Bryan, Texas 77802 local market update. Here’s what happened in Bryan’s real estate market in November. I’ll give you the market stats and what they mean for you. I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station.
There are 305 Active new build and single family residential listings at the time of this filming. This is 13 less than we ended up with at the end of October. Not a whole lot of difference there and remember during the holidays things are usually a little bit slower.
There were 63 homes sold in November. In October there were 110 homes sold in Bryan. A little over half as many sold this past month.
I understand this could sound like a big problem. But let me explain, this is happening because 1. Closings slow down over the holidays, 2. lots of people are waiting for interest rates and prices to go down significantly.
The experts have been saying that rates and prices are stabilizing. We did see the rates drop a bit over the last week or so. But the people waiting for significant reductions are probably going to be waiting several years while supply catches up with demand.
Right now with so many buyers holding back – buyers who are going ahead with home buying are experiencing quite a bit more negotiation power.
With less buyers making offers we are seeing prices being negotiated, reasonable repair requests granted by sellers, and even some closing costs and rate buy downs are happening. That all makes it an excellent time to be a buyer!
Average Days on Market was 94 for November. In October Average Days on Market were 110. That’s two weeks faster! Less buyers + more choice + better negotiation power = done deals. The buyers who are out looking now are serious buyers who need to make a move.
The Median listing price in November was Three hundred thirteen thousand one hundred nine dollars. For October the median listing price was three hundred fifteen thousand. That’s an eighteen hundred ten dollar difference. Not a big enough difference to get excited about.
The November Median Sold price was two hundred ninety five thousand one hundred ninety dollars. In October it was two hundred ninety thousand five hundred twenty six. So that means median sold price was UP by four thousand six hundred sixty four dollars.
No crash happening here! The numbers are showing prices are pretty stable but the number of sales was down quite a bit for the month of November. Things normally pick up again just after the first of the new year.
For Bryan, Texas this past month we saw fewer transactions closing in less days on market with pretty stable median sold prices. There are over three hundred listings with sellers hoping to get their house sold.
Buyers, the serious sellers are going to have the house fixed up and ready to go on market. They will also be willing to negotiate with you a bit. If you are thinking it’s time to make a move, call me. Let’s get together and talk about all the things so you can make an informed decision for your family.
If you are needing to sell your home, now is a great time to get a jump on the rush. Your house will stand out more with less listings to compete with. AND the buyers who are looking right now are serious buyers.
The market starts picking up earlier and earlier each year, so if a move is in your stars let’s sit down and plan your strategy as soon as possible.
I’m your community market leader Sherri Echols, a helping hand for a happy home.
