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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October 2010
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December 2010

November 2010

Southeast Texas Residential Real Estate Report for Fairfield

Fairfield 

A popular neighborhood located in Beaumont's west-end of town right off Major Drive is Fairfield.  Its a newer neighborhood. There are just two streets with homes complete: Canyon and Grayson.  Prices range from the 200's to 300's.  Most homes average about $112.51 per square feet of living space. 

Another interesting market detail is that sellers in Fairfield are averaging 98% of their asking price for the sales price of their homes.  Its a mixture of new construction and resales that have sold so far in 2010.  With five homes currently on the market, seven sales this year, and one pending the months supply of inventory is worth paying attention to.  At the same sales pace there is a little less than 10 months supply on the market but with such a smaller number of homes in Fairfield one or two sales or new listings can really swing the supply of inventory. 

Home prices have held fairly steady in Fairfield this year.  As long as Trademark homes doesn't start building too many or discounting their prices for new construction expect the prices to remain consistent.  If you are looking for distressed sales, REO's or short sales so far Fairfield has been immune from that trouble. 

Want to know more about Fairfield homes or homes in any other Southeast Texas neighborhood?  All you have to do is contact me.  It pays to be informed.

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Beaumont, Texas Residential Market Share, Oct. 2010

Market share Oct 10 

Four other statistics worth noting about the residential market share for the month of October:

  1. 2010 vs 2009 there was a 16% sale decline in transaction sides
  2. 2010 vs 2009 there was a 5.6% decline in dollar volume
  3. Coldwell Banker Southern Homes was down by 2 sides/sales and up 1.2 million in volume from October 2009 figures.
  4. Coldwell Banker Southern Homes participated in 50% of the sales of residential homes priced over $400,000 in October. 

If you are planning to sell your home in Beaumont, Texas  or buy a home in Beaumont, Texas why would you work with anyone other than the company that handles most of the sales. Work with the market leader Coldwell Banker Southern Homes.  Contact me today and let's get started.

 

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Snapshot of Barrington Heights Residential Housing Market

One of Southeast Texas's most popular neighborhood continues to be Barrington Heights.  With its excellent location, a selection of homes built by the areas top home builders, and outstanding school track, its no wonder that even in a less than stellar real estate market Barrington Heights is still a popular place to buy a home in Southeast Texas. 

Take a look at these key market trends in Barrington Heights.

Barrington 

As of today there have been 19 homes that have sold in Barrington Heights this year.  Sellers have averaged close to their asking price in all but a few transactions.  One sale went for 83% of the original asking price after spending 175 days on the market but most sellers averaged 95% of their original asking price. 

Right now there are 14 homes for the prospective home buyer to choose from in Barrington.  That is higher than the norm.  It represents over a six month supply of homes for sale at the current time which is unusual for such a popular neighborhood.  Take into account that Southeast Texas as a whole has close to a 12 month supply of inventory, Barrington is still in better shape than most neighborhoods. 

As you might expect the older homes in the neighborhood sell for less than the new construction or homes that are less than 5 years old.  For a newer home plan on an asking price over $110/SF.  How much negotiation room is in that asking price is hard to say.  Last year homes in Barrington would never have sold for less than $100/SF but so far this year there have been several. 

If you are looking to move and you want to find a home in one of Southeast Texas's most popular neighborhoods you are in luck. Its a great time to buy a home in Barrington Heights. 

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Southeast Texas Residential Home Sales by Area, for October

Finally rain!  That's something to be excited about here in Southeast Texas.  Need more excitement (or something to kill some time) on a rainy Tuesday?  Well, take a look at this.

Oct Sales area_med 

Overall sales are up since September.  The median price is also up since September.  In the current real estate market any increase is better than good news, its great news.  Rates are still outrageously low.  If you haven't bought yet you are going to be regretting it when rates are back up over 6%.  Take the median priced home in Southeast Texas for example:  with a 5% down payment at 5% interest on a 30 year loan term you are looking a monthly principal and interest payment of $757.54.  You can't rent a 2 bedroom apartment on Major Drive for that amount.  If you read the post yesterday, you may remember there is currently over an 11 month supply of homes on the market.  You really aren't going to find a better time to buy a home in Southeast Texas than right now. 

So to all the fence sitters still out there.  What's it going to take to take to get you to buy a home?  I'm curious let me know. 

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October Home Sales in Southeast Texas

These numbers are not quite official yet, but as of today there were 134 homes that sold- ownership transferred to a new owner- in Southeast Texas during the month of October.  While 134 might not mean much to you taken as a stand alone number.  It starts to mean more when you look at the same month (October) for the past five years. 

Five year history of Southeast Texas homes sales in October:

  • 2009 = 165
  • 2008 = 178
  • 2007 = 185
  • 2006 = 183

Most of the real estate professionals I know will call 2006 and 2007 the boom years, the height of the real estate market here in Southeast Texas and across most of the country.  Most of us are also thinking 2010 is going to represent the trough. 

That said, "peak to trough home sales are down 28%."

Let's hope 2010 is the trough.  Another residential housing statistic worth noting is the change in months supply of inventory (the number of homes available for purchase divided by the monthly sales over a six month period).  Take a look.

  • Jan. 2008 = 6.4 months supply, Oct. 2008 = 7.7 months supply
  • Jan. 2009 = 7.2 months supply, Oct. 2009 = 8.9 months supply
  • Jan. 2010 = 9.5 months supply, Oct. 2010 = 11.7 months supply

Keep in mind a six month supply of inventory is considered a balanced market according to the Real Estate Center at Texas A&M.  When there is an excess supply of inventory -there are more homes (more sellers) than there are buyers- the market is considered a "buyers market." 

With all that said, here's October's big three home sales statistics.

Oct Sales 

What's my opinion of the Southeast Texas real estate market right now?  It is a great time to be a buyer! 

 

 

 

 

 

 

 

 

 

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