Houses On The Market Longer In 2011, Average Sales Prices on the Rise for Start of 2012

If you're in the market to buy or sell a home, we've got an update on the local housing market.

On average, homes are taking about six months to sell here in the Brazos Valley.

That's an increase over this time last year.

News 3 took a look back at how the housing market did last year and also looks ahead to the rest of the year.

Jalane Scott loves where she lives but is ready for a move to something smaller.

Her family's home on Stillmeadow Drive in Bryan has been on the market since November 4th .

During the winter months sales typically fall in the region.

"We have a wonderful realtor... She did not give us any false hopes and expectations knowing the time of year and we were fully aware of that too," said Jalane Scott of Bryan.

For December 2011 homes were on the market for an average 156 days up from 131 the same time the year before here in the six county area.

Here locally in Bryan-College Station about 1,053 homes are listed for sale as of this month down from 1,480 in January 2011.

Brady Brittain is an owner and broker of Re/Max Select and says he is a little worried about an oversupply of homes even though there are fewer builders building.

But he sees a ray of hope in January's numbers.

He says residential sales jumped by 28 percent in B-CS to 100 closings, up from 79 in January 2011. Average sales prices are also up almost $20,000.

"Overall I think we're in pretty good shape and I know viewers are probably saying yeah typical realtor saying things are rosy. But I believe based on the numbers, things are looking up. We do have still a decent supply of those new homes on the market," said Brittain.

"We think 2012 will be, it'll be a modest year. Be sort of lethargic if you will waiting to see what's really gonna happen at the national and international level and surprisingly those kinds of events are affecting us here," said Jim Gaines, Ph.D., a research economist at the Texas A&M Real Estate Center.

“Ive talked with Jim Gaines about it at the A&M Real Estate Center and Jim and I are in agreement that yes we’re looking for 2012 to be a better year than 2011 was, even though 2011 was not all that bad," said Ed Berry, Executive Vice President at the Bryan-College Station Regional Association of Realtors.

"Have your house in tip top shape and pray for the right buyer," suggested Jalane Scott.

Advice Scott wants to share with other sellers.

Jim Gaines whom we interviewed with the Texas A&M Real Estate center believes listings are down for several reasons including less new construction as well as people waiting to see what will happen later this year nationally and locally.

KBTX-TV Channel 3 4141 E. 29th Street Bryan, TX 77802 Phone: (979) 846-7777 Fax: (979) 846-1490 News Fax: (979) 846-1888
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