An inside look at the residential real estate market in Southeast Texas including: the hottest neighborhoods, proven home selling strategies, home buying and negotiating tactics, median prices by neighborhood, average days homes are on the market, and professional advice on how to get the best deal when buying or selling a home.

Previous month:
March 2010
Next month:
May 2010

April 2010

Luxury and Executive Home Sales Data for Southeast Texas Housing Market

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:

Luxury sales 2010

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:

  1. The highest median priced area is W6 thanks to two sales on Moore Road which closed above $700,000.
  2. 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.
  3. Lumberton averaged the lowest number of days on the market at 103.
  4. One buyer in Port Neches got a phenomenal deal on a luxury foreclosure.  Bought for $399,900. Original price in the 700's.
  5. 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.


Search MLS for Homes
Email Diane

March Home Sales in Southeast Texas: Activity Strong in Key Price Points

Buying or selling a home in Beaumont, Lumberton, Mid-County, Vidor or Orange?  Then you will want to know which price points are seeing the most activity. 

March by price

Highlighted in purple on the graph above, the most sales are occurring in the $100,000 to $200,000 price point.  One could easily assume the first-time buyer tax credit is fueling the activity in those popular price points. 

The tax credit expires in four days.  Guess what, no one thinks its going to be expanded again.  Only time will tell how this will affect the Southeast Texas real estate market.  We may see a fall off in buying demand in May or we may see the continuation of a strong spring buying season. 

Here's a few other facts to know:

  1. The average list price of all homes is $163,606
  2. The average sales price of all homes is $141,275
  3. Average days on the market is 126
  4. $25,711,983 is the total sold dollar volume for the month of March

Need to know anything else about home sales in Beaumont, Lumberton, Vidor, or any part of Southeast Texas?  Contact me here on the blog, or by text, phone or email.  If you are looking to buy or sell a home in Southeast Texas it pays to know what happening in the market right now.

Search MLS for Homes
Email Diane

Southeast Texas Home Sales Q1, 2010

Today is data day on the blog.  The first quarter is over and its time to recap. 

Q1 sales 4 year

Here's what you should know:

  • Jan. and Feb. sales were the slowest we've had in four years. (ouch)
  • March rebounded nicely as home buyers shook off the winter blues and got out and started looking at home again.
  • The quarter as a whole is has the fewest sales of any of the past four years.  Thanks to January and February- where apparently no one went outside to look at houses.

Q1 supply and median

Here's what you should know to make an informed home purchase in Southeast Texas:

  • Inventory has been rising the past several years.  Partially due to the expansion of the MLS area.
  • Median sales prices have continued to increase

Data is from the Beaumont MLS.  Months supply of inventory and median price was taken from February of each year. 

There's a lot more to post this week. I've just been busy showing homes.  Spring has sprung and everyone is out looking at homes again. 


 

Search MLS for Homes
Email Diane