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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March 2011
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May 2011

April 2011

New Construction Inventory Homes In Southeast Texas, No Excess Here!

Slow construction

With a little less than 5% of the homes for sale in Southeast Texas being new complete construction, you can applaud the home builders for not over-building in a slow housing market.

In fact, there are just 73 single family homes listed in the Beaumont MLS as new complete construction.  There is a category called new incomplete construction.  Those are homes started by builders but not yet finished.  I'm not talking about those homes here.  Today's focus is on the new residential construction that is complete and waiting for a buyer. 

Here's three things to think about:

  1. The area with the most complete new homes is Port Arthur with about 20% of the total number.
  2. The average number of days these homes have been on the market is 264 with a high of 586 in Nederland and a low of 25 in Beaumont's W6 area.
  3. The average price of a new complete construction home in Southeast Texas is $217,417.

Take a look!

Construction inventory 

If you want to know more about new construction in Southeast Texas, contact me.  There's so much more information I provide my clients to help them make the best purchase.  I can help you too. 

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Jefferson, Hardin, and Orange County Foreclosure Home Sales Account for about 10% of the Market Activity

End of road

Its April 19th.  Today, there are 270 pending sales showing up on my daily market monitor.  Its privileged information provided to members of the Beaumont MLS (meaning we have to pay for it).  These 270 pending sales represent all homes, lots, and commerical properties that are listed in the MLS that are now "under contract."  Meaning a buyer and seller have agreed to terms on the sale and the property is no longer available for purchase unless the current buyer backs out. 

Here's what I find interesting:

Of the 200 residential homes that are pending, 28 of them are foreclosures.  That's roughly 14% of the sales.

Four things that might surprise you about the foreclosure sales in Southeast Texas:

  1. The highest asking price $315,000.  Street Thomas Road.
  2. The lowest asking price $12,500.  Street S. Major Drive.
  3. The average days on the market for most of these foreclosure homes is less than 60.  Compare that to the non-foreclosure sales where the average days on the market is over 110.
  4. The average price per square foot for these properties is $40.  The high is $86.  The low is $8. 

Its hard to image buying a home for $8 per square foot but in Beaumont, Texas it can be done.  Just be prepared to do some repairs.  (Lots of repairs)

The Southeast Texas real estate market remains in a rut.  Home prices don't appear to be falling or rising.  Sellers seems to be willing to wait it out for the right offer even if that means more days on the market.  We have over an 11 month supply of homes out there at the current sales pace.  It really makes me wonder what's it going to take to get the housing market growing again. 

It still remains a fabulous time to buy a home.  If you are one of the few and brave that are ready to jump into home ownership, contact me today.  There are some great homes available in Beaumont!  (And other parts of Southeast Texas too...)

 

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Fannie Offers Closing Cost Help for REOs

REALTOR® Magazine-Daily News-Fannie Offers Closing Cost Help for REOs.


Southeast Texas doesn't have as many foreclosures as most areas but there are some good deals to be found if you don't mind putting a little elbow grease into the home you purchase.

For a list of Fannie Mae foreclosures in Southeast Texas, contact me.  I'll be glad to email it to you.

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March Home Sales: Median Prices and Average Days on the Market

Here's the top five things you should know about March home sales in Southeast Texas:

  1. 142 homes sold
  2. $119,500 was the median price
  3. 148 days is the average number of days it took for those homes to sell
  4. 47 of the sales were paid for with cash
  5. 43 buyers used conventional financing and 40 used FHA financing

Take a look at this:

March Sales 

148 sales for the month of March falls short of the 182 sales in March of 2010.  Even March of 2009 (183 sales) and March of 2008 (178) sales outpaced the month of March 2011. 

It continues to be a tough market for sellers in Southeast Texas.  Homes now average just two days shy of five months on the market.  Its more important than ever to price your home correctly from the start.  Homes get the most activity early on.  If there are no offers in the first two months adjust your price.  The longer a home stays on the market the less appealing it becomes to the buyers that are out there. 

Want more advice on how to sell your Southeast Texas home?  I serve all three MLS's in Southeast Texas.  Call me today for a complimentary market analysis and pricing strategy.

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Email Diane