Spring TX Real Estate: Market Report June 2008

July 23rd, 2008 categories: Spring Texas Real Estate Market Reports

Spring TX Real Estate: Market Report June 2008

The YTD closed home sales through June 2008 for Area 13 which the majority of is considered Spring Texas were 1,361. A decrease of 15.6% compared to the 2007 YTD number. The quantity of active listings are 1,683 which is a measly 1.9% less than a year ago.

The decrease in closed sales is greater than the decrease in active listings which has resulted in an increase in inventory over the prior year. The months of inventory (absorption rate) for the Spring Texas real estate market is 6.8 months which is considered a buyers market.

Translating into its an excellent time for buyers to negotiate the most favorable terms. If you are considering buying a Spring Texas home, don’t wait too long because builders are tightening their inventory. Due to the increase in fuel and its impact on housing materials, I forecast pricing increases are on the horizon. If you are thinking about purchasing a Spring Texas home, contact Jill Wente & Company and we will guide you through the entire home buying process.

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Spring Texas home sellers are seeing their homes sitting on the market longer. As the decrease in pended sales has increased the DOM (Days on Market) by 12% to 89 days. The increase in inventory means Spring Texas home buyers have to power to be choosy and they are taking their sweet time to decide upon which house is the right house for them to call “Home”.

If you are thinking about selling your home, you need a Spring Texas Realtor who understands that Internet exposure, extensive marketing, multiple quality photos, strategic pricing, and staging are essential to getting homes SOLD in today’s real estate market. If you want to get top dollar for your home, contact Jill Wente at 281.804.8626 to learn how we turn your For Sale sign into a SOLD sign.

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Written by Jill Wente | Discussion: No Comments »

Spring TX Real Estate: Market Report May 2008

June 10th, 2008 categories: Spring Texas Real Estate Market Reports

The Houston Association of Realtors (HAR) has released the MLS statistics for the month of May 2008 for Area 13 which the majority of Area 13 would be considered Spring Texas.

The closed sales for May 2008 were 283 which was 10.4% less than a year ago. The quantity of active listings for Area 13 are 1,703 which is 8.6% less than a year ago. The average days on market (DOM) has experienced a significant increase of 27 days from the prior year to 95 days.

Traditionally less than 6 months of inventory is considered a sellers market and more than 6 months of inventory is considered a buyers market. Thus with 7 months of inventory, the Spring Texas real estate market is a buyers market. Its the ideal time for buyers to negotiate the best terms.

The increase in inventory means Spring Texas home buyers have to power to be choosey. So sellers if you are going to get your house sold this summer, you need to have it stand out amongst the competition. Extensive marketing, strategic pricing, and in great condition will have your home being the bride instead of the bridesmaid.

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If you are thinking about purchasing a Spring Texas home, contact Jill Wente & Company and we will guide you through the entire home buying process. If you are thinking about selling, give us a call at 281.804.8626 to receive a FREE home price evaulation.

Written by Jill Wente | Discussion: No Comments »

Spring TX Real Estate: Market Report April 2008

May 16th, 2008 categories: Spring Texas Real Estate Market Reports

The Houston Association of Realtors (HAR) has released the MLS statistics for the month of April 2008 for Area 13 which the majority of Area 13 would be considered Spring TX. Spring Texas Area 13_1.gif

The closed sales for April 2008 were 836 which was 12.5% less than a year ago. The quantity of active listings for Area 13 are 1,671 which is 2.5% more than a year ago. The average days on market (DOM) has experienced a small increase of 6 days from the prior year to 89 days.

The combination of the decrease in closed sales and the increase in inventory over the prior year has added .8 of a month to the quantity of months of inventory increasing it to 6.6 months. Unlike other parts of the country, the Spring TX real estate market continues to remain stable.

Although it may be considered a slight buyer’s market, Spring Texas sellers are not accepting low ball offers as indicated by the percentage of sales price to list price which was 97%.

Interest rates are still good, although the lenders continue to tighten thier lending requirements. With the demise of 100% financing, we are starting to see more home loans going FHA instead of conventional. The increase quantity of Spring Texas homes for sale gives buyers a great selection of homes to choose from and the ability to be picky about their chose.

If you are a Spring Texas seller, the increase in inventory / competition means your house needs to put forth its best impression to attract those buyers. You must stage your home to capture the buyers attention and hire a tech savvy Spring Texas Realtor to sell your home.

Written by Jill Wente | Discussion: No Comments »

Spring TX Real Estate: Market Report March 2008

April 11th, 2008 categories: Spring Texas Real Estate Market Reports

The Houston Association of Realtors (HAR) has released the MLS statistics for the month of march 2008 for Area 13 which the majority of Area 13 would be considered Spring TX. Spring Texas Area 13_1.gif

The closed sales for March 2008 were 231 which was 16% less than a year ago. The quantity of active listings for Area 13 are 1,717 which is 4% more than a year ago. The average days on market (DOM) remains relatively unchanged from the prior year at 87 days.

The combination of the decrease in closed sales and the increase in inventory over the prior year has added one month to the quantity of months of inventory increasing it to 6.8 months. Over six months of inventory typically is referred to as a buyer’s market.

Although it may be considered a buyer’s market, Spring Texas homes sellers are not accepting low ball offers as indicated by the percentage of sales price to list price which was 96%.

Low interest rates and a good selection of homes means its now the ideal time for buyers to search Spring Texas homes for sale

If you are a seller the increase in inventory / competition means your house needs to put its best impression on to attract those buyers. You must stage your Spring Texas home to capture the buyers attention.

Written by Jill Wente | Discussion: No Comments »

Spring TX Real Estate: Market Report February 2008

March 13th, 2008 categories: Spring Texas Real Estate Market Reports

The Houston Association of Realtors (HAR) has released the MLS statistics for the month of February 2008 for Area 13 which the majority of Area 13 would be considered Spring TX.

The closed sales for February 2008 were 206 which was 7% less than a year ago. The quantity of active listings for Area 13 are 1,652 which is 5% more than a year ago. The average days on market (DOM) remains relatively unchanged from the prior year at 90 days.

Spring Texas Area 13_1.gif The combination of the decrease in closed sales and the increase in inventory over the prior year has added one month to the quantity of months of inventory increasing it to 6.5 months. Over six months of inventory typically is referred to as a buyer’s market.

Although it may be considered a buyer’s market, sellers are not accepting low ball offers as indicated by the percentage of sales price to list price which was 97%.

Low interest rates and a good selection of homes means its now the ideal time for buyers to search Spring Texas homes for sale.

Written by Jill Wente | Discussion: No Comments »

Spring TX Real Estate: How is the Market?

February 8th, 2008 categories: Spring Texas Real Estate Market Reports

Based upon what the national media has been saying, you have to believe that the real estate market everywhere is terrible. Just the other day, I received a call from a potential buyer who was going to be relocating to Spring Texas. He said that he thought that I would just love to work with him because I was probably not busy. I was puzzled. He continued on saying that based upon how slow he has heard the real estate market is, he thought for sure that I would just jump at the chance to help him.

He was right that I would love to help him but not for the reason he thought. Not because I am not busy, but because he was a highly qualified buyer with an immediate need.

Now the thing about the national media is they are just that NATIONAL. Real Estate on the other hand is LOCAL. What the potential buyer had heard about the national real estate market is not how our local Spring Texas real estate market is fairing.

How is the Spring TX Real Estate market? Good!!

2007 was the second best year on record for the real estate market in the Houston Texas area, according to the Houston Association of Realtors. 2006 was the best year on record.
Stable and growing employment - Houston employment continues to grow at a faster pace than the rest of the nation. Oil prices should remain strong keeping job growth strong and in turn creating demand for the homes.
2008 projected to be third best year on record for our local real estate market.
Interest rates are near historic lows making this a good time to purchase a home.
Stable housing prices - Our market has experienced slow and steady growth over the last several years making it a stable market. We have not had the high price appreciation and large depreciation that has caused havoc in other markets.
Affordable housing prices - The median home price is $152,000.

The word has gotten out about the affordability of living in Spring Texas. We are constantly helping people who are relocating to Spring Texas. We would love to help you too. But not because the market is terrible and we are slow.

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Written by Jill Wente | Discussion: No Comments »

Houston BUCKING the National Housing Trend!

October 4th, 2007 categories: Spring Texas Real Estate Market Reports

In the October 2007 issue of the Business 2.0 Magazine, Business 2.0 working in conjunction with Moody’s Economy identifies 10 cities that are poised for real estate appreciation in 2008 and 2009.Three Texas cities of Houston, Austin, and Dallas were all on the list.

The commonality amongst the cities on the list were relatively affordable, they missed the housing bubble but still enjoy steady employment and income growth. The article states that the cities did not draw speculators or investments the way the coastal markets did. In Houston, the authors of the article project a 4.6% appreciation in home prices in 2008 and 2009. The projected increase is fueled by the 100,000 jobs that the Texas Oil Capital added last year and the multi-billion dollar expansion of Houston’s medical center has created an influx of high earning jobs.

Other parts of the U.S. will soon know what we have known for some time and that is that the real estate market in Houston TX and its surrounding areas is still in very good shape. We have not experienced the wild ride of price appreciation and depreciation. Our market has experienced a small but steady price appreciation. Whether it be Houston TX, Spring TX or Kalamazoo MI, all real estate is LOCAL.

Written by Jill Wente | Discussion: 1 Comment »

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