Here we are with two weeks left in February. There's been a lot of news and speculation about the local Southeast Texas real estate market lately. Here's the truth. The real facts straight from the local Southeast Texas MLS systems. By the way, Did you read the last blog post? Beaumont was named the hottest housing market in the nation for the fourth quarter of 2008.
So how have sales started this year?
January 2009 had more sales than January 2008 in Beaumont. Last January we had 122 homes close compared to 129 in 2009. Mid-County had 52 homes close in January 2008 vs. 50 this year.
So how have priced fared?
Hold on to your hats in Mid-County. Your average home sales price last January was $116,400. Compare that to this year. The average home sales price this January was $151,993. That's approximately a 34% increase.
In Beaumont, the average sales price in January of 2009 was $146,656. Compared to last year, the average sales price was $148,700. Statistically, within a 2% point range.
What's happening with time on the market?
In Beaumont, home sellers are averaging 135 days before sale and closing. In Mid-County sellers are waiting a little longer. They are averaging 169 days. That's almost six months. In January of 2008 it was taking approximately 100 days on the market for a property to sell. What's that mean? Maybe buyers are being a little more cautious. Maybe lenders are taking a little longer to close loans. It could be both, but it does mean sellers need to be prepared to have their home on the market about 5-6 months before they can expect a sale and closing. Need to sell faster? That's where strategy and marketing come into play. Call me if you want to discuss a strategy to sell your home.
What price range are most of the home sales happening in?
As you might expect, the majority of our home sales are in the $100,001-$249,999 range. The lower end -homes priced below $100,000- is outpacing the $250,000 plus price range right now by about a 3 to 1 ratio. Our average price in Beaumont is holding steady right about $148,000. We will have to see if the upward trend in Mid-County pricing continues or if it is just a statistical anomaly. If you want to know what homes are selling for in a certain neighborhood, I can help you with that information to. Just call me, email me or post a comment on the blog with any of your Southeast Texas real estate questions. Say goodbye to January 2009. The homes sales numbers are in and they are official.
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