According to the federal government the economy is getting better, but do home sales in Waco really reflect that? To find out I went back as far as the Waco Multiple Listing System (MLS) would let me, which was 2008.

In January 2008 there were 150 homes sold with an average list price of $129,095 and an average sold price of $123,795 and 146 days on the market. We were just starting to feel the recession in Waco.

In January 2009 there were 100 homes sold with an average list price of $118,653 and an average sales price of $111,385 and an average of 161 days on the market. Wow! The recession hit the Waco real estate market like a ton of bricks.

In January 2010 there were 123 homes sold with an average list price of $144,024 and an average sales price of $131,594 and an average of 129 days on the market. The First-Time Homebuyer Tax Credit is starting to help.

In January 2011 there were 117 homes sold, with an average list price of $131,880 and an average sold price of $126,566 and 156 days on the market.

In 2012 there were 116 homes sold in Waco and McLennan county, with an average list price of $133,574 and an average sold price of $125,575 and 148 days on the market.

As of February 6^th, there were 1424 active listings and 285 sales contracts pending. This is great news because at one point about a year ago, there were over 1,500 active listings. That means we currently have about 7 months worth of inventory (if no more homes were listed, it would take 7 months to sell the ones already on the market). Around 6 months is a balanced market, anything above is a buyer’s market and anything below is a seller’s market.

Here is a breakdown by price range of January 2012 sales:

0- $50,000 = 24

$50 - $100,000 = 34

$100- $150,000 = 33

$150- $200,00 = 9

$200 - $250,000 = 6

$$250 - $300,000 = 5

$300 - $400,000 = 4

$400,000 and up = 4

Just for laughs I decided to research sales by square footage. The best selling sizes were homes between 1,500 to 2,000 square feet. No homes sold in the 6,000 plus range ( yes we do have a few homes in Waco that size).

Most experts agree we will keep plugging along through 2012 with very little growth. However, Waco has seen some decrease in unemployment in the lasts few months, and if that continues we will see a decrease in foreclosures and more buyers out looking, both good for the local housing market.

Updates are in progress! This is a weel-built 3 bedroom 1 and 1/2 bath with an extra room for an office ,den or 4th bedroom.Nice size living room with dining area. Central heat and air, large fenced backyard with covered patio. All for $75,000.  

Last Thursday I went to the first monthly Business Resource Meeting for the Heart of Texas Chapter of the Women’s Council of Realtors for 2012.

The guest speaker was Stewart Kelly, Broker/Owner of Kelly, Realtors a local independent real estate company. Stewart is very active on the Greater Waco Chamber of Commerce

http://waco-chamber.com/ and has his finger on the pulse of city development.

Recently completed projects are a new Culinary Arts building and Air Traffic Control School at Texas State Technical College

http://www.waco.tstc.edu/frontpage/ . The Air Traffic program there is one of only 30 in the nation. MCC http://www.mclennan.edu/community/ just completed a new Health Sciences building and the Michaelis Academic Building. And Baylor just completed a new dorm and new Science building.

Here are some of the projects planned for the next 4 years. There will be a “signature bridge” on I35 and University Parks Dr.

Baylor University

http://www.baylor.edu/ will build a new football stadium on the campus. It will be located on I35 across the Brazos river from the law school they just built a few years ago. Over 200 million dollars has already been raised. They are finalizing design plans now. Baylor is also building a second new dorm.

There will be water taxis added that will go down the Brazos River from the stadium all the way to the soccer fields on Airport Road, with docks along the way. The taxis will make stops downtown, at Cameron Park, at the Brazos River Stage at McLennan Community College, and of course the soccer fields.

There are many companies who have committed to building new facilities in the Waco Industrial Park in the next 2 years, spending almost 300 million dollars and creating several thousand jobs. The industrial park is located near the new Hillcrest Baptist Medical Center Hospital. The companies have not formally announced yet, but the deals are done.

And the crown jewel of future development is BRIC (Baylor Research and Innovation Collaborative)

http://www.baylor.edu/bric/ a joint venture by Baylor, TSTC and other companies . They are spending millions to remodel the old General Tire plant into a medical and science research center.

The city is also in the middle of remodeling the convention center and the main library on Austin Avenue. The convention center should be finished this Spring. The library will be finished Fall 2013.

The next few years are going to be an exciting time for Waco. It will be great to see these projects get completed and see Waco grow.

Near Mclennan Community College. Repairs underway. Vent-a-hood installed and exterior to be painted. All for $59,500. Other homes in the neighborhood are priced in $70's or more. This unique home was built in 1991 and has 3 bedrooms and 1 1/2 bath, and is 1152 square feet on 3 stories. Large shady yard.  

            This large home in small town Marlin is waiting on a family to give it some TLC. It has a large front porch and a screened in back porch. Roof is nearly new and owner says plumbing has been recently replaced. Located about 30 minutes from Waco.

 It is a 3 bedroom 2 bath in 2278 square feet. Motivated sellers have lowered the price from $45,000 to $39,500. 

Pretty lot in a desirable location in Woodway. Priced to sell with possible owner financing. Call Ann.

Five partially wooded acres with a seasonal creek can be your backyard. This 3 bedroom 2 bath 1344 square feet manufactured home has been very well maintained. It features a seperate shower and garden tub in the master bath and more closet space than you would expect. Call Ann to schedule a showing.

December 2011 was a good news/bad news month for residential real estate in Waco and Mclennan County. The bad news is that almost the same number of houses sold in December 2011 (152) as were sold in December 2010 (153).

The good news is that those homes sold for more than last year. In December 2010, the average list price was $140,441 and the average sales price was $133,419 with an average of 125 days on the market.

This year the average list price was $145,157 with an average sales price of $138,644 and an average days on the market of 134. From looking at the web site for the Waco Association of Realtors, I think some of that price increase is due to sellers concessions. That means sellers paying for home repairs or sellers contribution the buyers closing costs .

Another bit of good news is that sales of homes in the upper price ranges picked up a little. Here is a breakdown by price range.

$0- $50,000 = 22

$50,000 - $100,00 = 41

$100,000 - $150,000 = 45

$150,000 - $200,000 = 24

$200,000 - $250,000 = 9

$250,000 - $300,000 = 8

$300,000 - $400,000 = 6

$400,000 - and up = 3

None of us have a crystal ball, but my personal prediction for the real estate market is that is will hold steady through this year and may pick up after the presidential election on November.