Bryan-College Station home sales up, prices down

  • Posted: Thursday, February 2, 2012 7:00 a.m.
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Special to the Eagle


AUSTIN - Sales of single-family homes in the Bryan-College Station area rose by 12.68 percent in the last quarter of 2011, although the median price fell by 1.07 percent, according to the Texas Quarterly Housing Report.


The report, compiled for the Texas Association of Realtors by the Real Estate Center at Texas A&M University, showed home sales in the state increased by 6 percent, or by 46,764, during October through December, although the median price remained basically unchanged from the same period in 2010 at $148,100.


"It's encouraging to see continued stability in the Texas real estate market heading into 2012," said Joe Stewart, chairman of the Texas Association of Realtors. "With increasing sales, stable prices and low mortgage interest rates, this report is more evidence that, in Texas, things are different... and better."


Jim Gaines, an economist with A&M's Real Estate Center, said the final quarter of 2011 "presents our first opportunity in several years to compare apples to apples because we are now looking back on a quarter unaffected by significant stimulus programs. With this clear view, we see stability and consistency compared to last year, with the most significant change being in months of inventory."


The Texas market had 6.4 months of inventory in the fourth quarter of 2011, a notable drop from 7.6 months in the last three months of 2010. Months inventory is an indicator of the balance between demand for homes and supply in the market. The Real Estate Center at A&M cites 6.5 months of inventory as a balanced market.


This measure may be somewhat misleading, Gaines pointed out, because the number of Texas listings in the fourth quarter of 2011 fell significantly due to sellers waiting on price increases and foreclosure/distressed listings being held back.


"Looking at the year as a whole, sales volume and median price in Texas were essentially flat compared to 2010," Gaines said. "However, Texans should know that 'flat' is the new 'up' because our state still outpaces national averages by eight to 10 percent in both sales volume and median price."


Bryan-College Station recorded 373 home sales in October through December, according to the report, with the median price at about $155,800. The cities had 8.6 months of inventory during that period, a slight drop from the same quarter in 2010.

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