The Brazos Valley housing market had a record month in July, as local real estate agents sold more homes than in any other month in the past seven years, according to sales data.

"The local market here is very viable," said Lisa Jones, president of the Bryan-College Station Regional Association of Realtors Inc. "We're blessed that we have not experienced what they have in other parts of the country."

As other parts of the country are experiencing fast-declining home values and a drastic increase in subprime home loan defaults, housing statistics in the Brazos Valley indicate a stable market.

July was a strong month for the housing industry, compared with earlier months this year, when home sales generally were flat or slightly lower than those in 2007.

In July, real estate agents who report to the Multiple Listing Service database sold 358 units, compared with 303 in the same period last year. The number of units sold eclipsed 2007's record month of June, when 357 units were sold.

According to the association's statistics, July saw nearly $62 million in local real estate sales -- almost $12 million over the same period last year. The monthly results also surpassed totals for each month of 2008.

Of 1,218 active residential listings local agents had on the market in July, nearly one-third were new listings. The majority of single-family homes sold in July were in the $120,000 to $129,000 range, and most active listings were in the $140,000 to $159,000 price range. Most local condo listings sold for between $120,000 and $179,000.

The statistics include single-family homes, condominiums, manufactured homes with land, patio homes and townhomes, homes with acreage, recreational and new homes within the immediate five-county area. Most regional real estate agents contribute to the MLS residential data, which are tracked by the association and give industry professionals a glimpse of how the local market is performing.

The average number of days a house spent on the market trended slightly higher in July than for the same period last year but remained lower than 2006 levels. Homes remained on the market an average of 107 days in July, according to the association's figures.

Stylecraft Builders Inc. President Randy French told The Eagle in mid-July that it's a seller's market when homes remain on the market fewer than 120 days.

Monthly average single-family home sales have climbed steadily over the year from an annual low of $148,314 in January to July, when prices stood at $172,830, according to the data. The figure is $6,000 more than it was in July 2007.

Jones said Brazos Valley home values have increased at a gradual, steady clip, compared with the quick double-digit growth in other parts of the country. So when high values in those markets started to normalize in the troubled economy, Brazos Valley home values didn't have as far to fall.

"Texas A&M University also continues to drive growth in our area," she said. "We have other businesses locally that are expanding and medical facilities bringing in new people."

Retirees -- not just Texas A&M alums, but couples with grown children in major metropolitan areas who want to live in a central location -- are also converging on Bryan-College Station in increasing numbers, Jones said.

A representative of the Bryan-College Station Association of Home Builders couldn't be reached Friday to comment on the figures.

By comparison, the number of existing homes sold in Bryan-College Station has flattened since early 2007, according to a recent report from Amarillo economist Karr Ingham. Ingham, who studies the Bryan-College Station area, said the area's performance was decent, given that home values hadn't "nose-dived" in Bryan-College Station.

The second-quarter average home sale price was down about 2.7 percent compared with the second quarter of 2007 but was more than 15 percent higher than in the second quarter of 2006.

Comments

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4 comment(s) found!

Posted by: On: 8/24/2008

Comment Title: Where's the money from?
I moved to Robertson County from Orlando. Met the wife from Boston in Houston. Things are much quieter and less expensive here but still with a strong real estate market. A&M and our location to the metro areas are obviously our strong points. Nice people too.

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Posted by: On: 8/24/2008

Comment Title:
Pal, you don't know what the f@@@ you're talking about.

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Posted by: On: 8/24/2008

Comment Title:
A&M Univ. and the new medical school. No real money, only taxpayer (governmental) money.

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Posted by: On: 8/24/2008

Comment Title: money
where is the money coming from.

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