October 2009 Sales Statistics

Last month in Bryan and College Station, residential sales hit a record high for all but one October in at least the past 12 years. The majority of sales were from $120-180,000. Based on the time of year and the average sales price, we can probably assume the First Time Homebuyer Tax Credit had a lot to do with this record number.

Fast Facts for October 2009:
144 homes sold
Average sales price was $177,827
Average days on market 127
Total active residential listings 1,216

To understand what our market is doing overall, we can see from the statistics above that we have about an eight month supply of homes on the market based on the number of active listings divided by the number that sold last month.  That doesn't really tell the whole story - to further understand the market and how it affects individual buyers and sellers we need to look at different price ranges and the sales within those price ranges.  

For example,  there were 72 active listings in the $120-129,999 price range and 24 of them sold last month - which means that segment of the market is more beneficial for sellers because there is only slightly more than a two month supply on the market.  However, if you look at the $500,000+ market, there are 78 homes on the market and two sold last month - with a 39 month supply on the market today, there could be some great opportunities for buyers in this segment of the market.

The market will change with the economy - or perceived economic conditions in this area, but it also changes seasonally, so stay tuned.