This is the College Station, Texas market update. What is going on with real estate in Aggieland? Let me tell you the statistics and what they mean for you. I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station.
At the time of this filming there are two hundred nineteen active listings for single family and new build homes. And in November we sold eighty six compared to October sales of seventy four, twelve more in November than in October.
Average days on market in November was eighty four, that is up 13 days from October. Bryan was down about the same number of days. The end of the year, the Holiday season, is typically a little less busy for real estate.
We also have a certain number of buyers who are afraid to move forward because of what they are hearing in the news and interest rates being up. They are waiting for prices and / or interest to drop a bunch so they have better payments for more house.
Truth is the experts are saying they feel prices and interest rates are stabilizing. Prices are hovering and not dropping by much. The reason prices aren’t going to drop a bunch for quite a while is there is still pent up demand from Millenials and others who want and need a home, and not enough inventory to go around. It is going to take years for the supply to catch up with the current demand.
In November the average list price was five hundred fifty eight thousand one hundred dollars. In October it was five hundred sixty five thousand eight sixty two. Average listing price was down by seven thousand seven hundred sixty two dollars.
And the average sales price dropped from four hundred seventy four thousand one hundred to four hundred sixty thousand one hundred ninety. This is a difference of thirteen thousand nine hundred ten dollars. Still not a significant amount. Still not a crash. Still not 2008.
Buyers, let me tell you a secret. The serious sellers are going to have their houses fixed up and repaired before going on the market. They will also be more willing to negotiate with you than they have been for a couple years now. If you are thinking it’s time to make a move, call me. You can succeed in this market, let’s make it happen!
Sellers, 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.
Chances are you have some issues to address with the house. The most successful sellers in this market are handling repairs and making some deferred updates before going on the market. Let’s go over what needs done so you are market ready asap! The market starts picking up earlier and earlier each year, so if a move is in your stars let’s get together and get you ready to go on the market!
I’m your community market leader Sherri Echols, a helping hand for a happy home.