Its the holiday season. We are all out and about decorating trees, hanging lights, attending festivities, and trying to get all the holiday shopping done in the next few weeks.
"So how are the holidays affecting home sales?"
A brief analysis of what has gone under contract and what has closed in Beaumont since November 1, 2007 shows some people - 27 to be precise- are buying homes for the holidays.
In Beaumont (no other areas included in snapshot) 12 residential single family homes closed between Nov. 1, 2007 and Dec. 6, 2007. 15 went under contract. In the closed home category more than half of the homes that closed were priced under $130,000. In the highest price range were two closed homes priced between $220,000 and $224,990.
Homes that went under contract in the same time period show similar price points. Half of the pendings were in price ranges under $80,000. The highest price range that had homes that went under contract was the $205,000- $209,000 price range.
The median price of closed homes was $130,500. The median price of homes that went under contract was $99,500. With the average sales price in the Beaumont market equaling about $150,000, it is fair to say the lower end of the price ranges have been having greater activity this holiday season.
Also worth noting is the average days on the market. It took an average of 69 days before a home went under contract during Nov. 1, 2007 and Dec. 6, 2007. It took an average of 123 days before the home closed. Again, these are averages of the 27 sales that occurred. Some homes sold quicker and other took a longer time. But averages can give you insight into the market. If you are thinking of selling your home you will want to plan enough time into your moving schedule to allow your home to be on the market for at least 69 days if market conditions remain similar after the holidays.
A final note:
"On average, sellers accepted a sales price of 91% of the original list price."
(Simple math example: Home on 123 street is listed for $100,000. The home sells for $91,000. The seller accepted an offer of 91% of their original list price.) Five of the 27 sellers got 100% of the list price while four sellers accepted sales of about 85% of the original list price.
If you are interested in knowing the market statistics for a certain neighborhood or area of town let me know. I'd be happy to post about it. Your comments are always welcome and encouraged.
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