2009 has been an eventful year for the real estate industry. With foreclosures on the rise from coast to coast, unscrupulous lending practices being revealed at an alarming rate, job losses resulting in the virtual meltdown of whole cities and towns and more homeowners watching the value of their homes plummet leaving them owing more than their property is worth, it's a wonder that there's any home sales occurring at all.
But for every cloud there's a silver lining and that lining seems to be hovering over Bryan / College Station and the surrounding cities and towns. Thanks to our biggest employer Texas A&M and the influx of students every semester and with the high standards of the local real estate agents and mortgage lenders that service the local real estate needs, the home of Aggieland seems to be the exception to the rule.
As tracked by our local association of REALTORS®, the average sales price for homes sold during 2009 reached a new high of $169,272 which beat the averages of 2008 and 2007, with their numbers being $168,997 and $164,753 respectively. Coupled with the average days on the market of 118 for 2009, 117 for 2008 and 116 for 2007, it shows that properties are still moving at virtually the same rate but for a higher price than they were before the bottom fell out of the market. October and November of 2009 saw record breaking numbers in terms of the average monthly sales and the number of properties sold when compared to 2008 and 2007.
This is all good news for home buyers and sellers. The impenetrable economic bubble covering Brazos County and the surrounding counties is serving us well.
So for all home buyers and sellers, take heart in knowing that although the national and world news seem to perpetually forecast doom and gloom, the heart of Aggieland remains unaffected. Your local real estate market is still strong and vibrant and as a community we will continue to thrive.
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