SE Texas Real Estate Talk

Beaumont's West Neighborhoods: Where are the Most Home Sales?

So you've heard the real estate market is "not great" right now.  You've heard there is an excess supply of home inventory on the market.  You've heard all sort of negative news about the Southeast Texas housing market...

"Have you heard where the homes are selling?" 

Here's a look at the hottest selling neighborhoods in Beaumont's West-end since January 1, 2011. 

 

These are the additions as classified by their legal description.  Averill is over in the Oaks Historic area, including  Hazel, Ashley, Laurelstreets.  Barrington is Barrington Heights off Dowlen.  (If you live in Southeast Texas, you knew that one.)  Dawndale is W2 streets such as Moonmist and Stardust.  Gladys West is off Major, streets include Orchid, Bluebonnet, and Indian Blanket.  Tall Timber are the "wood streets" such as Ebonwood and Galewood. 

Three things worth noting about the "best selling neighborhoods in Beaumont"

1. Newer neighborhoods - Barrington and Westchase have the highest sales prices.
2. Of the established, older neighborhoods the Calder neighborhoods are out-selling the others.
3. Tall Timbers has the closest range of sales prices with less than $1,000 separating all three home sales this year.

There's a lot more you can learn about the best selling neighborhoods in Beaumont.  If you are interested in buying or selling a home here in Beaumont or any part of Southeast Texas, professional advice is one call away. Call me and let me help you make your next real estate decision your best one yet. 

Beaumont and Mid-County Residential Home Sales Data for Jan. 2011

Old man winter sure knows how to put a damper on home sales.  Not that January is know as a hot month for residential sales activity here in Southeast Texas, but this winter has started off on icy ground.  Here's what the data looks like:

 

What jumps out at you?  Take a look at days on the market.  Beaumont home sellers are now averaging over five months of marketing time prior to a home sale.  In Mid-County home sellers are averaging over six months prior to sale. 

The market is heavily weighed on the entry level properties.  33% of home sales were under $100,000 in Beaumont's housing market and 51% were under a $100,000 in Mid-County. 

The upper end of the housing market in Southeast Texas is still lagging the normal pace.  Just 14% of the home sales recorded in the Beaumont MLS were homes priced at $250,000 and above.  In Mid-County it was 7%.

So after reading this you may deem me a pessimist.  That would be wrong.  I'm a optimist.  When a market slows this much it is getting ready for a rebound.  Spring time is just around the corner. 

Southeast Texas Neighborhoods with the Most Home Sales in 2010

 

It won't go down in the record books as a great year for home sales in Southeast Texas but in case you are wondering which neighborhoods, towns and communities did have the highest number of home sales the chart above shows you the best of the best. 

Five things to think about:

1. Each area averaged over 100 days for homes to be on the market.  (Note to self, if you are planning to sell, you'll probably want to plan on at least a four month marketing time.)
2. Most buyers used FHA financing (640), 2nd place Conventional (625), third place Cash (506).
3. 1,962 is the total number of residential home sales in Southeast Texas for 2010.
4. Less than 2% were homes priced above $500,000.
5. Of the 1,962 single family homes that sold:  38 wer mobil homes,  3 were modular homes and  9 were patio homes. 

Now for the answer to the question, "Did more homes sell in 2009 or 2010?"  More homes sold in 2009.  As mentioned earlier 2010 won't go down in the record books as a great year for home sales in Southeast Texas but in case you are wondering, 2011 looks like it might be. 

Call me if you would like more information about the Southeast Texas residential housing market. 

Southeast Texas Residential Real Estate Report for 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.

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.

 

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. 

August Home Sales in Beaumont, Texas and The Golden Triangle

Last post was a little scary for those of us in the real estate business and those home owners trying to sell their homes.  August home sales were the lowest in total number over the past five year period.  Interestingly enough, several neighborhoods in Southeast Texas are still holding their own when it comes to sales prices. 

This is good news for home sellers in the Beaumont, Nederland, Groves, Lumberton and several other Southeast Texas communities.   Take a look at the chart.  You will see area, then the percent of the asking price the sellers in that area sold their homes for, and then the number of days on the market. 

Coming out on top is Nederland where sellers averaged 97% of their asking price for the homes that closed in August.  Those homes spent an average of 65 days on the market.  Not bad when the overall average days on the market for Southeast Texas homes is now at 122 days. 

The data on this chart is from the Beaumont MLS.  Areas with less than two homes sales in the month of August were not included.  Soon we will know September's home sales.  September is usually one of the slowest months for home sales during the year. 

Want more information about the Southeast Texas residential housing market?  Contact me.  I'll be glad to share.
 

Southeast Texas Home Sales Data: May 2010

July is just around the corner! 

Here's one last look at the Southeast Texas residential housing market for the month of May.  Enjoy the Fourth of July weekend and when we all get back to the office Tuesday, check the blog for the Southeast Texas residential home sales data for June.

Its nice to see some movement in the high price points.  Seven homes sold for $400,000 or more.  The entry level price points still rule the market. More than half of the MLS areas had a median sales price of less than $100,000.  Only four areas had a median sales price of over $200,000.  The lucky areas: Fannett, Orangefield, Sour Lake and Tyler County. 

Happy Fourth of July!

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

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. 

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.

Willow Creek: One of the Hottest Neighborhoods in Beaumont, Texas

Take a look at what's been happening in Willow Creek for the past six months.  Thirteen homes have sold and only eight homes are currently on up for sale.  Willow Creek is one neighborhood where its still a sellers market as long as the home is priced right.

See for yourself!

Graph shows the $ per square feet of living space on the axis.  Homes that have sold are in blue.  Homes on the market are shown in red.

• All thirteen homes sold within a range of $79 per square foot of living space on the low side to $115 per square foot on the high side
• Seller's averaged 94% of their asking price as the final sales price
• Two homes sold for 100% of their asking price
• $143 per square foot is the current highest price of any of the homes for sale in Willow Creek
• $95 per square foot is the current lowest price of any of the homes for sale in Willow Creek

Wait there's more...

• Most homes that are listed and have sold fall between $95 and $115 per square foot
• Homes on the golf course sell at the upper end of the price range as a general rule
• On average homes in Willow Creek were on the market for 104 days from listing to contract
• Homes under $200,000 typically stay on the market the fewest number of days

If you are selling a home in Willow Creek you'll want to know more about the competition to know how to price your home for maximum resale value.  If you are buying a home in Willow Creek you'll need to know why some homes sell for over $100 per square foot and others sell for $80 per square foot. 

Want more information about home sales in Willow Creek...

I've got it.  The good news is when you work with me as your Realtor you'll have that information too.

Luxury Home Buyers In Lumberton, Texas Sitting On The Fence

In the past six months, seven brave home buyers have spent over $300,000 buying a home in Lumberton.  Stop.  Read that again.  Since July 1, 2009 seven home buyers have spent over $300,000 buying a home in Lumberton. 

Where's everyone else?  Are you still sitting on the fence?

In the same six month time period from July 1, 2008 - January 29, 2009 there were fifteen sales at or above $300,000.  Whoa!  Read that again.  Fifteen compared to seven.  Now it doesn't take a math whiz to see that 7 home sales is less than half the number from the year prior. 

Look here.

This is the raw home sales data for July 2009- Jan. 2010.

• On average sellers accepted an offer that was 93% of their asking price
• On average it took 178 days on the market before accepting a contract
• All but one of the new construction homes sold for full price plus

Compare that to home sales data for July 2008- Jan. 2009.

• On average sellers accepted an offer that was 94% of their asking price
• On average it took 129 days on the market before accepting an offer
• Only two of the fifteen sales sold for full price or more

So why is everyone sitting on the fence in the residential home luxury segment?

Oh, my guess is psychology.  People are nervous.  Loans are harder to get but if you can afford a $300,000 home you've had a loan before and can probably get another one.  Interest rates aren't getting any lower.  The government isn't likely to start paying people to buy homes.  Oh, wait!  They have done that too.  Have you heard of the move up home buyer tax credit or first time home buyer tax credit.  What's it going to take to get people off the fence? 

So for now the brave home buyers in Southeast Texas have an amazing opportunity.  Buy when everyone else is afraid to buy.  Southeast Texas home sellers haven't been this negotiable in a long time.  When the market recovers and the buyers start jumping off the fence it won't be long before Southeast Texas home builders stop negotiating and home sellers stop taking low offers. 

Still not convinced this is a good time to buy?  Then stay right there on that fence.  Just don't complain six months from now when Southeast Texas home mortgage rates are higher and that Lumberton, Texas home you love is no longer for sale because someone else was brave enough to buy it when you were still sitting on the fence. 

Want more information on home sales in Southeast Texas?  Contact me on the blog.  Look for the contact button in the upper right column.  Let me help you find a great home at a great price while everyone else is waiting on the right opportunity to come along.