We've all heard about the positive impact the $8,000 tax credit has had on first-time home buyers and sales of homes in the first-time home buyer price points. What we haven't heard much about is the luxury market this year.
Of the 514 closings -since Jan. 1, 2010- 32 have been homes priced at or above $300,000.Roughly, 6% of the closings have been in the higher price points. So in case you aren't a mathematician or don't have a calculator at your fingertips, that means 94% of the closings have been below $300,000.
Take a look at the chart:
Lumberton, Port Neches, and Beaumont's West-end have all had more than one home sale at or above $300,000. Here's five interesting facts:
- The highest median priced area is W6 thanks to two sales on Moore Road which closed above $700,000.
- Sellers in Beaumont's W4 area were least likely to negotiate much off the asking price. One builder even sold for 118% of asking price once all the buyer's upgrades were added to the original price.
- Lumberton averaged the lowest number of days on the market at 103.
- One buyer in Port Neches got a phenomenal deal on a luxury foreclosure. Bought for $399,900. Original price in the 700's.
- Beaumont's historic district had two home sales but they averaged the longest time on the market at 232 days.
If you look at the number of homes on the market- listed in the MLS- we have an excess supply of inventory in the highest price points. When will the sales in the luxury segment pick up pace? Its hard to guess the exact time when home buying confidence will return to the executive market. With the economy picking up steam, wall street making a strong showing as of late, and "economic recovery" the buzz word in the news media, its likely upper end home buyers will be out and buying again soon.
In the meantime if you need any information about buying or selling a home in Lumberton, Beaumont, Port Neches or any part of Southeast Texas Contact Me here on the blog. I'll get your comments and questions immediately. Working with an experienced REALTOR will be a money saving decision. It pays to know the market before you make a move no matter what price range you are in.