Its hard to be a home builder in Southeast Texas these days. Since May 1, 2010 a grand total of eleven brand new, builder owned homes have closed in Beaumont, Texas. Data comes from the Beaumont MLS.
Those that did close averaged 183 days on the market. That's six months for the mathematically challenged. What to know how many brand new homes are available and waiting for a home buyer to come along? Right now there are fifty one listed in Beaumont alone.
You might be thinking the builders must be wheelin' and dealin' with home buyers about now. That's where you'd be wrong. Of the eleven sales that have occurred since May 1st all have been full price except for four.
The average asking price of the homes that sold is $256,009.
The average sold price is $252,490.
Southeast Texas home builders seem content to hold on to their inventory rather than sell it at reduced prices in a difficult real estate market. That's a good thing for other home sellers. When the builders starting cutting prices, resale values also fall. Buyers will buy new over resale when the prices are equal as a general rule of thumb.
What are you going to pay for new construction in Beaumont, Texas?
In the Westend neighborhoods of Barrington Heights, Cottage Grove, The Meadows and Fairfield expect to pay from $110-130 per square foot of interior living space. Out in Windemere you'll find a better price. Just Construction is building a new home with granite, crown molding, and a lot of bells and whistles for about $105 per square foot.
Now don't get me wrong there are good deals to be found but if you have your heart set on a brand new home be prepared to pay close to the builders price. Even though its a slow time for residential construction - at least in Beaumont, Texas- the home builders seem prepared to wait on the right price instead of the fast sale.