The statistics are in and real estate in the Bryan-College Station area is, in many ways, much improved. There are far too many factors, however, to blatantly claim that the economy is back afloat and real estate will return in full to how it was before the market collapse. But it is safe to say that things are looking a bit better, and if things continue to improve at this rate, they just might.
What am I talking about, though? Well, real estate statistics from residential homes to recreational townhouses have been calculated and documented in every category by month for the year of 2012 by the Texas A&M Real Estate Center. These statistics, and comparisons with the statistics of the past three years, show a few promising results.
Total real estate sales, for example, have been increasing steadily from the beginning of the year. In January, the total sale amount was just 2.6 million. It increased consistently, however, climbing to 26.6 million in March, then 51.7 million in May, ending at 52.9 million at the end of July.
This extreme climb unfortunately represents an overall yearly trend, so that it is not likely for the total sales of real estate to continue climbing at such a rate for the next several months. The trend in real estate sales consistently peaks over the summer months, usually in June, and then begins to fall back down starting in July. But even despite this tendency, recent yearly statistics show that overall sales are climbing yearly.
For instance, the total monthly sales for all real estate revenue in the Bryan-College Station area have been higher than the years of 2010 and 2011 for the whole summer months. And in July, the most recent month to be recorded by the TAMU Real Estate Center, total sales increased from June (a trend which is not similarly reflected by past years). So that June’s total sales were just 2.5 million above the sales of 2010 and 2011, in July the sales were a whopping 10 million above 2011 sales and 22 million above 2010 sales.
In January as well, generally one of the lowest selling months for real estate, Bryan-College Station’s sales were more than 5 million higher than the previous years. These statistics also note that the overall sales of 2011 were higher than those in 2010, with the 2012 sales climbing higher than both years before. Thus comparing to the previous two years, the overall sales of the real estate market has been steadily and consistently recovering and growing.
The same growth is reflected in the number of units sold. May through July of 2012 consistently outdistanced the previous two years, selling 294 units in May, 293 in June, and 292 in July. Again, in July almost 50 more homes were sold in 2012 than 2011, and over 100 more units sold than in 2010.
Overall data for number of units is slightly more mixed than overall sales. The year of 2012 holds dominance in the months of January, February, and May through July. Meanwhile the year 2010 sold the most units between February and May. Then 2011 surpassed 2010 after July, and remained higher through December of 2011.
This data seems slightly confusing, but it might be safe to say that the general trend over the past three years has been a steady improvement. An important question to ask, then, is what type of real estate has been selling.
The average price of homes selling for the past three years has also been steadily increasing, although the overall average has consistently remained between $160,000 and $190,000. Similarly, the highest selling price range for the month of July of 2012 is $120,000 to $159,999, selling 106 units of a total 292 sold units in the month. The average cost of sold home was curiously higher, however, being $181,000. This might be due to the 87 units sold between the price ranges of $160,000 and $250,000, rather evenly spread. Another 43 units were sold above $250,000, 6 of which were higher than $500,000.
This is a somewhat unfair spread, however, seeing as there are many more homes listed between the prices of $120,000 and $159,999 than any other price. But the general trend, percentage wise, is that cheaper homes are selling faster. 80% of homes under the price of $30,000 were sold in July of 2012, while only 5.7% of homes listed above $500,000 were sold in the same month. In a less wide spread, 26% of homes between the cost $120,000 and $139,999 sold in July while only 15% of homes costing between $160,000 and $179,999 sold.
Single family homes are also selling much more than condos or townhomes, etc. A whole 181 of the 292 units sold in July of 2012 were single family homes. The next largest sellers were condos at 33 units, and then homes with acreage at 29 units. There is obviously many more single family homes available and for sale in the Bryan-College Station area than condos or homes with acreage: so it is hard to say the likelihood of sale per type of real estate. The price range, meanwhile, shows a much more consistent range.
Sifting through the above numbers can be a hassle, but the overall results suggest that the real estate market is steadily growing. From number of units to total sales of all units, to the average cost of homes selling per month, the statistics suggest that the market is recovering. Homes are selling at a higher average than in 2010 and 2011. Homes are on the market for less time. More homes and more overall sales are resulting in the 2012 year-to-date than comparative months in past years.
Susan Hilton (979)764-2100
CENTURY 21 Beal, Inc.