Here's a post that was requested. The request asked a big question, "What is the cost of new construction in Texas?" This one is going to be a multi-part post. So here we go. Since May 2009 there have been 38 sales recorded in the Beaumont MLS that are classified as new construction. There are 23 sales pending - under contract- but not closed as of this post. And there are 116 active listings that are classified as new construction.
Part one of this answer will deal with areas in Southeast Texas where there are new construction homes for sale and the areas where the most sales have occurred. Here's a graph.
Most of the new construction is in Beaumont and Lumberton. Not a surprise for the locals. Those have been the main residential growth areas for a while now. Its good to see there is some new construction at the beach.
Its also interesting to see the median price of new construction by area and the median price of homes that have sold since May. Here's a graph for that.
The highest median sales price is still in Beaumont on the west side of town. The beach and Pinewood have higher asking prices for new construction but no sales this quarter. Average days on the market for new construction sales is 128. The average sale price for the whole Southeast Texas market is $237,000.
Now to really get to the heart of the question that I was asked, "What is the cost of new construction in Texas", we really have to look at the price per square foot that the builders are building for and the price per square foot that they are selling for. With 177 new construction homes that's going to take me a bit more time to input and analyze the price per square foot data.
Once we can see the price per square foot -by area this will really tell us what builders are willing to build for and what they are willing to sell for. The analysis will give you a really good idea of the cost of new construction in Southeast Texas. I know your dying to know more, so tune in tomorrow.