In this report, I am going to provide you with Real Estate Statistics through May of 2013 that support what Bryan College Station Realtors® have been saying for the last five months: The real estate market is hot! Although there is a wealth of insight in these skyrocketing sales numbers, I want to focus on three important pieces:
First, for four of the last five months, our area set records for Total Monthly Sales, Units Sold and Average Sales Price. Total Monthly Sales for May 2013 were just over $68 million, up 33% over last month and up 33% over May of 2012. Units Sold paralleled the growth of Total Monthly Sales with 341 Units Sold in May of 2013, 267 Units in April of 2013 and 294 Units Sold in May, 2012.
The Seller’s Market I spoke of in my First Quarter 2013 Market Report video is continuing into the summer months. After a 28% increase of Units Sold in April 2013 over April 2012, May 2013 experienced a 14% increase. At the same time, listings taken in April were flat and the number taken in May are actually lower than 2012 or 2011. Demand is up and the supply is flat. We are in a Seller’s Market with multiple offers coming in on homes that are priced well and aggressively marketed.
Consumer confidence is on the rise as the Monthly Average Sales Price for May 2013 was $199,886, up 12% from May 2012 and 15% from May 2011. This is not an indicator of a specific increase in any one particular home’s value, but of the price range of the homes sold within a particular month. This is an indicator that buyers are feeling more confident in purchasing more expensive homes. If you look at sales in each price range, we can see what sections of the market are driving the numbers. While mid-priced homes, $120,000 – $199,999, continue to move well, the top tier, $200,000 – $500,000 or higher, have broken loose, up 47% from 2012 and 133% from 2011. A recent article in the Wall Street Journal points out that this is a national trend, in many cases fueled by cash buyers, low mortgage rates and rising consumer confidence.
If you’ve been waiting to sell your home, do not wait one more day. Now is the time. Today.
Zweiacker & Associates