Thinking about buying a new home in 2010? There's something so appealing about buying brand new construction. Fresh carpet that has never been walked on. Bathtubs that have never had a ring of soap scum. Appliances that still have a warranty. Oh yes, there is something wonderful about buying directly from a builder.
Home buyers are willing to pay a premium for "brand new".
Just how much are Southeast Texas home buyers willing to pay for the luxury of a home that has never been lived in home. Take a look.
This graph shows the asking price on a cost per square foot basis that home builders in Beaumont, Texas are listing homes for and the price on a cost per square foot basis that home buyers have been willing to pay. The data is from the Beaumont MLS. Sales are from the past six months.
Break it down another way:
- Most new construction is on the market in a range from $115 - $130 per square foot.
- Most sales have occurred in a range from $105 - $120 per square foot.
- The highest sale went for $151.89 per square foot. Any guesses where it was? Barrington Heights.
- The lowest sale went for $92.64 per square foot. It was on Brooks Road.
Other tidbits about new construction in Beaumont:
- Builders are still averaging over 95% of their asking price on most sales.
- On average number of days on the market for new construction homes is about 130.
- Right now there are 47 active listings classified as new construction in Beaumont, in the Beaumont MLS
- In the past six months there have been 24 sales classified as new construction in Beaumont, in the Beaumont MLS.
- 47 actives vs 24 sales in a six month time frame would mean we have a 12 month supply of new construction in Beaumont.
- According to the Real Estate Center at Texas A&M a six-eight month supply of inventory represents a balanced market. We've got a slight buyers market at the present time.
Want to know more? Its easy. Just contact me with any Southeast Texas residential real estate, home buying or selling question you have. If I don't know the answer, I will find it for you.