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.

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April 2010
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May 2010

Southeast Texas Residential Home Sales Data: April 2010

Next week, the May data will be in.  But for the Memorial Day Holiday Weekend, let's reflect on April.  The end of the first-time buyer tax credit happened on April 30th.  Southeast Texas had more homes sell in April than any other month so far this year. 

When it was all said and done here's the way the numbers hit the target.

April big three

When you return from a long relaxing holiday weekend, I'll let you know which Southeast Texas homes sold in May.

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Guess the Southeast Texas Neighborhoods with the Most New Construction Sales in 2010

Front door We are just shy of half way through 2010.  Home sales were at record lows in the first quarter.  Fortunately, April's spring weather and the tax credit expiration gave the housing market a needed boost. 

You can add the home sales from January, February and March and you'll get pretty close to the number of homes that sold in April but I digress.

Today, for your reading pleasure I thought I'd look at which neighborhoods have had the highest number of new construction sales so far this year.  There are the familiar neighborhoods - if you live here you know the ones I'm talking about- and there are a few new-comers.  Without further suspense, here's the six top selling neighborhoods for the first five and a half months of the year with the number of sales, average price per square foot of living space, and the highest sales price. 

New Construction Sales

Keep in mind these are the new construction sales only.  There have been resales in these neighborhoods too.  Data is from the Beaumont MLS. 

Another interesting stat is the days on the market.  These new construction homes averaged 146 days on the market.  Builders have been negotiating off their asking price in some cases but not much.  Most of these sellers/builders averaged close to 97% of their asking price. 

Want to know more?  Subscribe to SETexasRealEstateTalk.com for weekly residential housing market updates.  Its easy just click the subscribe icon in the upper right column or contact me and let me know what you are looking for.

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Southeast Texas Home Builders Optimistic?

Interior constructionNo official poll has been taken of the local Southeast Texas home builders, to the best of my knowledge, but according to this Wall Street Journal report the National Association of Home Builders, home builder confidence is the highest its been in three years. 

Daily Real Estate News  |  May 18, 2010  |   Share

Builder Confidence Hits Highest Level Since 2007
Home builder confidence reached 22 in May, the highest point since August 2007, on the National Association of Home Builders/Wells Fargo Housing Market Index.

This was the second consecutive month confidence was up, gaining 3 percentage points. Scores lower than 50 are still considered pessimistic.

Analysts said they were surprised by the increase because the home buyer tax credits expired at the end of April.

Weiss Research analyst Mike Larson said the tax credit provided some optimism, but the real driver behind the increase is a sense that the market is actually improving. “Even with the credit in the rear-view mirror, real, underlying demand remains for housing," Larson said.

Source: The Wall Street Journal, Shara Tibken (05/17/2010)
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Beaumont Home Prices Show Steady Upward Trend

If you have ever wondered about investing in real estate, today's post is for you.  My husband and I have often thought we would make more money investing in real estate than investing in the stock market.  So I decided to look at a typical ten year return on the average home prices here in Southeast Texas.

My data is from the Beaumont MLS.  For consistency I used the month of April from each year to see what the average home sold for.

Here's the data neatly formatted on an easy to read graph for your viewing pleasure.

10yr Price Avg

Your ten year return on investment, if you bought a typical home in 2000, and sold it today would be close to $35,000.  That doesn't take into account how much equity you may have built up paying on your mortgage for the same ten year period.  If you have a tenent paying the mortgage for you, you'll be even further ahead. 

In fact the only three year time frame where you would not make a profit on your investment would have been if you bought in 2002 and sold in 2005.  If you waited to sell one more year and sold in 2006 you would have potential made a 10% profit.  The average home sales price in Southeast Texas for April 2010 has not been released yet.  There is an error in the data that needs to be fixed. 

Since the peak of home prices in 2009 the market has seen a small decrease in our average home prices.  The decrease is less than 5%. 

If you plan to use your home as an investment, the golden rule is still to own for at least three years. 

If you want more information about buying investment properties in Southeast Texas, contact me.  We can get started building your real estate portfolio right away.

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Southeast Texas April Home Sales Statistics

April 30th marked the end of the first-time home buyer tax credit.  In the final days leading up to the deadline there was a flurry of last minute buying activity. Eligible home buyers did not want to miss out on the $8,000 opportunity of a lifetime.

At the end of it all, here's what sold in the month of April.

This handy chart shows four main home sales statistics.

  1. Areas with more than 4 sales
  2. Total sales by area of those with more than 4 sales
  3. Median price by area
  4. Average days on the market by area

April Sales All 

Here's five other interesting facts about home sale in Southeast Texas in April.

  1. Beaumont and Lumberton had the highest number of sales and the highest median price
  2. Port Neches homes averaged the fewest number of days on the market
  3. Orange County homes had the lowest median sales price
  4. All homes that sold in April in Southeast Texas averaged 112 days on the market
  5. $200,000 was the highest median price for all areas

Want to know more about selling or buying a home in Beaumont, Lumberton or any part of Southeast Texas contact me today.




 

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