The number of homes sold in Waco and McLennan County in November was down from the same month last year, but the sales prices were up. In 2009, there were 162 homes sold with an average list price of $124,638 and an average sales price of $118,672 with an average of 136 days on the market. Other than residential there were17 properties sold ( commercial, farm & ranch, land and multi-family).

In November 2010, there were145 homes sold in Waco and McLennan County , with an average list price of $149,967 and an average sales price of $142,763 and 152 days on the market. That is a 20% increase when most parts of the country are seeing as much as a 50% drop. There were 22 “other” properties sold.

Here is a breakdown of prices:

0-$50,000 = 15

$50-$100,000 = 33

$100-$150,000 = 49

$150-$200,000 = 25

$200-$250,000 = 13

$250-$300,000 = 6

$300-$400,000 = 4

$400,000 and up = 2

In October 2009, there were 180 homes sold. They had an average list price of $130,500 and an average sold price of $124,620, with an average of 138 days on the market.

Although fewer homes were sold in October 2010, the sales price was slightly up. This year there were 146 homes sold in October. They had an average list price of $152,306 and an average sold price of $144,280 and average days on the market were 159. The main reason for the increase is that more homes in the upper price ranges sold last month. For instance, last month only 6 homes over $300,000 sold. This month that number is almost double. Here is a breakdown of prices.

0- $50,000 = 22

$50-$100,000 = 34

$100- $150,000 = 40

$150-$200,000 = 26

$200-$250,000 = 13

$250-$300,000 = 4

$300-$400,000 = 6

$400,000 and up =5

In other categories, there were 7 farm and ranch properties sold, 10 pieces of land, 3 commercial and 4 multi-family.

There are currently 1400 active listings on the Waco Multi-listing service, about the same as last month. We are at about an 8 month supply, which means it would take 8 months to sell everything currently on the market if no new listings were added. Anything over 6 months is a buyers market. There are currently 275 sales pending.

The monthly Waco Economic Index report was released yesterday. The data showed employement was up, but new housing starts were down. Existing homes sales were also down, but sale prices remained steady. Read the full report.

http://www.wacotrib.com/news/Greater-Waco-economic-index-edges-downward.html

It’s the beginning of a new month and time to review the September real estate market in Waco and Mclennan County. There are currently 1,433 active listings and 283 pending ( homes under contract waiting to close). That means we have approximately a 7 ½ supply of inventory, a buyers market.

Last month there were 143 homes sold with an average list price of $125,446 and an average sold price of $121,208 and 128 days on the market.

Here’s how the different prices breakdown:

0-$50,000 = 17

$50- $100,000 = 53

$100- $150,000 = 32

$150-$200,000 = 23

$200-$250,000 = 14

$250- $300,000 = 5

$300-$400,000 = 0

$400 and up = 1

Sales of upper range homes where down from August. In other types of property there were 19 pieces of land sold, 5 commercial properties, also 5 multi-family properties and 10 Farm & Ranch properties sold.

In September of 2009 there were 195 homes sold with an average list price of $145,797 and an average sales price of $139,620 with an average of 146 days on the market. So this month days on the market went down, but so did sales prices. That was probably due to all the homes that were but under contract before April 30^th and had to close before September 30^th to qualify for the tax credit.

In August 152 residential properties were sold in Waco and McLennan County. As of August 1^st,there were 276 pending sales ( sales under contract waiting to close) . They had an average list price of $160,595 and an average sold price of $153,227 with an average of 125 days on the market.

Compare this to August of 2009 when there were 227 properties sold with an average list price of $141,800 and an average sold price of $135,831 with an average of 139 days on the market.

Here is a breakdown of August 2010 home sales by price range:

0-$50,000 = 24

$50-75,000 = 11

$75- 100,000 = 18

$100-125,000 = 16

$125-150,000 = 20

$150-200,000 = 27

$200-250,000 = 16

$250- 300,000 = 13

$300-400,000 = 7

$400,000 and up = 4

Besides residential there were 16 pieces of land sold with ann average list price of $37,155 and an average sold price of $34,312 and 334 days on the market.

There were 2 commercial properties and 2 multi-family properties sold. There were 3 Farm &Ranch properties sold with an average list price of $148,908 and an average sold price of $132,830 and an average days on the market of 413. This is down ignorantly from August 2009 when the average sold price for Farm and Ranch was $870,375.

So days on the market for residential homes are down and sales prices are up, which means the Waco real estate market is headed in the right direction. And sale of upper price homes are increasing again.

This past weekend i received an email from a local mortgage banker that contained the following message. It took me a minute to realize he was being sarcastic. I think he is beyond stressed out and frustrated. What do you think? Here's what he wrote.                                                                                                           

     2010 – 2020 NEW GUIDES LINES FOR MORTGAGES

· All Borrower's Birth Certificate will be required with Pictures taken in the hospital with medical staff. Birth certificate with a live home delivery will not be eligible for first time home buyers.

· Marriage certificate with bridal dress will be required if both husband and wife are required to qualify for the loan.

An economist hired to give a monthly  report on the Waco economy gave his first report on Wednesday August 25th. he said Waco is doing about the same as similar cities. Read the full story here. http://www.wacotrib.com/news/Greater-Waco-Economic-Index-Area-faces-slow-recovery.html

May was a very good month for home sales in Waco. There were 215 homes sold with an average list price of $130,728 and an average sold price of $125,854, and an average days on the market of 122.

So, good news and bad news, depending if you‘re looking at it as a buyer or seller. The days on the market is down , but sale price is also down. But IMHO, that is because most of the home sales recently have been to first time homebuyers taking advantage of the tax credit. And since they are buying starter homes, the price range they are buying in is lower. But the housing market in Waco is still holding steady. There are currently 318 sales pending.

Here is a breakdown of sales prices;

0 to $50,000 = 25

$50 to $75,000 = 32

$75 to $100,000 = 41

$100 to $125,000 = 35

$125 to $150,000 = 25

$150 to $200,000 = 41

$200 to $250,000 = 10

$250 to $300,000 =3

$300 to $400,000 = 6

$400 and up = 3

In other than residential categories, there were 13 pieces of land sold with an average list price of $53,346 and an average sold price of $58,846 and an average DOM of 118. There were 4 Farm& Ranch properties with an average list price of $199,929 and an average sold price of $185,728, with 161 average DOM.

There were one each of commercial property and multi-family property sold . This does not reflect all commercial sales because commercial agents have their own multiple listing system and don’t usually put their listings on the general MLS

Now, let’s flash back. In May 2009 there were 188 homes sold. They had an average list price of $137,192 and an average sold price of $131,287, and an average days on the market of 152.

I just got through reading a blog on Broker/Agent Social by James Crumbaugh III about what he sees as the future of real estate.

http://www.brokeragentsocial.com/article/774/our-industry-may-cease-to-exist He doesn’t sound like a normally doom and gloom kind of guy, but his view of the real estate company of the future is…. there will be not real estate companies. We will be replaced by virtual home shopping. In 3D.

He thinks sellers will pay $200 to have their home listed on a “real estate for sale” channel. Buyers will then surf the channel. Pick out a house, apply for a mortgage and close the sale with out a live person.

His proof for this is what has happened to the Hummer. And travel agents.

Although it is possible to buy a home now in the manner he describes, it still can’t be done without a Realtor. A Realtor has to send listings and pictures, fill out the paperwork, negotiate, attend the inspection, etc. Almost every day I hear people complaining about robo-calls and their frustration with automated systems when they call a help line. Can you imagine trying to conduct a transaction that way? And how many people would buy a home without going to see it in person? Almost no one.

Oh, but wait. Buyers would be given a lockbox code to go see the house. After a criminal background check. Yeah right. I just don’t see that happening. How many sellers would be willing to let a code to their front door be given out like that. None.

And a person brought up a good point in the comments to this blog. Who is going to market the homes. Put it on the “Real estate for sale” channel and that’s it? Not a good marketing plan.

Real estate has changed. Just 15 years ago, there was no computerized mls. Agents in my board of realtors went once a week to pick up a book of active listings, which was outdated before you picked it up. You had to go back to your office to make a phone call. The pace was slower, but we still managed.

Although I agree we will have to change and adapt, I don’t think we will ever go the way of the dinosaur.

Let’s get right to it. In April 2010 there were 208 residential properties sold in Waco and Mclennan County. They had an average list price of $131,543 and an average sold price of $126,973 with an average 159 days on the market. As of May 3^rd there were 1395 homes for sale and 391 under contract.

In April 2009 there were 176 residential properties sold in Waco and McLennan County. They had an average list price of $131,389 and an average sold price of $124,590 and an average 160 days on the market. So, unlike other areas of the country, Waco has remained steady, with a nice gain in units sold and a small gain in sales price.

Here is a breakdown by price:

0 to $50,000 = 28

$50 to $75,000 = 32

$75 to $100,000 = 35

$100 to $125,000 = 39

$125 to $150,000 = 27

$150 to $175,000 = 20

$175 to $200,000 = 7

$200 to $250,000 = 16

$250 to $300,000 = 8

$300 to $400,000 = 5

$400,000 and up = 2

In other activity there were 12 pieces of land sold with an average list price of $29,058 and an average sales price of $26,495 and an average of 192 days on the market. Lots are selling well because builders are preparing to build again. They seem to feel that in about 2 years the current inventory of new homes will be depleted and there will be strong demand for new construction.

There were 6 multifamily properties sold with an average list price of $313,816 dollars and an average sold price of $273,816 with an average 62 days on the market.

There were also 6 Farm and Ranch properties sold with an average list price of $174,160 and an average sold price of $154,100 and an average of 522 days on the market.

April 30^th was the deadline to have a home under contract if you wanted to qualify for the federal tax credit. Analysts believe although the tax credit did help boost home sales only about a third of buyers were motivated by the tax credit. Most buyers said they were planning to buy anyway. The tax credit was just icing on the cake.

Last year my broker Kim Galvan showed us a video titled Gary in A Box. When Gary Keller the founder of Keller Williams first started in real estate in the early 1980’s, the market was bad, much like it is now. Interst rates were almost 20%. He didn’t have money for a contact management system. I don’t think Top Producer had been invented yet. Computers were still a novelty.

So Gary came up with a contact management system using index cards. I thought that’s easy, I should try that. But I was never able to find the video again.

A few weeks ago I was reading the latest issue of the Keller Williams company magazine UPFRONT. There was an article by Gary Keller which gave his email address. I decided to email him and ask him where I could find it on the Keller Williams Corporate web site. Since I am one of over 70,000 agents and am not some hot shot top producer and have never met him, I didn’t think he would answer. But what the heck. You don’t get if you don’t ask.

I emailed him late on Saturday afternoon. About an hour later I got a reply from an auto responder that Gary was out of the office and traveling for the next three week. Some one would get back to me. I thought maybe one of his assistants would get in touch with me the next week.

Imagine my happy surprise when 5 hours later I received an e-mail from Gary personally, explaining the system to me and telling me where it could be found on the web site and encouraging me to “Go get ‘em.”

Now there is no doubt in my mind how Gary and his company has been so successful. He leads by setting a good example of service.

If you interested in the Gary in a Box system:

Use a recipe card size file box. When you meet someone make 2 cards. One is their contact info and goes behind a-z cards. The other goes behind Jan-Dec. Each month work the cards in that month and move them to the next month. That will tell you when to contact them next.

March is the beginning of the busiest time of the year for real estate sales. That is when most people start looking so they can move during the summer and get settled in to their new home before the next school year begins. In February 2010 there were 140 homes sold.

So how did March 2010 stack up? In 2009 there were a total of 152 homes sold in the month of March. The average list price was $128,127 and the average sold price was $122,348 with an average of 140 days. Compare with March 2010 where there were 172 homes sold with an average list price of $124,746 and average sold price of $120,290 and 134 days on the market. As of March 4^th there were 1391 homes for sale in McLennan County and 305 sales pending.

Here is a breakdown by price:

0 to $50,000 = 19

$50 to $75,000 = 34

$75 to $100,000 = 33

$100 to $125,000 = 25

$125 to $150,000 = 24

$150 to $200,000 = 26

$200 to $250,000 = 7

$250 to $300,000 = 3

$300 to $400,000 = 8

$400,000 and up = 1

There was one multi-family property sold which listed at $149,900 and sold for $137,500. There was one Farm& Ranch property sold which listed at $599,900 and sold for $807,000 ( they bought some additional acreage). And there were 9 lots of land sold with an average list price of $62,777 and average sold price of $137,500.

So home sales in Waco and McLennan County are holding steady with a slight decrease of days on the market and sold price

If you have been following my blogs about Survivor Real Estate Waco, you are no doubt waiting to see who won. But first a recap. (Hey, I have to drag it out like the reality shows do). We started with 22 agents in my Keller Williams office. Each had to put in $10. Each week for 6 weeks we were given a challenge to complete. Call 10 expireds, then send them thank you notes, yadda yadda. If you didn’t complete the challenge, you were out. It really ramped up the energy and excitement in my office, and most of the agents got business from it. I think the winning agent got 8.

I got knocked out in week 5. L

There were 6 people who made it all the way through. Interestingly enough, they were all women. Then everyone who had participated got to vote on the winner, then the winner was announced at our yearly office awards banquet. The winner got $440 and a t-shirt.

And the winner is…. Heather Shaw! She was the leader of her tribe. She is on the Gary Russell Team, and is the mother of 4 children. All the finalists got to give a speech saying why they should win. I wish I had a copy of her speech, because it was really good.

But anyway, Congrates Heather.

There was small drop in home sales in Waco and McLennan county this last month. That is probably due to an unusually cold February. Buyers weren’t out unless they had to be. But the good news is that the average sales price was about the same as February of last year, and the days on the market is down by a month.

In 2009 there were 142 residential properties sold with an average of 166 days on the market. The average list price was $135,000 and the average sold price was $128,200

In February of 2010 there were 120 homes sold with an average list price pf $133,000 and an average sold price of $128,000 and an average of 130 days on the market.

There were 6 Farm and Ranch properties sold with an average days on the market of 228. The average list price was $248,200 and average sold price was $242,700.

There were 9 lots or pieces of land sold with an average of 522 days on the market and an average sold price of $37,300. I think this might be because a lot of builders chose to sell the lots they had no plans to build on in the immediate future.

There was 1 commercial property and 1 multi-family property sold.

Here is a further breakdown of residential sales by price:

0 to $50,000 = 15

$50 to $75,000 = 17

$75 to $100,00 = 18

$100 to $125,000 = 20

$125 to $150,000 = 16

$150 to $200,00 = 15

$200 to $250,000 = 7

$250 to $300,000 = 5

$300 to $400,000 = 4

$400,000 and up = 1

Let’s start this months market report with a review of last year. In January 2009 there were 100 residential properties sol in Waco/McLennan County. The average list price was $118,653 and the average sold price was $111,385 with an average DOM (days on the market) of 162 . Total residential sales volume was $11,138,522.00 .

January of 2010 was slightly improved. There were 119 residential properties sold, with an average list price of $144,451 and average sold price of $131,390 for a total sales volume of $15,635,489.00. Average time on the market was 131 days. There are currently 238 sales pending.

Here is a breakdown by price:

0 to $50,000 = 34 sold

$50 to $75,000 = 12

$75 to $100,00 = 14

$100 to $125,000 = 14

$125 to $150,000 = 11

$150 to $200,000 = 19

$200 to $250,000 = 6

$250 to $300,00 = 6

$300 to $400,00 = 6

$400,00 and up = 2

In other categories

There were 17 pieces of land sold with an average list price of $62,496 and an average sold price of $58,221 and average of 239 days on the market.

There were 4 commercial properties sold with an average list price of $93,375 and an average sold price of $76,762 with an average of 107 days on the market. This does not account for all commercial sales because most commercial agents don’t put their listings on the MLS.

Multi family units had 3 sales with an average list price of $132,333 and an average sold price of $128,000 and an average of 80 days on the market.

And Farm and Ranch sold 4 properties with an average list price of $210,700 and average sold price of $192,358 and an average of 259 days on the market.

WE are headed to the busiest time of the year for real estate. Combined with the Homebuyers Tax Credit which expires at the end of June, we expect a great Spring for home sales in Waco and Mclennan County.

So we just started week 3 of “Survivor Real Estate”. This week 2 people got voted out. One said he wanted to play, but never really got involved. Well, he and his wife are expecting their 1^st baby on Valentines Day, so he’s got baby stuff on his mind. The other said he was too busy doing real estate to play any more. Which is a great problem to have.

I was not able to come to “tribal council” Wednesday because I was home with a sick child. But I completed my assignment and didn’t get voted out! Our assignment this week was to come up with an item to hand out and deliver it in person to 15 people. Catching people at home was the hard part. We couldn’t just leave it on their doorstep. I wish I could have come to see every one else’s great ideas.

For next week our assignment is to callor visit  20 Expireds or For Sale By Owners. No letters or postcards. It’s only Thursday and I’m halfway there!

I have given you monthly market reports for Waco and Mclennan county real estate, but since it is a shiny new year I thought I would give you a market snapshot for the last year.

In 2009 there were 3,507 residential properties listed and 2,109 or 60% of them sold. That means we have 8 months of inventory. If no more home were listed, it would take 8 months to sell all what is currently on the market. Anything above 6 months is considered a buyers market. Less than 5 months is a sellers market, and between 5 and 6 months is a balanced market ( balanced markets are very rare and short lived).

The average home listed in Waco in 2009 listed for $136.624. The average sold price was $130,382 or 95% of the sales price. 18% of listing expired with out being sold. The average list price of expired listings was $160,739. So there were a lot of listings out there that buyers perceived as overpriced.

In December of 2008, there were 152 residential properties sold in the Wace/McLennan County area. They had an average list price of $128,519 and a sold price of $123,002 with an average of 127 days on the market, a little over 4 months.

This year was slightly improved with 158 properties sold. The good news is the average list price went up to $145,000 even and the average sold price was $137,918. The bad news is the average time on the market increased to 165 days , about 5 and a half months. There are currently 208 sales pending, which is very low, but normal for this time of year. We have moved into the slowest time of the year for real estate.

Here is a breakdown by price:

0 to $50,000 = 22 properties sold

$50 to $75,000 = 16

$75 to $100,000 = 26

$100,000 to $125,000 = 22

$125,000 to $150,000 = 19

$150,000 to $175,000 = 21

$175,000 to $200,000 = 10

$200,000 to $250,000 = 10

$250,000 to $300,000 = 8

$300,000 to $400,000 = 8

$400,00 and up = 3

I think the last price range ($400,000 and up) is very significant because last month there were no homes sold in that price range. That means maybe the move up buyers are starting to, well, move up.

There were also 13 pieces of land, 4 multi-family units, 5 farm and ranch properties and 1 commercial property sold. There were probably more commercial than that actually sold, but commercial agents don’t usually put their listings on the MLS.