How did the Spring Texas 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 Texas 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.

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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.

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What’s going on with the Spring Texas 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.            

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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.   Read More »

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. Read More »

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.

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 7.0 months.

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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.

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. Read More »

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. Read More »