(Click an underlined title to see the appropriate chart.)
Dear clients,
Ouch. The season ends, and although it could have been much worse, it wasn't pretty.
We started behind, as many sellers kept homes off the market, peaked low, and we've begun the historical fall slide.
Those who listed their homes saw days on market and price comparable to 2007 & 2008. Basically, if your agent priced your home correctly, it sold.
Sellers who kept homes off the market, or worse, priced their home out of the market, didn't do very well.
Total Monthly Sales peaked in June
After peaking in June, Total Monthly Sales began their annual "fall" a month early this summer. August sales were off $8 million, or 15%, from both 2007 & 2008 at just over $44 million.
Historically, sales free-fall this time of year, with average September sales in the $20 million range. They hover there until the small bump we get (hopefully) in December.
After peaking in July at 303, Units Sold are off 18% for August at 249. This graph will also nosedive, hopefully leveling off above 100 before the Christmas bump.
Prices = Good News
Our Average Single-Family Sales Price was up over $10,000 from July, at $176,772, which is $13,000 over 2007 and $3,000 short of 2008. This graph declines as we move into the winter, although at a much gentler rate.
Average Days on the Market in the norm
After surpassing 2007 & 2008 numbers in July, Average Days on the Market are closely bracketed in August at 108.
New Listings up sharply in June, then subside
Last month I reported "new listings jumped drastically again in July, up 25% from May's record low," but it appears I lied.
Revised numbers for July reveal New Listings in a steep descent after peaking in June. It is obvious that many sellers kept properties off the market this summer.
There were 295 New Listings in August, down 33% from 442 in 2008.
The folks who did list their house, properly priced, sold it on time and for their asking price. You can't sell a property that's not on the market.
What does "properly priced" mean?
My properties sell quickly and at the top of their price bracket because I price them properly before I put them on the market. Period.
My properties aren't discounted.
The goal is for the buyer's agent to tell their client, "Sam's priced this property just above the market, and we should make an offer."
No matter how much you think of your home, you can't sell it if you don't get any offers.
Buyers -
Don't forget, the U.S. Government is offering an $8,000 buyer's credit for only a few more days! Call me or your mortgage broker.
Mortgage loans are available for qualified borrowers, and if you aren't qualified now, we can help you on the path to home ownership.
Bryan & College Station market information is updated daily at MarketReports.SamWhiteRealty.com. There, you'll find links to opinions, charts and statistics.
Follow us on twitter, twitter.SamWhiteRealty.com, or @bcshomes, where we update market and Multiple Listing Service information several times daily.
For links to Brazos Valley events and "happenings," as well as real estate articles from local and state media, visit my facebook fan page, facebook.SamWhiteRealty.com.
I'm always happy to answer questions personally at 979-574-0626 or sam@samwhiteproperties.com.
Best regards,
Sam White
979.446.0031 direct office line
979.574.0626 voice & text
sam@samwhiteproperties.com
