May turned out to be a slow month for home sales in the Bryan College Station region. Though many homes normally sell in May and June (summer is a peak time for the real estate market), numbers were depressed compared to those from past years. The 2010 monthly average sales price for May was $161,453 on the whole, compared to 2009’s figure of $171,091.
Additionally, though May is the beginning of the peak sales time, its sales were drastically lower than that of this past April’s. This is due in large part to the Homebuyer’s Tax Credit, which encouraged high numbers of home sales as homebuyers raced to beat the deadline of April 30th when the tax credit expired. In March and April there were 176 listings that went under contract. However, the monthly listings that went under contract in May was a low 87.
June is shaping up slowly, though we are hoping that the summertime sales will ramp up as per usual. With more and more homes sitting on the market, it is the best time to buy but a slow time to sell. Sellers who want to sell in this market should make sure they are looking at all of the recent sales in the past 60 days to familiarize themselves with the market. Additionally, they should hire a stager to ensure that their home is in the best possible condition to show.
Yahoo Real Estate News predicted in a May 12th article that home sales will edge up; for now, it’s a wait and see game that we will all be following closely. The housing market is still quite fragile and recovery is not in sight yet.
As always, if you are interested in buying or selling a home in College Station/Bryan, I will be happy to answer any preliminary questions you may have. Feel free to call me at 979-255-1839. And continue to check back daily for expert real estate advice and information!
Clay Lee – Realtor
Century 21 Beal, Inc.
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