Last week, you got a sneak peak at what the January homes sales data was going to look like. Now, its official. The Beaumont Board released the numbers today.
Eighty-three homes sold in January. That's a snail's pace to say it simply.
The optimists will say, "hallelujah! the market has finally hit bottom".
The pessimists will say something totally different. You can say what you want but Eighty-three sales is a number significantly lower than the average.
Broken down into price categories, Southeast Texas home sales for January 2010 look like this:
The bulk of the home sales, if you can call any of these numbers "a bulk", were in the $100,000-$159,999 price range. Eighteen homes sold between $100,000-$159,900. That category equals about 20% of the residential housing market. That is not unusual. The median price of about $150,000 has been been fairly consistent the past year.
There were several sales above $400,000. It is a good sign to see some of the higher priced homes starting to sell.
The chart above also shows a frightening month supply of inventory column. There is an asterisk because this number is based on January sales only. So its not a true measure of months supply. Those numbers are artificially high because January's sales are so low. Normally, to get an accurate months supply of inventory you use the past six months of sales. Not just one month.
"Don't panic"
If you are trying to sell your home. Be realistic. Know the competition and price your home appropriately. This is not the right time to expect to sell your home for more than your neighbor sold for. This is the time to know the market and understand what your home will appraise for. If you are planning to sell your home in Southeast Texas and need a Realtor who can help you maximize the value of your home, then call me. Its more important than ever to know the market and have a solid plan.
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