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Home My WebLink AboutKey DestinationsCOLLEGE STATION-BRYAN, TEXAS REAL ESTATE CENTER MARKET O VERVIEW 2008 Real Estate Market Overview 2008 College Station -Bryan College Station-Bryan is located in South Central Texas within a Dallas-Houston-San Antonio triangle. The Houston Metropolitan Statistical Area (MSA) is located 70 miles to the southeast. The two adjoining cities have grown in step with Texas A&M University, the oldest public institution of higher education in Texas and one of the largest in the nation. The area is home to the George Bush Presidential Library and Museum which welcomes dignitaries throughout the year. The College Station-Bryan MSA now includes three counties which are part of the Brazos Valley region of Texas, also known as the Research Valley. URLESON Quick Facts Land Area 2, 105.85 square miles 2007 Population Density 96 .6 people per square mile Counties Brazos, Burleson, Robertson Area Cities and Towns Bryan, Caldwell, Calvert, College Station , Franklin, Hearne, Kurten , Millican, Snook, Wellborn, Wixon Valley .. .. •This report's MSA data reflects either 1999 or 2003 MSA definitions based on data avallab1hty . Use of 1999 definition is noted where applicable. Source: U.S. Census Bureau and Real Estate Center at Texas A&M University 1--------- --GRIMES .. -G..R M E Sr" Microsoft product screen shot reprinted with permission from Microsoft Corporation. EA!. EST TE CENTE Al ltXAi Al.M UN IVt:K SIJ'f' ,:::!!..,.tA...r::-.=::~~~ .. ,~~..!-~.-'IJ::, ......, Metropolitan Statistical Areas (MSAs) 1. Abilene 14. Lubbock 2. Amarillo 15. McAllen-Edinburg-Mission 3. Austin-Round Rock 16. Midland 4. Beaumont-Port Arthur 17. Odessa 5. Brownsville-Harlingen 18. San Angelo 6. College Station-Bryan 19. San Antonio 7. Corpus Christi 20. Sherman-Denison 8. Dallas-Fort Worth-Arlington 21. Texarkana 9. El Paso 22. Tyler 10. Houston-Sugar Land-Baytown 23. Victoria 11 . Killeen-Temple-Fort Hood 24. Waco 12. Laredo 25. Wichita Falls 13. Longview Prepared by the Labor Market and Career Information Department, TWC Edited by Real Estate Center at Texas A&M University COLLEGE STATION-BRYAN, TEXAS REAL EST A TE CENTER MARKET O VERVIEW 2008 TABLE OF CONTENTS D EMOGRAPHICS ...................................................................................... 1 EDUCATION ............................................................................................. 6 EMPLOYMENT ......................................................................................... 7 ECONOMY ............................................................................................. 12 I NFRASTRUCTURE················································································ 13 MULTIFAMILY ....................................................................................... 14 H OUSING ............................................................................................... 15 HOTEL ................................................................................................... 22 B UILDING P ERMITS ............................................................................. 23 EAL EST -E CENTI Al l l XA A l.M UNl'lt.lrS l fY COLLEGE STATION-BRYAN, T EXAS REAL ESTA TE C ENTER M ARKET OVERVIEW 2008 College Station-Bryan Market Overview 2008 County Brazos Burleson Robertson Demographics College Station-Bryan Population* Percent Year Population Change 1996 172,341 - 1997 176,098 2.2 1998 179,498 1.9 1999 182,327 1.6 2000 184 ,885 1.4 2001 184,709 -0.1 2002 186,191 0.8 2003 187,947 0.9 2004 188,745 0.4 2005 189 ,735 0.5 2006 192 ,152 1.3 2007 203,371 5.8 * July 1 population estimates Source: U.S. Census Bureau County Population Growth 1997 144,595 15,810 15,693 Growth 1997-2007 (in 2007 percent) 170,954 18.2 16 ,598 5.0 15 ,819 0.8 * July 1 population estimates Source: U.S. Census Bureau 1 COLLEGE STATION-BRYAN, T EXAS REAL ESTA TE CENTER MARKET OVERVIEW 2008 T exas M I . etrooolitan Area Poou at1on * Cha nae Metropolitan Area Austin-Round Rock McAllen-Edinburg-Mission Laredo Dallas-Fort Worth-Arlington Houston-Sugar Land-Baytown Brownsville-Harlingen San Antonio Texas Tyler Sherman-Denison El Paso College Station-Bryan Amarillo Killeen-Temple-Fort Hood Waco Midland Longview Lubbock Texarkana Victoria Odessa Corpus Christi San Angelo Abilene Beaumont-Port Arthur Wichita Falls • July 1 population estimates Source: U.S. Census Bureau 1997 2007 1, 111 ,264 1,598 ,161 519,903 710,514 177, 140 233,152 4,770,420 6,145,037 4,427,401 5,628, 101 318,281 387,210 1,628,676 1,990,675 19,740,317 23,904,380 168,531 198,705 105, 122 118,675 665,066 734,669 176,098 203,371 219,752 242,240 321 ,821 370,008 207,991 228, 123 116,826 126,408 192,139 203,611 247,658 267,211 128,258 134,215 109,417 113,797 121 ,749 129,570 402,504 414,376 105,261 108,085 157,405 159,343 381 ,675 376,241 151,480 148,148 Colleae Station-Brvan MSA Proiected Pooulation Texas State Data Center Texas Water Year (Scenario 0.5) Development Board 2000 184,885 184,885 2005 195,803 2010 207,256 213,828 2015 218,778 2020 230,437 244,466 2025 241 ,185 2030 250,846 271 ,773 2035 259,788 2040 267,731 292,762 Sources: Texas State Data Center (2006 projection) and Texas Water Development Board (2006 projection) Percent Cha nae 43.8 36 .7 31 .6 28.8 27.1 21 .7 22.2 21.1 17.9 12.9 10.5 15.5 10.2 15.0 9.7 8.2 6.0 7.9 4.6 4.0 6.4 2.9 2.7 1.2 -1.4 -2.2 2 COLLEGE STATIO -BRYAN, TEXAS REAL ESTATE CENTER MARKET O VERVIEW 2008 Texarkana • Texas Metropolitan Area Population Growth Forecast, 2000 -2020 Wichita Falls ·--• Beaumont-Port Arthur ·--• Abilene ·--- San Angelo ·---• Sherman-Denison ·---• Longview ·---- Lubbock ·---- Midland ·----• Tyler ·-----Waco Odessa ·------ Victoria ·------• College Station-Bryan ·-------• Amarillo ·-------- San Antonio ·--------• Corpus Christi ·---------Texas Killeen-Temple-Fort Hood ·-----------• Houston-Sugar Land-Baytown El Paso ·------------Dallas-Fort Worth-Arlington ·-------------- Brownsville-Harlingen ·---------------- Austin-Round Rock ·-----------------McAllen-Edinburg-Mission Laredo ~~~~~~~~~~~~~~~~~~~~~~~~~~~~--_J 00/o 10% 20°/o 30% 40°/o 50°/o 60% Source: Texas State Data Center -Scenario 0.5 (2006 projection) Household Composition Average household size (2000) Population younger than 18 (2000, in percent) Population 65 and older 1(2000, in percent) Source: U.S. Census Bureau (1999 definition) Distribution b White Black Asian American Indian Other Two or more races His anic of an race Source: U.S. Census Bureau (1999 definition) T TEGNTE A &M UN I V f l S I TY Bryan - College Station 2.52 21 .50 6.70 in, 2000 10.7 4.0 0.4 8.4 2.0 17.9 70% 80% 90% Texas 2.74 28.20 9.90 in ercent Texas 71.0 11 .5 2.7 0.6 11 .7 2.5 32.0 3 Interstate and Cross-Border 200 7 Migration Patterns -traffic flow by state/province Based on 92}43 Interstate Household Goods Moves from January 1, 2007 through December 31, 2007 .. ......_. -More thin 55'lb oftllCBI shipments moving llllD the Rite (subtotal on bottom). Dl6oud -Mote thin 55'lb of 1Dtaf mpments moving tllll of the stlla {subtotal on top) . ..._. -Inbound ..ct ~ iruflllidually rep..-rt 551111 or less of~ s!Wpments. integrity/ quality / solutions COLLEGE STATION-BRYAN, TEXAS REAL ESTA TE CENTER MARKET O VERVIEW 2008 Texas Migration Patterns 2007 Data is based on Atlas Van Lines Interstate and Cross-Border Household Goods Moves per calendar year. Atlas analyzes data in January on the orig ins and destinations of the company's interstate moves during the prior 12 months. Year Inbound I Outbound II 2007 8,831 6,665 • 2006 9,714 6,812 2005 9,525 7,210 • 2004 8,644 7,442 • 2003 8,075 6,920 • 2002 7,723 6,778 • 2001 9,030 7,584 • 2000 10 ,063 8,659 • 1999 8,718 7,945 1998 10 ,075 7,965 Source: Atlas Van Lines Jan-2008 http://www.atlasworldqroup.com/miqration/ COLLEGE STATION-BRYAN, T EXAS REAL ESTA TE CENTER M ARKET O VERVIEW 2008 College Station-Bryan Market Overview 2008 Education Educational Attainment, Persons Age 25 and Older, 2000 (in percent) Brazos Burleson Robertson Level of Education County County County High school graduate 20.1 37.5 35 .9 Some college, no degree 19.7 16.5 15.9 Associate's degree 4.5 3.9 3.7 Bachelor's degree 19.7 9.5 7.9 Master's degree 9.5 2.4 3.3 Doctorate deqree 5.9 0.7 0.3 Source: U.S. Census Bureau Educational Level, Persons Age 25 and Older, 2000 (in percent) Level of Education High School Graduate or Higher Bachelor's Degree or Higher Source: U.S. Census Bureau (1999 definition) College Station - Bryan MSA 81 .3 37.0 Texas 75.7 23.2 Local College and University Enrollment, Fall Semester School 2003 2004 2005 2006 Blinn College Texas A&M University 14,057 44,813 Source: Texas Higher Education Coordinating Board 14,027 44,435 14,35 1 44,578 14,016 45 ,380 Texas 24.8 22.4 5.2 15.6 5.2 0.8 2007 14,582 46 ,542 6 COLLEGE STA TI ON-BRYAN, TEXAS REAL ESTA TE CENTER MARKET OVERVIEW 2008 College Station-Bryan Market Overview 2008 Employment Top Ten Employers Employer Sector Employees Texas A&M University Systems Bryan Independent School District St. Joseph Regional Ho~~tal ?.>114-\PI""" Sanderson Farms, Inc. ~Pl'Y\· College Station Independent School District Reynolds & Reynolds City of Bryan City of College Station Brazos County Wal-Mart Source: The Research Valley Partnership Feb-2007 Education Education Health services Poultry processing Education Computer hardware/software Government Government Government Retail To Ten Private Em lo ers Em lo er St. Joseph Regional Hospital Sanderson Farms, Inc. Reynolds & Reynolds Wal-Mart Sector Health services Poultry processing Computer hardware/software Retail Windows Retail New Alenco Windows,"'iM-\· HEB Grocery CS est Co[poratio;.;nr---~----~--~ Telecommunications Scott & White Clinic 0~ Health services College Station Medical Center Medical Kent Moore Cabinets CS I Cabinets Source: The Research Valley Partnership Feb-2007 College Station-Bryan MSA Nonfarm E I t mp oymen Percent Year Employment Change 1997 74,600 - 1998 78,200 4.8 1999 80,400 2.8 2000 82,900 3.1 2001 84,200 1.6 2002 85,400 1.4 2003 86,000 0.7 2004 87,200 1.4 2005 88,900 1.9 2006 90 ,200 1.5 2007 90 ,200 0.0 Source: Texas Workforce Commission and Real Estate Center at Texas A&M University Em lo 16 ,248 1,949 1,590 1,539 1,400 959 889 865 751 650 ees 1,590 1,539 959 650 611 590 550 500 420 400 7 COLLEGE STATIO -BRYAN, TEXAS REAL ESTATE CENTER MARKET O VERVIEW 2008 Employment Growth by Industry College Station - Bryan MSA Employment Growth 2007 (Percent Change) Unemployment Rate 2007 (Percent Change) Net Job Change in 2007 2007 Employment Growth by Sector (Percent Change) Natural Resources and Mining and Construction Manufacturing Trade, Transportation , and Utilities Information Financial Activities Professional and Business Services Educational and Health Services Leisure and Hospitality Government 0.0 3.7 0 8.1 -1 .6 2.4 0.0 -2.9 0.0 3.3 4.3 -3 .0 Source: Texas Workforce Commission and Real Estate Center at Texas A&M University T exas M r A etropo 1tan rea N f on arm E mp oymen t Ch anQe Metropolitan Area 1997 2007 Sherman-Denison 43,900 43 ,800 Wichita Falls 61 ,300 62,500 San Angelo 43,900 44,900 Beaumont-Port Arthur 157,400 164,300 Abilene 62,000 65,700 Victoria 46,200 50,900 Texarkana 50,800 56 ,200 Corpus Christi 158,800 176,000 El Paso 243, 100 270,900 Lubbock 114,900 128,500 Amarillo 97,800 111 ,900 Waco 94,800 108,800 Odessa 50,000 59,400 Dallas-Fort Worth-Arlington 2,452,900 2,941 ,700 Texas 8,608,500 10,359,200 Longview 79,500 95,800 Killeen-Temple-Fort Hood 100,600 121,400 College Station-Bryan 74,600 90,200 Tyler 76,900 93,400 San Antonio 684,400 832,400 Houston-Sugar Land-Baytown 2,064,400 2,549,600 Brownsville-Harlingen 97,400 123,600 Austin-Round Rock 566,300 757,300 Laredo 60,200 86,200 McAllen-Edinburg-Mission 133,900 210,200 Midland 133,900 210,200 Source: Texas Workforce Commission and Real Estate Center at Texas A&M University Texas 3.0 4.3 305,900 7.5 0.9 2.9 -0.7 3.0 5.3 3.1 3.9 0.9 Percent Change -0.2 2.0 2.3 4.4 6.0 10.2 10.6 10.8 11.4 11.8 14.4 14.8 18.8 19.9 20.3 20.5 20.7 20.9 21 .5 21.6 23.5 26.9 33.7 43.2 57.0 57.0 8 COLLEGE STATION-BRYAN, TEXAS REAL ESTA TE CENTER MARKET OVERVIEW 2008 Metropolitan Area Nonfarm Employment Change 1997-2007 Midland McAllen-Edinburg-Mission Laredo Austin-Round Rock Brownsville-Harlingen Houston-Sugar Land-Baytown San Antonio Tyler College Station-Bryan Killeen-Temple-Fort Hood Longview Texas Dallas-Fort Worth-Artington Odessa Waco Amarillo Lubbock El Paso Corpus Christi Texarkana Victoria Abilene Beaumont-Port Arthur San Angelo Wichita Falls Sherman-Denison --.. - 0% 10% 20% 30% 40% Source: Texas Workforce Commission and Real Estate Center at Texas A&M University Dallas-Fort Worth-Arlington Austin-Round Rock Houston-Sugar Land-Baytown College Station-Bryan Texas Midland Beaumont-Port Arthur San Antonio Lubbock Odessa Victoria Amarillo Tyler Waco Sherman-Denison Corpus Christi Longview Texarkana Killeen-Temple-Fort Hood El Paso Wichita Falls San Angelo Abilene Laredo McAllen-Edinburg-Mission Brownsville-Harlingen $10.00 Source: Texas Workforce Commission Average Hourly Wage 2006 $16.08 $16.07 $15.98 $15.72 $15.46 $15.34 $15.27 $15.12 $15.09 $15.09 $14.98 $14.86 $14.86 $14.67 $14.66 $14.39 $13.76 $13.59 $13.00 $12.57 $12.00 $14.00 $16.00 50% 60% $19.19 $19.17 $19.07 $18.44 $17.49 $17.25 $18.00 $20.00 9 COLLEGE STATION-BRYAN, TEXAS REAL ESTATE C ENTER MARKET O VERVIEW 2008 ~ .. ., > 5.0 - ~ 4.0 0 ·~ ,>: E £ 3.0 ., "' c .. .s:; ~ 2.0 c ., u ~ ... 1.0 Nonfarm Employment Growth College Station-Bryan MSA o.o +-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~___. 1998 1999 2000 2001 2002 2003 Source: Texas Workforce Commission and Real Estate Center at Texas A&M University ... c 5 4 ~ 3 ., ... 2 1 College Station-Bryan MSA Unemployment Rate 2004 2005 2006 2007 0 +-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~__, 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Source: Texas Workforce Commission and Real Estate Center at Texas A&M University T JEGNTE A &•'' U I Vllt I T 'r 10 COLLEGE STA TION-BRYA , T EXAS REAL ESTA TE CENTER MARKET O VERVIEW 2008 100,000 90,000 80,000 70,000 .. .c ~ 60,000 iii :I 50,000 c c <( ~ 40,000 0 ... 30,000 20,000 10,000 0 Distribution of Employment in Major Categories College Station-Bryan MSA 2003 2004 a Natural Resources and Mining and Construction •Trade, Transportation, and Utilities CJ Financial Activities c Educational and Health Services •Government 2005 •Manufacturing II Information 2006 c Professional and Business Services •Leisure and Hospitality Source: Texas Workforce Commission and Real Estate Center at Texas A&M University 2007 11 COLLEGE STATION-BRYAN, TEXAS REAL E STATE CENTER M ARKET OVERVIEW 2008 College Station-Bryan Market Overview 2008 Economy Brownsville-Harlingen Texarkana McAllen-Edinburg-Mission El Paso Wichita Falls Corpus Christi College Station-Bryan Sherman-Denison Waco San Antonio Beaumont-Port Arthur San Angelo Victoria Laredo Abilene Fort Worth-Arlington MD Houston-Sugar Land-Baytown Austin-Round Rock Killeen-Temple-Fort Hood Longview Tyler Texas Lubbock Amarillo Odessa Dallas-Plano-Irving MD Midland College Station-Bryan Gross Retail Sales Sales per Year Total Sales Capita 1996 $1,493,131 ,047 $8,664 1997 $1 ,568,414,205 $8,906 1998 $1 ,653,275, 122 $9,211 1999 $1 ,746,285,968 $9,578 2000 $1 ,859,819,093 $10,059 2001 $1 ,955,878, 114 $10,589 2002 $1 ,757,483,010 $9,439 2003 $1,853,616,097 $9,862 2004 $1,959,842,797 $10,384 2005 $2 ,118,379,514 $11 ,165 2006 $2 ,303,694,021 $11 ,989 State Average 2006: $15,527 • 2007 data not available as of January 2008. Source: Texas Comptroller's Office Gross Retail Sales per Capita 2006 I ' I I I $5,000 Source: Texas Comptroller's Office $7,000 $9,000 $11,000 $13,000 $15,000 $17,000 $19,000 $21,000 12 COLLEGE STATION-BRYAN, TEXAS REAL ESTATE CENTER MARKET O VERVIEW 2008 College Station-Bryan Market Overview 2008 Infrastructure Colleqe Station -Brvan Airline Activitv Easterwood Airport 2003 2004 2005 2006 2007 Enplaned (int'I & national) 67,874 73,661 87,97 1 84,604 88,1 96 Deplaned (int'I & national) 65957 71479 86,512 81 ,907 85 ,945 Total (int'I & national) 133,831 145,140 174,483 166,511 174,141 Source: Easterwood Airport, Texas A&M University COLLEGE STATION-BRYAN, TEXAS REAL ESTA TE CENTER MARKET OVERVIEW 2008 College Station-Bryan Market Overview 2008 Multifamily Bryan/College Station Apartment Statistics 2007 Average rent per square foot Average rent for units built since 2000 Average occupancy AveraQe occupancy for units built since 2000 Source: Apartment MarketData Research 1,000 800 ~ 600 :I 400 200 0 Bryan-College Station MSA Multifamily Building Permits 5+ Multifamily Building Permits Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University Bryan/ College Station $0.74 $0.83 94.8% 95.8% Texas Metro Average $0.80 $0.89 92 .8% 93 .8% 1999 MSA definition 2007 figure is a preliminary number. 14 COLLEGE STA TIO -BRYAN, T EXAS REAL ESTA TE C ENTER MARKET O VERVIEW 2008 College Station-Bryan Market Overview 2008 Housing 2007 Housing Affordability Index Required Median 2007 Median-Income to Family HAI for First-Time MLS Priced Home Qualify Income HAI* Homebuyers** Bryan/College Station $138,900 $34, 170 $51 ,000 1.49 0.95 TEXAS $147,500 $36,286 $52,600 1.45 1.03 United States $217,800 $53, 138 $59,000 1 .11 0.63 * The HAI is the ratio of the median family income to the income required to buy the median-priced house using standard mortgage financing at the current interest rate. Standard financing is a fixed-rate, 30-year loan covering 80 percent of the cost of the home. A HAI of 1.00 indicates that the median family income is exactly equal to the required income to qualify for the standard loan to purchase the median-priced house. ** First-time home buyer is assumed to purchase a home equal to the first quartile home price using a 90% home loan at an interest rate 0.5 percent greater than the standard current rate. Source: Real Estate Center at Texas A&M University Price Distribution of MLS Homes Sold, Bryan-College Station Area (in percent) Price RanQe 2001 2002 2003 2004 2005 2006 2007 $29 ,999 or less 1.6 0.8 1.5 2.1 2.2 1.2 1.2 30,000 -39,999 1.4 1.6 1.4 1.9 1.9 1.0 1.6 40,000 -49,999 2.5 1.9 2.1 2.0 2.0 1.5 1.9 50,000 -59,999 4.1 5.4 3.4 3.0 3.2 3.0 2.7 60,000 -69,999 5.1 3.3 3.4 3.7 3.2 3.2 2.9 70,000 -79,999 6.4 6.9 5.4 4.9 4.1 3.4 3.2 80,000 -89,999 8.7 8.3 6.4 6.5 5.6 5.1 4.1 90,000 -99,999 6.8 8.1 6.4 6.8 5.7 4.7 3.5 100,000-119,999 15.9 17.2 17.0 15.8 13.7 13.8 9.6 120,000 -139,999 14.4 16.4 18.6 18.3 18.1 17.2 20.2 140,000 -159,999 8.4 7.2 9.8 9.9 12.5 14.8 14.2 160,000 -179,999 7.3 5.7 6.8 5.4 6.5 8.2 9.0 180,000 -199,999 5.8 5.9 4.3 4.8 4.8 5.2 4.7 200,000 -249,999 5.5 5.7 7.6 6.7 8.1 7.4 8.1 250,000 -299,999 3.0 2.9 2.3 3.8 3.4 4.0 5.4 300,000 -399,999 2.2 1.7 2.8 3.3 3.2 4.0 4.3 400,000 -499,999 0.5 0.6 0.5 0.7 1.2 1.2 2.0 500,000 and more 0.3 0.4 0.3 0.6 0.7 1.0 1.2 Source: Real Estate Center at Texas A&M University 15 COLLEGE ST A TION-BRY AN, T EXAS REAL ESTA TE C ENTER MARKET O VERVIEW 2008 25.0 20.0 15.0 ... c: llJ u .. llJ Cl. 10.0 5.0 o.o Price Distribution of MLS Homes Sold Bryan-College Station Area D 2005 • 2006 D 2007 Source: Real Estate Center at Texas A&M University 16 COLLEGE STATION-BRYAN, TEXAS REAL E STATE CENTER MARKET OVERVIEW 2008 Tax Rates, 2007 County, Major City, Major School District Tax Rate per $100 Valuation Taxing Entity* Bryan College Station Brazos County 0.4650 0.4650 School District 1.2900 1.2411 City 0.6364 0.4394 Total $2.39 $2.15 Taxing Entity* Tax Rate per $100 Valuation Caldwell Burleson County 0.4830 Caldwell ISO 1.1555 Caldwell 0.4242 Total $2.06 Taxing Entity* Tax Rate per $100 Valuation Hearne Robertson Country 0.4800 Hearne ISO 1.3400 Hearne 0.6872 Total $2.51 *Only the typical taxing entities are listed. However, there are numerous numbers of taxing entities that need to be taken into account for an actual tax rate calculation. See following source for more information: http://www.brazoscad.org/Appraisal/PublicAccessfTaxingUnitlisting.aspx?Selectedltem=6&dbKe yAuth=Appraisal&TaxYear=2006&PropertylD=&PropertyOwnerlD=&NodelD=11 Source: Brazos, Burleson, and Robertson County Appraisal Districts I I ax Kate per ~1 uu Taxing Entity* Valuation Burleson County 0.53 School District 1.59 City 0.49 Total $2.61 I 1 ax Kate per ~1 uu Taxing Entity* Valuation Robertson 0.53 School District 1.59 City 0.49 Total $2.61 * Only the typical taxing entities are listed. However, there are numerous numbers of taxing entities that need to be taken into account for an actual tax rate calculation. Source: Burleson & Robertson County Appraisal Districts 17 COLLEGE STATION-BRYAN, TEXAS REAL EST A TE C E TER MARKET O VERVIEW 2008 National Home Price Appreciation The HP! for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae. ~ .. .. > 30% 25% 20°/o !l 15% 0 ·;; .. lr.10% E ~ .. "' c .. .c u 00/o -5°/o -100/o .... Cl\ b ., 00 00 Cl\ Cl\ Q Cl\ Cl\ Cl\ Cl\ Q b b b b b N ., N ., N Q ... ... N N "' "' Q Q Q Q Q Q Q b b b b I b b O' ., N ., N ., N ., I --california --Florida --Texas Source: Office of Federal Housing Enterprise Oversight Home Price Appreciation College Station-Bryan MSA ., ., "' "' ID ID .... .... Q Q Q Q Q Q Q Q b b b b b I b b O' N ., N ., N ., N ., -usA I The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae. 14.00/o 12.0°/o ~ 10.0°/o .. .. > .. ~ 0 8.0°/o '> !! ... E ~ 6,QO/o .. "' c .. 4,QO/o .c u 2.0°/o 0.00/o .... 00 00 Cl\ "' Cl\ "' Cl\ Cl\ "' b b b b b ., N ., N ., Q Q Q Q b b N ., I I I I I I I -.... , I ,, , ' ,, \. ', ,,,---........ / ""'"'\ '.,..-' ', I ,_, ... ... N N "' "' Q Q Q Q Q Q b b b b b b N ., N ., N ., ., Q b N ., Q b ., --College Station-Bryan --Texas ----USA Source: Office of Federal Housing Enterprise Oversight "' "' ID ID .... .... Q Q Q Q Q Q b b b b b b N ., N ., N ., 18 COLLEGE STA TIO -BRYAN, TEXAS REAL ESTATE CENTER M ARKET O VERVIEW 2008 2005 0 ccupied HousmQ u nit c haracterist1cs College Station -Bryan MSA Texas Owner-Renter-Total Owner-Renter-Total occupied occupied occupied occupied occupied occupied housing housing housing housing housing housing Housing Unit Characteristics units units units units units units Occuoied housinq units 38,326 36,113 74,439 5, 162,604 2,815,491 7,978,095 Household Size 1-person household 22.8% 31.2% 26.9% 19.1% 35.0% 24.7% 2-person household 35.3% 34.9% 35.1% 34.2% 25.8% 31 .2% 3-person household 17.1% 19.1% 18.1% 17.2% 16.0% 16.8% 4-or-more-oerson household 24.7% 14.9% 19.9% 29.5% 23.2% 27.3% Race and Hispanic or Latino Origin of Householder One Race White 84.8% 75.6% 80.3% 79.0% 66.2% 74.5% Black or African American 9.9% 10.6% 10.3% 8.2% 17.9% 11 .6% American Indian and Alaska Native --0.1% 0.5% 0.6% 0.6% Asian 1.0% 6.1% 3.5% 2.9% 3.1% 3.0% Native Hawaiian and Other Pacific Islander - -0.1% 0.0% 0.1% 0.0% Some other race 3.4% 5.9% 4.6% 8.3% 10.8% 9.2% Two or more races 0.6% 1.6% 1.1% 1.0% 1.4% 1.2% Aoe of Householder Under 35 years 17.1% 72.5% 43.9% 14.4% 46.3% 25.6% 35 to 44 years 23.1% 9.3% 16.4% 21 .9% 21.4% 21 .7% 45 to 54 years 19.9% 8.9% 14.6% 24.1% 15.4% 21 .0% 55 to 64 years 17.6% 4.9% 11.5% 18.1% 8.3% 14.7% 65 to 7 4 years 10.8% 2.4% 6.7% 11 .9% 4.2% 9.2% 75 to 84 years 8.7% 1.5% 5.2% 7.6% 3.1% 6.1% 85 vears and over 2.7% 0.6% 1.7% 2.0% 1.3% 1.8% Units in Structure 1, detached 81 .3% 23.7% 53.4% 87.5% 28.3% 66.6% 1, attached 2.0% 8.2% 5.0% 2.3% 3.6% 2.8% 2 apartments 0.2% 8.7% 4.3% 0.3% 4.9% 1.9% 3 or 4 apartments 0.2% 14.0% 6.9% 0.4% 8.8% 3.3% 5 to 9 apartments 0.1% 13.3% 6.5% 0.3% 13.8% 5.1% 10 or more apartments 0.2% 25.0% 12.2% 0.7% 35.1% 12.9% Mobile home or other tvoe of housinq 16.1% 7.1% 11.7% 8.5% 5.6% 7.5% Year Structure Built 2000 or later 15.9% 11 .9% 14.0% 13.7% 10.9% 12.7% 1990 to 1999 23.5% 20.5% 22.0% 18.6% 14.8% 17.2% 1980 to 1989 21 .1% 18.4% 19.8% 18.7% 22.5% 20.1 % 1960 to 1979 23.4% 37.3% 30.1% 28.7% 35.0% 30.9% 1940 to 1959 11.1% 10.0% 10.6% 15.4% 12.4% 14.3% 1939 or earlier 5.0% 1.9% 3.5% 4.9% 4.5% 4.8% Bedrooms No bedroom 0.5% 1.4% 1.0% 0.2% 1.5% 0.6% 1 bedroom 1.4% 19.3% 10.1% 2.1% 32.6% 12.9% 2 or 3 bedrooms 72.6% 70.4% 71 .5% 70.8% 61 .7% 67.6% 4 or more bedrooms 25.5% 8.8% 17.4% 26.8% 4.2% 18.9% Annual Household Income and Housing Costs* Median household income (dollars) $52,281 $17,055 $30,896 $54,610 $26,782 $42, 139 Annual Median Housing Costs (dollars) $9, 132 $7,920 $8,232 $10,536 $8,052 $9,108 Housinq Costs as a oercentaqe of household income 17.5% 46.4% 26.6% 19.3% 30.1% 21.6% • in 2005 infiation-adjusted dollars Source: U.S. Census Bureau 2005 and Real Estate Center at Texas A&M University 19 COLLEGE STATION-BRYAN, T EXAS R EAL ESTATE C ENTER M ARKET O VERVIEW 2008 2,000 "' ~ 1,500 Ill 1,000 500 1998 1999 Yearly Homes Sales and Months Inventory Bryan-College Station MLS 2000 2001 2002 2003 2004 2005 -Sales --supply I Source: Real Estate Center at Texas A&M University 3SO 300 250 150 - 100 so Jan Feb Mar - Single-Family Homes Sales Volume Bryan-College Station MLS -- - I- I Apr May Jun Jul Aug a 2005 • 2006 a 2001 I Source: Real Estate Center at Texas A&M University Sep 2006 2007 - Oct Nov 8 7 6 5~ :i ... ::r "' 4 ;' < "' :i ... 30 ~ 2 1 0 - Dec 20 COLLEGE STATION-BRYAN, TEXAS REAL ESTATE CENTER MARKET OVERVIEW 2008 1200 1000 800 !! 600 c " 400 - 200 0 1998 1999 Single-Family Building Permits and Average Value Bryan-College Station MSA 2000 2001 2002 2003 2004 2005 2006 2007 1999 MSA definition $160,000 $140,000 $120,000 ]> < $100,000 ~ "' ~ $80,000 :,: ;: ~ $60,000 $40,000 $20,000 $0 -Units -.-Average Value 2007 figure Is a pr•tlmln.ary number. Source: U.S. Bureau of Census and Real Estate Center at Texas AllM University EA_ EST JE UNTE 41 ffXAS A&' UN IVla SI TY 21 COLLEGE STATION-BRYAN, T EXAS R EAL ESTATE CENTER MARKET O VERVIEW 2008 $140 College Station-Bryan Market Overview 2008 Hotel Hotel* Occupancy and Rental Rates 2006 2007 College Station -College Station - Bryan Texas Bryan Texas # Rooms OOO's 3.6 339.9 3.7 349.7 Average daily rate $68.71 $80.74 $73.06 $85.28 Occupancy rate (in percent) 56.1 61.3 62.9 61.4 *Only properties exceeding $1 8,000 in the current quarter are incl uded; those units below $18,000 only result in 1.5% of the total state revenues, and have been excluded from this database. Source: Office of the Governor Economic Development and Tourism and Source Strategies, Inc. of San Antonio Trends in the Hotel Industry For the 12 Months Ended December 2007 81.4% Houston Montgomery Galveston Brazosport Beaumont Area Co. Bryan/ College Station -Average Daily Rate =RevPAR --occupancy Victoria Texas Source: PKF Consult ing 90°/o 80°/o 700/o 60°/o 50°/o 40°/o 30°/o 20°/o 10°/o QO/o 22 COLLEGE STATIO -BRYAN, TEXAS REAL ESTA TE CENTER MARKET OVERVIEW 2008 College Station-Bryan Market Overview 2008 Building Permits $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $0 2003 Source: City of Bryan Value Comparison of Permits Issued Bryan 2004 2005 2006 •Residential -New ODuplexes CApartments acommercial -New For more information about Texas, click on: Texas' Official Home Page 2007 COLLEGE STATION-BRYAN, TEXAS REAL E STATE C ENTER M ARKET OVERVIEW 2008 A & M UNIVERSITY This annual report is created free of charge by the Real Estate Center at Texas A&M University. We strive to provide the most accurate, up-to-date , and insightful data to paint a detailed picture of Texas' Metropolitan Statistical Areas . However, links contained in this report may change in time and become obsolete. The Real Estate Center advises to contact the original source if any of the links are found to be broken . The Center also provides numerous publications, resources, and data on building perm its, employment, population , and home sales at http://recenter.tamu .edu. For the latest daily news visit http://recenter.tamu .edu/mnews/ Report compiled by: Administrative Coordinator Edith Craig Market Research Analyst Beth Thomas, MRE Technical Consultant Blake Lacy, LERE Coordinator Assistant Kory Merten Real Estate Center, 2115 TAMU , College Station , TX 77843-2115 Phone: 979.845.2031 I Fax: 979.845.0460 51",;. -E CENTE llXAS A&M U ,..,I YtkSITY