Are you in the market to buy or sell? While summer is traditionally one of the best times of the year for real estate, the pandemic seemed to throw us a curveball. In April, we saw the market slow down, but after the state opened back up in May, things have picked back up! Those who were ready to sell this Spring were forced to wait, and as a result, the market is now busy with both buyers and sellers ready to make progress while they still can. People are eager and the market is moving quickly, so if you’re looking to buy or sell, think fast! Take advantage of this unique time.
At the Richards Realty Group, we service the surrounding Spring and Woodlands areas, where the market is quite competitive. Let’s take a look at some statistics from June!
Over the last thirty days, homes in The Woodlands sold for an average of $383K. This is a 7.6% increase from last year! The Woodlands is a popular area, so homes are currently being priced at an average of $139 per square foot. Being a somewhat competitive market, homes are selling quickly, only lasting an average of 27 days on the market. In the month of June, 285 homes were sold!
On the other hand, homes in the Spring housing market sold for an average sales price of $265K, around the same as the previous year. Homes are being priced at an average of $113 per square foot. In Spring, the market is very competitive, and inventory is thin. Homes are selling fast, only lasting an average of 22 days on the market! What’s more impressive, in the month of June a whopping 742 homes were sold in Spring!
So, as the numbers seem to indicate, the market is hot. This is a great time to sell! In fact, according to the Houston Association of Realtors, property sales have increased by 18.3% in June 2020, as compared to June 2019.
The takeaway? Take advantage of this opportunity while you can! While things are good now, there’s always the possibility of COVID changing circumstances on a dime. But currently, buyers are ready to make up for the lost spring season! What are you waiting for? #RichardsRealty
