As we approach summer (and the “busy” season), many folks are looking to sell or buy a home. Traditionally, with school out for the summer, June – August are the “hottest” months (boy you ain’t lying!) for weather and real estate. The good news is that typically there are more homes on the market to choose from, the bad news is that their are more buyers looking for those homes too. So sometimes (yes, even in this market), you may face some competition with other buyers. Just today for example, we submitted on offer for a house that has been on the market for about 3 months, unfortunately for our buyer, there is also another offer on the table too. If the buyer had made a move just even a few weeks ago, we may have been able to get the house for a little less. You’d be amazed how sellers just aren’t as negotiable when they have multiple offers on a property.
What’s the market doing right now? Well, I am a numbers freak so here are some stats for you to consider. If you’re even thinking about buying or selling, hopefully this will give you some insight in the Waco real estate market – TODAY.
Homes Under Contract
- As I’m typing this, there are 308 homes under contract right now.
- The average asking price of homes that are under contract is $137,864 (for the Waco MSA)
- The average days on market for those homes is 107
- 23.7% of “under contract” homes is in Midway ISD. 32.1% are in Waco ISD. 10.7% are in China Spring ISD. 5.8% are in Robinson ISD
- Only 33 homes under contract are above $250,000. 8 Homes are above $400,000
- The average days on market for those 8 homes that are above $400,000 is 217 days! Almost 4 months longer than the average!
Average Price of Homes “Under Contract” – Broken Down by Various School Districts:
- Midway ISD: $218,472
- Waco ISD: $100,150
- China Spring ISD: $132,424
- Robinson ISD: $153,466
- Lorena ISD: $179,438
Actually, I like looking at homes that are classified as “under contract”, it gives me a feel for what’s happening in the marketplace right now. In what price ranges people are actually shopping, areas, amenitities, etc….
Hey, it’s summertime! You may be looking for a house with a pool – I know that I’d love to have a cement pond right about now! For the entire Waco MSA (mainly, McLennan County), there are 95 active homes (classified as single family homes, new construction, and homes with acreage) on the market that have been tagged as having an in-ground pool. The average price is $410,499. The median price is $349,000. There are 9 homes with pools priced below $150,00 and 19 homes priced below $200,000.
Based on the number of sales during the previous 12 months, there is a 7.8 month supply of homes on the market. The rule of thumb is that anything less than 5 months is a seller’s market. Between 5-7 months – a balanced market and anything over 7 months is a buyer’s market. Although many states have really been hurt by the decline in home sales… Texas, on average, is doing pretty well.
Thought you may enjoy a few “other” stats too:
- There are 1,394 active properties on the market in the Waco area
- Average asking price $174,894
- 30.6% of the active listings have 4 or more bedrooms
- 51.7% of the active listings have 3 bedrooms
- 17.7% of the active listings have less than 3 bedrooms
- 37.5% of the active listings have at least 2,000 square feet
- The active listing with the most square feet (8,871 SQFT) is priced at $1,420,000! Do you know anyone interested in buying it? 🙂 It’s located in China Spring
- 35.8% of the active listings have a formal dining room
- Out of 1,394 homes for sale, only 46 have 5 or more bedrooms
- 20.8% of active listings have at least 3 bathrooms
- There are 64 homes on the market that are classified as “New”
These are just some fun stats in case you’re curious as to what’s available for purchase in the Waco area. Of course, if you have any specific questions or would like to receive a list of homes for sale that match your criteria, feel free to call us anytime! (254) 523-4284