Real Estate Market Reports
Spring TX Real Estate: Market Report May 2009
June 15th, 2009 categories: Spring Texas Real Estate Market Reports
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
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
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
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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Spring TX Real Estate: Market Report January 2009
February 13th, 2009 categories: Spring Texas Real Estate Market Reports
If you think you are seeing fewer “For Sale” signs, you are right. In comparison to a year ago, the Spring TX Real Estate Market has seen a 30% drop in homes on the market and a 28% drop in new listings taken. Our real estate market now has the lowest level of single-family homes on the market since 2007.
Our months of inventory stands at 5.4 months which is almost a full month less than the 6.3 months of inventory in January 2008. In comparison to South Florida’s 28 months of inventory or Chicago Illinois’s 15 months of inventory, the Spring Texas real estate market has an extremely low level of inventory.
The battles currently taking place in the House and the Senate over the national economic stimulus package will hopefully reduce the swelling housing inventory and depreciating home prices in cities through out the U.S. But with only 5.4 months of inventory in Spring Texas, we do not need an economic stimulus package to reduce inventory levels.
Our real estate market will benefit from the national stimulus package because it will provide home buyers with an additional incentive beyond historically low interest rates to purchase a home. What we need now is the return of consumer confidence.
If you are thinking about selling your Spring Texas home, now is the time. Home buyers will be back out in force with the passing of the national economic stimulus package. Low inventory levels means less competition making it easier for your home to out shine the other homes on the market.
Read Also:
Give us a call at 281.804.8626, if you are ready to put your Spring Texas home on the market.
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 for 2008
January 21st, 2009 categories: Spring Texas Real Estate Market Reports
How did the Spring TX Real Estate Market fare for 2008? If you listen to the national media you would believe that very few homes sold and the homes that did sell sold at garage sale prices.
But what the media reports on at the national level is not always reflective of what is going on in our local real estate market.
The truth according to our local MLS numbers for Area 13 (the majority of the area has a Spring TX mailing address) is
- 2,331 homes SOLD in 2008. In my opinion, 2,331 is still a lot of homes that changed hands between buyers and sellers. Did our real estate market experience fewer sales in 2008 than in 2007? Yes. But was it 35% less or 25% less or even 15% less sales? None of these numbers. In 2008, we experienced 12.7% less sales than in 2007. Not a bad number considering our Spring TX real estate market weathered a hurricane, a historical election, and a downturn in the national economy.
- Median home price was $139,000 for 2008. The median home price did decline in comparison to 2007. But unlike some other real estate markets that experienced 10% or even 35% price decreases, our median home price decreased by a paltry 2.1%. Not even enough of a decrease to warrant a sound bite on the local 6 o’clock news.
- Were sellers accepting low ball offers in 2008? Nope. The sold to list price was 97% for the year. The same sold to list price as it was for 2007. If Spring Texas home sellers priced their home correctly for the market they did not have to accept a low ball offer. If the home was not priced right, the home experienced higher days on market until the sellers adjusted the price to match the market.
- Average days on market was 84 days for 2008. The days on market was higher than 2007 by 6 days or 7.7%. I would not consider these numbers to be terrible.
In comparison to the last five years, 2008 was a bad year for the Spring Texas real estate market. But bad is a relative term especially when you compare 2008 to some of the best years our local market has experienced. Sure, I would have liked to have more transactions during 2008. But I also know Realtors in parts of Florida and California who wished their markets fared as well as our Spring Texas real estate market did in 2008.
Our real estate market has not experienced the huge price appreciation and thus not the corresponding huge price depreciation as other markets. And instead of exciting and volatile I would describe our real estate market as stable. And I like stable. I don’t know if that means I am boring person or not. But when it comes to the real estate market I will take a stable market instead of a highly volatile market any day of the week, month, or year.
Read also:
Give us a call at 281.804.8626, if you are ready to take advantage of the lower home inventory levels and are ready to put your Spring Texas home on the market.
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 November 2008
December 16th, 2008 categories: Spring Texas Real Estate Market Reports
For the first time in all of 2008, the months of inventory dips below 6 months for the Spring TX real estate market. Six months is considered a balanced buyer and seller market.
Up to this point in 2008, the buyers have been in control but the reduced months of inventory indicates a change in power is occurring.
Now homes are not flying off the market as quickly as gingerbread houses during the Holidays. But with fewer active listings on the market and low interest rates enticing home buyers, the gift of a contract may be in some deserving home sellers near future.
- Sales ↓ - 23% decrease with 202 November 2007 homes sales versus 156 sales in November 2008. Fewer active buyers and qualified buyers resulted in fewer home sales.
- Active Listings ↓ - 25% less active listings on the Spring Texas real estate market from 1,681 in November 2007 to 1,261 in October 2008. Less active listings and fewer active buyers and qualified buyers combine for a decrease in months of inventory.
- Months of Inventory ↓ - 11% decrease in months of inventory from 6.5 months in November 2007 to 5.8 months in November 2008. Through-out all of 2008, the months of inventory has been over 6 months indicating a buyers market. The buyers have been wielding their power over the sellers and were able to strike some pretty good deals. But the tide is a changing and the pendelum is beginning to swing towards the seller’s side. If you are a buyer get out into the market now before the sellers have been told its their turn to be in the driver’s seat.
- Days on Market ↑ - 2% increase of Days on Market from 84 to 86 days in November 2008. Buyers are still being choosy in their selection with the staged homes selling sooner than the average days on market.
- Sales Price to List Price ↑ - The Sales Price to List Price increased from 96% to 97%. Another indication of the pendulum starting to swing to the favor of the sellers. As sellers are not having to significantly move off of their list price to get their Spring Texas homes sold.
Contrary to what the media wants you to believe, home loans are available. Getting a loan will be more of a hassle than in the past because the lender’s underwriters are requiring more documentation. But the good news is that the lenders do have money to lend. Plus interest rates took a significant drop a couple of weeks ago and the interest rates for 30-year loans are currently around 5.25% to 5.5%.
If you need another reason to buy a home now besides low interest rates, then buy before the first-time home buyer tax credit disappears on July 1st, 2009. The tax credit really amounts to a 15 year interest free loan from the government. But a no-interest 15 year loan beats the 1 year no-interest loans offered by the furniture stores.
Read also:
- Mortgage Interest Rates Drop
- FHA minimum down payment increase postponed till January 1, 2009
- First time home buyer tax credit - what is it and how to get it
Give us a call at 281.300.3141 or 281.804.8626, if you are ready to take advantage of the low home mortgage interest rates by purchasing a Spring Texas home.
The data represented is from the Real Estate Center at Texas A&M Univerisity and 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.
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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.
Read also:
- FHA minimum down payment increase postponed till January 1, 2009
- First time home buyer tax credit - what is it and how to get it
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.
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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.
Read also:
- FHA minimum down payment increase postponed till January 1, 2009
- First time home buyer tax credit - what is it and how to get it
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.
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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.
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