Patrick Kavanagh KRI Property | Bryan-College Station real estate a seller’s market
Agencies struggle to meet high demand, particularly for homes in the $150,000 to $200,000 range
It's a seller's market in Bryan-College Station, specifically for homes under $200,000, though it's following a statewide trend of inventory struggling to keep up with the high demand for that type of housing.
While a Texas home is staying on the market for 55 days on average -- the fastest turnover on record since the Real Estate Center at Texas A&M started keeping track in 2011 -- limited inventories dragged statewide housing sales down about 6 percent in April. Homes priced less than $200,000 made up nearly 60 percent of that sales decline, with sales for that price range falling almost 10 percent.
A report released Thursday from the Real Estate Center notes the lack of supply of affordable homes across Texas, an issue the cities of Bryan and College Station have been trying to tackle for years. Luis Torres, a trend research economist with the Real Estate Center, said the Bryan-College Station area is a hot market, with most people looking for more affordable, existing homes.
"The situation is there's not sufficient housing for prices below $200,000," he said.
Existing homes stay on the market for about 37 days, as compared to 97 days for new homes, Torres said. And while there's about eight months of inventory for new construction, there's only about 3.3 months of inventory of existing homes in Bryan-College Station.
Chandler Arden, a local real estate agent for Better Homes and Gardens Preferred Living, said a well-maintained, existing home in the $200,000 price range could be snapped up in just one day.
"For under $200,000, it's kind of crazy out here," Arden said. "If you've got a decent home under $200,000, it's probably going to sell, and it's probably going to get a lot of offers."
Arden said he's had two buyers this year looking for property in that price range, and in both cases had to compete with multiple offers. One buyer was able to close on a home, he said, but the other is still looking after being beaten out each time on four offers.
While a Texas home is staying on the market for 55 days on average -- the fastest turnover on record since the Real Estate Center at Texas A&M started keeping track in 2011 -- limited inventories dragged statewide housing sales down about 6 percent in April. Homes priced less than $200,000 made up nearly 60 percent of that sales decline, with sales for that price range falling almost 10 percent.
A report released Thursday from the Real Estate Center notes the lack of supply of affordable homes across Texas, an issue the cities of Bryan and College Station have been trying to tackle for years. Luis Torres, a trend research economist with the Real Estate Center, said the Bryan-College Station area is a hot market, with most people looking for more affordable, existing homes.
"The situation is there's not sufficient housing for prices below $200,000," he said.
Existing homes stay on the market for about 37 days, as compared to 97 days for new homes, Torres said. And while there's about eight months of inventory for new construction, there's only about 3.3 months of inventory of existing homes in Bryan-College Station.
Chandler Arden, a local real estate agent for Better Homes and Gardens Preferred Living, said a well-maintained, existing home in the $200,000 price range could be snapped up in just one day.
"For under $200,000, it's kind of crazy out here," Arden said. "If you've got a decent home under $200,000, it's probably going to sell, and it's probably going to get a lot of offers."
Arden said he's had two buyers this year looking for property in that price range, and in both cases had to compete with multiple offers. One buyer was able to close on a home, he said, but the other is still looking after being beaten out each time on four offers.
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