Southeast Texas Home Sales In March, Preliminary Numbers Show Little Change

Goodbye March, hello April.  It looks like one hundred and sixty eight single family residences changed owners in the month of March.  Four condo/town-homes changed owners as did four mobile homes, and one patio home.  At present the total home sales for Southeast Texas, for the month of March is 177.  *Data is from the Beaumont MLS.  These preliminary numbers are showing little change from the same period last year when we recorded 178 home sales.

The home sales activity is still weighed more heavily on the entry level price point.  More than 1/3 of the sales in March were in the $125,000 and under price range.  For a breakdown of price ranges, here's a crafty little pie chart.

As you can see sellers with homes priced above $300,000 aren't finding a lot of buyers at the moment.  There were eight sales above $300,000 during March.  Above $400,000 there were only three sales.  Average days on the market is always worth noting.  Southeast Texas homes are still averaging about 108 days on the market.  Three and a half months from list date to sale.  That's the average.  If you are planning to sell your home you will want to factor that in to your schedule. 

Also worth noting is how home buyers are getting their financing these days. 

Conventional financing was still the most common type of financing used by the home buyers in March.  FHA was a close second.  FHA has increased dramatically since the conventional lenders have done away with 100% financing.  With an FHA loan, home buyers can still buy with 3.5% down.  The seller can help with closing costs.  Conventional loans require a minimum of 5% down.  It still remains a whole lot harder to get a loan today than it was last year.  Most lenders are asking for forty-five to sixty days to fund a loan.  Home buyers you will want to consider that in your plans.  If you want to move in in June, you need to have found the home and be under contract in April. 

The top six Southeast Texas areas with the most single family home sales in March were:

1. Beaumont west = 59
2. Lumberton = 28
3. Vidor = 18
4. Orange County = 13
5. Beaumont North = 11
6. Silsbee = 10

The biggest change in residential home sales comparing March 2008 to March 2009 is the increase in home buyers financing with the FHA.  The number of home buyers and the number of sales showed little change.