Yeah, I know... we all hate numbers. Speak for yourself! I live on numbers. After all, to have a successful transaction in real estate, it involves numbers, digits, dollar signs, etc...
Buying or selling a home is such and emotional venture for anyone, but we can't forget about the numbers. After all, eventually it all comes down to the common denominator.
The numbers that are used in this post are derived from the MLS system provided to us through the Waco Association of Realtors. These are residential sales only. The stats do not include properties that are classified as mobile homes (manufactured housing), commercial properties, land, farm or ranch, etc... These are ONLY residential statistics.
- For the year 2014, 2,496 homes were sold. This represents a 31% increase over 2011 and a 6% increase from last year (2013)
- The median sales price was $133,000 and the aveage sold price was $151,574
- Average days on market was 129. This is from contract to close
- 3,580 properties were listed in 2014
- As of this writing, we have 981 homes for sale. This represents a 4.7 month supply of homes on the market. Sounds like a lot, but It's actually not bad. The general consensus is: 1) Less than a 4 month supply of homes represents a seller's market 2) 4-6 month supply represents a balanced market and 3) More than a 6 month supply represents a buyer's market. So it's a pretty balanced market with it leaning toward a seller's market.
Breaking down the numbers even more is actaully pretty interesting. Here's a list of market share by school district:
- Waco ISD: 30.09%
- Midway ISD: 26.52%
- China Spring ISD: 7.85%
- Robinson ISD: 5.37%
- Lorena ISD: 3.65%
- Connally ISD: 3.33%
- Crawford ISD: .72%
Looks like the two "big" school districts are Waco and MIdway. China Spring is a distant third. The average price of sold homes in Waco ISD was $112,292. The average price of sold home in Midway ISD was $200,053. The average price for China Spring ISD homes - $197,695.
Comparing sales for the biggest three school districts:
- Waco ISD: 3.87% increase over 2013. 28.6% increase in sales from 2011
- Midway ISD: 7.12% increase in sales over last year. 24.44% increase in sales from 2011
- China Spring: -2% decline in sales. This is actually the difference of only 4 houses. 18.79% increase in sales from 2011
Looking at the top 3 school districts (in unit sales), here is the break down of inventory:
- Waco ISD: 4.2 month supply of homes
- Midway ISD: 3.51 month supply of homes
- China Spring ISD: 4.47 month supply of homes
In Midway ISD there are 6 elementary schools. Looking at homes that are in each particular elementary school zone, I'm going to quote the average price along with the median price (homes sold in 2014). In case you forgot, the median price is the "middle" price. Which means half the homes sold below that price and the other half sold above that price.
- Speegleville Elementary: 42 homes sold with an average price of $161,471 and a median price of $137,450. Average days on market was 102
- Hewitt Elementary: 130 homes sold with and average price of $157,912 and a median price of $151,000. Average days on market was 110
- Castleman Creek Elementary: 105 homes sold with an average price of $169,000 and a median price of $161,976. Average days on market was 122
- Spring Valley Elementary: 111 homes sold with an average price of $161,137 and a median price os $150,000
- Woodway Elementary: 143 homes sold with an average price of $196,024 and a median price of $176,900. Days on market was 104
- South Bosque Elementary: 128 houses sold with an average price of $311,365 and a median price of $274,150. Days on market was 118
Of course, I could keep going and going on the numbers! How many 4 bedrooms vs 3 bedroom sold. Average price for homes with 2 bathroom vs. 3 bathrooms. Swimming pool factor (did that one already), etc...
Judging by the numbers, the Waco real estate market seems to be pretty healthy with a balanced market between sellers and buyers. Also, interest rates are still at historical lows.
If you're thinking about buying or selling a home, let me know and I'll be glad to run any statistics that you may need!