August Sales for Saginaw, Texas, 2018
August sales reflected the end of the busy summer selling seasons as students, teachers and school personal settle in for the beginning of the new school year. Forty homes sold by individuals in Saginaw in August. The average time on the market was only 17 days. Twenty- seven homes sold in less than two weeks, but only three of these were homes listed for more than $230,000. When existing homes sell for about the same price as new construction, they generally take longer to sell.
The prices ranged from $129,000 for a home in Rancho North built in 1962 to a home in Creekwood that sold for $335,500. My report does not include new construction sold by builders because so many of the builders’ sales are not listed in our MLS, and the statistics would be incomplete. Three homes sold for $300,000 or more. Twenty-two homes sold for less than $200,000. The average home was listed for $210,105 and sold for $208,395, selling for 99.21% of the list price. This relationship between the list price and the sales price has stayed about the same for many months. About two-thirds of the homes listed for less than $200,000 sold for more than list price, which indicated that there were possibly multiple, competing offers, or the buyer’s agent believed there could be competing offers when the offer was submitted. Only three of the homes selling for more than $200,000 sold for 100% or more of list price.
Only ten of the forty houses that sold were 2000 square feet or larger. I thought this statistic was especially interesting since August would be the time when families might still be moving with children before the start of school. Many factors effect this trend, especially the price. The most expensive homes are generally the largest. The three homes that sold for more than $300,000 that are all more than 2000 square feet. New construction in our area gives buyers many choices in large, new homes that are more profitable for builders than smaller ones. Lower taxes and utilities, ease of maintenance and one story construction also make smaller homes more attractive in our market. The demographics of our population has young buyers wanting their first home competing with seniors wishing to downsize.
As we move forward into fall, the market appears to be changing. On September 6, 2018, forty-six homes were actively for sale through MLS. None was new construction. The average days on the market for these homes was forty-nine days. These represent many of the homes that didn’t sell last month. Only eight had come on the market during the last two weeks. I listed a very desirable home in Highland Station for slightly less than $200,000 and received a very good offer in less than a week, but I did not receive multiple offers. Earlier in the year I believe this home would have generated more excitement and competing offers.
What does this market shift mean for our buyers and sellers? Sellers should plan to allow a longer, more realistic time for their homes to sell, and homes will need to be in good condition and priced right to attract buyers. For buyers, this is a great time of the year to go house hunting with the lovely fall weather, and families often want to move before winter and the holidays. We still have a steady stream of new families moving into our vibrant community, so it can be a good time to be a seller, especially if you have a smaller, one story home to sell.
With less competing buyers, buyers will be able to choose homes more carefully, and sellers might be willing to negotiate If you have a friend or relative who gave up trying to purchase a home earlier in the year because of the fierce competition for homes, please have that buyer call me. Now might be the perfect time to find a home to purchase. If I can help you with buying, selling, preparing your home for sale, please call me, text me or e-mail me. I look forward to serving you!
– Kathleen Wheeler –