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Waco Texas Market Review – October 2021 with Cristi McGowan at NextHome Our Town

It’s October and Fall is in full swing now! Heck! only 73 more days to the end of the year – That’s Crazy to think about! But let’s talk about real estate anyways!

Hyper Local Numbers

These numbers are from the Waco, Texas MLS, from the center and up to a 20 mile radius so you can be sure we’ve got you covered but, still, are hyper local and hyper relevant. And… The numbers turned out pretty interesting. Even for the fall, when things typically slow down a bit in our market, you can see year-over-year we are up, over 100%! Some astonishing records for year over year appreciation.

The average list price per square foot $129 last year compared to $156 a square foot this year. And this is what I find most interesting and tracked quite a bit is what is the list price to the sole price. So how good are we at targeting, and our sellers getting, you know, more how competitive our offers out there. So let’s press the sold price last year was 98.4%. This year in September, the what we’re getting a sales price to the list price is 100% average days on the market also interesting 46 days on the market last year 22 days on the market this year.

Demand is, still, outpacing Supply

So here we are looking at the price bands. I quote this information quite a bit when my buyers are trying to figure out what to offer for a home. It’s really confusing these days because its harder to tell if the seller is just greedy and the real estate agent is just agreeing to list the home for whatever off-the-wall price the seller wants. Or, is the list price a reasonable ask. So this data tells us exactly what the market is doing, specifically, within certain price brackets. And we can tell by the number of homes sold, how indicative of the market the data is.

Please make a note that these numbers are from the last 30 days so it is super relative – not based on what happened in the spring super sellers market. From 40 to $100,000, 17 homes sold in that price band (not a lot of inventory) at a list-to-sold price ratio of 94.1%, and the average days on the market is 21. The next three price bands are the ones that I find most interesting, with list-to-sold price ratio of 100%. Now, some are selling higher than 100% and some are lower. These numbers are the averages. I did some research on how much over the asking price certain homes were selling for and I remember seeing in the spring one as high as 117%!

The upper price points are a little bit harder to determine. So and certainly you know with the $800M and above is the luxury home market, actually here in Waco, Texas, $500,000 and above is considered luxury. There is just still not enough data to really determine what is going on there. At these particular homes still need a very special lens. We have a two certified luxury home marketing specialist in our office. So you can be sure that you’re getting someone that knows that particular market. And again, like I said, that just requires a special look.

Bottom Line

  • Homes that are priced correctly, sell considerably faster with more competing offers and over the asking price.
  • Homes that linger on the market for longer than 14 days are either (1) priced too high, or (2) they’re in need of some repairs and some updates.
  • Today’s buyers are paying a super premium for a well maintained homes with good staging that are priced accurately.
  • The super seller’s market that we saw the spring with tons of offers and 10s of 1000’s over asking – those days are gone!
  • Demand is still outpacing supply and appreciation of home pricing will linger for another 3 to 5 years.
  • Luxury Homes require a special lens and deeper research to determine competitive pricing. There is much less inventory available and not as high demand either.

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