Have you noticed a few more For Sale Signs around Southeast Texas lately? Our inventory of homes for sale has been growing since the first of the year. With March sales numbers just reported, here's where we stand.
Total number of homes for sale 1,388
Months supply of inventory 7.79
These numbers are tracked by the Beaumont Board of Realtors and the Texas A&M Real Estate Center. Months supply of inventory is the number of homes for sale divided by the number of sales for the prior month. The current supply is the highest we've had in our area in quite some time. Right after Hurricane Rita tore through the our area, the supply of homes for sale hit an all time low with only a 4.4 month supply.
Historically, 7.79 is less supply than was available in the mid 90's. During those years we averaged a 8-9 month supply. When you review detailed home inventory statistics tracked by Texas A&M, you will see in 2007 our inventory never was over 6.6 months supply. Since January of 2008, the numbers have been slowing climbing up.
Don't panic if you are a seller in Southeast Texas.
There are more homes listed in our MLS than ever before. We now have listings in out lying areas that never used to be counted in the Beaumont statistics. So the numbers can be a little misleading. We have parts of town where it is hard to find any homes for sale. Others streets have several for sale signs all in a row. You need to know your neighborhood's sales. It gets that specific.
What does the increase in inventory mean if you are thinking of selling?
It does mean it is more important than ever to price your home correctly. The best way to know how to price your home is to speak to a REALTOR and have them prepare a CMA. You can call me and I'll prepare one for you at no cost.
We may find this up-tick in the number of homes for sale is just a typical season adjustment. More people list their homes in the winter right after the first of the year. More people buy homes in the spring and summer. In a few months we'll know if the March up-tick is a trend reflecting a slowdown in home sales that has hit the rest of the country or if its just an anomaly in what has been one of the strongest, healthiest, most resilient real estate markets around.