The link above provides a great reference to the month-by-month residential real estate activity for Waco, TX and all surrounding communities. Each number represents the amount of new listings on the market for that month, and also the number of closed transactions for the month. This information was pulled from our local MLS, and can be deemed reliable but not accurate (this doesn’t account for homes sold privately off the market.)
As you can see, there was a spike in closed transactions in April and May, with a decline through the summer before leveling off towards the last quarter of the year. There was also a peak in homes listed for sale in March and April before a summer decline. This is likely due to the tax credit expiring for first-time buyers.
There were a total of 3,728 homes listed for sale and 1,976 homes sold throughout the year. The numbers may be plus/minus a few, but this should give you an idea of the overall market activity. As always, all real estate is LOCAL! Sales activity always depends on comparable properties in your specific location, so if you have questions about your neighborhood, I’d be glad to help!
This is a list of several real estate statistics that should be helpful for anyone who has an interest, whether currently living in or thinking about purchasing, in the Hewitt area. These numbers are based on information pulled from our local MLS as of today, 11/12/10. If you are from this area, you are probably familiar with the diverse zoning. What you may consider Hewitt (many homes off of Panther Way Dr. and also around the Midway Intermediate School) are actually considered Woodway (the 76712 zip code) when pulling up real estate stats. The information given in this post is strictly for the 76643-Hewitt zip code, which will mostly be Spring Valley Elementary and Castleman Creek Elementary.
# of Active homes on the market: 58
# of homes Under Contract: 19
# of homes listed in the past 6 months: 101
# of homes sold in the past 6 months: 83
Average # of Days on Market (DOM) in the past 6 months: 113
Average sales price in the past 6 months: $146,714
A lot of my business has been in the Hewitt area this year, and these numbers reflect what I already knew; that Hewitt real estate is still moving and remains a popular location. The number of homes that have listed and sold in the last 6 months remain very balanced. Listed below are the number of homes SOLD in the last 6 months in different price ranges.
As you can see, between the price point of $100,000-200,000 seems to be the most popular. If you are a first time home buyer, there are usually many great options at a reasonable price. Currently there are 18 homes for sale under $125,000. Hewitt’s close proximity to shopping, dining and travel (Interstate 35), and a great school district (Midway ISD), should continue to keep the real estate market reasonably stable for the foreseeable future. If you have any specific questions, I would be glad to answer them! Feel free to e-mail me at firstname.lastname@example.org or you may comment on this post for general discussion.
Several times a year I post the housing market stats for Waco and the surrounding areas. My last market snapshot was posted in late July, where the stats represented the year of 2010 through the month of June. If you go back and take a look back at this chart, you will notice the number of sales closed were on a two-month downturn, and the number of new listings seemed to be going up; an apparent shift to an unbalanced market right?
The rest of the summer was slow in fact, as the number of new listings balanced out before starting to decline in July, and the amount of inventory sold seemed to be less and less each passing month. This year, there seems to be something about fall that’s making the phones ring again. Looking at the most recent 2010 market stats for Waco, you will see from September 1st through the end of October, the amount of new inventory listed for sale increased from 241 to 270, and the amount of homes in the surrounding areas also increased from 136 to 148.
Comparing this data to October of 2009, we are still down in both categories. However, there has been so much uncertainty this year with jobs, politics and the economy overall that ANY increase in sales in a good thing! At a time when everyone expects the market to slow down, Waco Real Estate is picking up. I would expect the amount of new listings to taper off as normal, but with what seems like never-ending decreases in mortgage rates, we may see the number of homes sold continue to increase as buyer’s look to take advantage of the savings in interest. As always, all Real Estate is local! If you are curious to see how your specific neighborhood or area is doing, contact your Realtor to assist you with the pricing of your home.
30-year fixed mortgage average rates hit a new record low of 4.49%. This is a drop from last week’s rates of 4.54%, and compared to this time last year when average 30-year fixed rates were at 5.22%. If you are looking at a 15-year fixed mortgage, you can expect an incredible average rate of 3.95%. http://www.foxbusiness.com/markets/2010/08/05/mortgage-rates-hit-record-low/
This is good news, as pending real estate sales are down 2.6% for the month of June and down 18.6% for the year, according to Housing Statistics from Realtor.org. In Waco, TX we have also seen a steady decline in the number of home sales since the end of April, probably largely due to the end of the buyer’s tax credit. For the month of July, there were 163 home sales in the Waco MSA, compared to 213 in July of 2010. So far, April was the busiest month with 229 closings, according to data from our local MLS.
I believe the rush created by the tax credit, coupled with an uncertain economic future has home buyers hesitant to make a move. I’m not sure if they are trying to time the market, waiting to see just how low it will go, or if people are really scared to make any kind of large purchase, but interest rates can’t get much lower than they are. Auto and retail sales are slightly down as well, but for the year, auto sales seem to remain steady, and both auto and retail sales are up year-to-date. So why the major decline in housing? Who knows at this point, but we are heading into the slower time of the year for home sales, just several month ahead of schedule.
Here is an updated market snapshot from January through June 2010. This graph includes the number of residential properties listed and sold for each month, in the city of Waco, TX and its surrounding areas. As with my previous years of market information, these numbers do not reflect any properties sold privately, such as “for sale by owner”.
In the early months of 2010, you can see the number of sales on steady increase, which is fairly typical. We saw more sales than the past two years, possibly because of the first-time buyer tax credit, but these numbers are now on the decline. On the other hand, we saw an early spike in the number of listings, followed by a sharp drop between April and May. Again, this may have to do with the end of the tax credit, but in June the amount of new listings was again on the rise.
Overall, what we are seeing mid-year is an increase in the amount of new listings on the market, and a decrease in sales. As of June 2010, there were a total of 1,558 active listings for sale with an average of 142 days on the market. As always, markets are different from neighborhood to neighborhood, so talk with your Realtor if you are interested in knowing what the market’s doing around your home.