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.

Real Estate Trends

Southeast Texas Median Home Sales Prices 2006-2014

2006_2005 Median Price

The chart speaks for itself.  The real estate market in Southeast Texas has seen a rise in the median price of homes that have sold for the past two years.  * 2014 numbers are still an estimate but they should be very close.

*Data from Southeast Texas MLS and The Real Estate Center at Texas A&M.

What do you want to know about the Southeast Texas real estate market?  Ask any real estate question that you are interested in and I will do my best to answer.

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Southeast Texas Average Home Sales Prices 2006-2015

Happy 2015!

Will home values be going up or down this year?  Take a look at at the chart.

2006_2015 avg price comparison

I don't claim to have a crystal ball but all indications are good that this will be a good year for home sales.  Average sales prices have been up in 2013 and 2014 compared to the prior years dating back to 2006. 

Would you like more information about home values in Southeast Texas?  Just contact me for a custom market report containing all the information you want to know. 

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Southeast Texas Homes Sales: Better or Worse in 2015

Happy New Year! 

Are you making any resolutions?  One of mine is to keep putting local, accurate, up to date information abou the Southeast Texas real estate market on the blog and on FaceBook. 

2006_2015 sales comparison

To start the year, here's a look at home sales in Southeast Texas for the past nine years.  You can see the slow down in home sales that occured between 2008 and 2012.  It looks like we are on a upward trend once again.  The 2014 numbers are an estimate* but should be very close. 

If you are thinking of selling your home, contact me for a professional home valuation.  There is no cost and no obligation to list your home. 

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Southeast Texas, Beaumont Executive Home Sales

The upper niche in the Southeast Texas housing market may be small but there are some luxury neighborhoods in Beaumont that have been selling this summer.  Since June there have been eight homes that have sold and closed above $500,000.  Half of those sales happened in the same neighborhood. 

This chart shows where the luxury sales are happening-

  $500 + sales 1

If you had to guess which neighborhood -of the five shown above- had the most sales this summer what would you guess? 

  • Thomas Road had one sale.  A 3 bedroom, 3 full bath, 2 half bath that had just under 6000 square feet of living area sold for $677,000.
  • Montclaire Estate had one sale.  A 4 bedroom, 3.5 bath that had just under 7000 square feet of living area sold for $710,000.
  • Barrington Heights had one sale.  A 5 bedroom, 3.5 bath that sold for $524,000.
  • Brownstone had one sale too.

But the big winner in the luxury home sales market this summer was Westchase Villa.  About half of all homes that sold in Beaumont over half a million dollars sold in Westchase Villa. 

If you are looking for a home no matter what the price, I can help you find a great home.  Contact me as soon as you are ready to find your next dream home. 

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Home Sales in SE Texas 2010 vs 2011

As we start the fourth and final quarter of 2011, let's see  how home sales this year compare to home sales last year.  Raise your hand if you think sales are up.  Now, take a look at the chart.

2010v2011 sales

If your hand is down then you are right about home sales.  So far through the third quarter the total number of residential sales is lower than it was in 2010.  

"There have been approximately 10% fewer homes sold this year compared to the same time last year."

In fact only two months -January and September- of 2011 had a higher number of home sales than 2010.  According to the data the The Real Estate Center at Texas A&M gathers from the Beaumont MLS, there is currently a 12.3 month supply of inventory on the market. 

The number of homes for sale in Southeast Texas - also know as the amount of inventory- has been above 8 months since April 2009.  Its been in double digits since Feb. 2010.  Most experts would agree a 6-8 month supply of homes on the market is a fair and balanced market.  More than that tips the scale to the side of buyers.  Less than that tips the scale to the side of sellers. 

Interestingly enough the median sales price has not gone down even though inventory is up. 

  • September 2010 Median Sales Price = $121,000
  • September 2011 Median Sales Price = $123,800

What is the take away from all of this?  To put it in plain words, the market is complicated right now.  Fewer homes are selling but the pristine ones still are selling and selling at close to asking price. 

  • For buyers:  Don't assume every seller will come down 10% off their asking price.  There's more to it that than.  You need to know how well the home is priced to begin with. 
  • For sellers:  Plan to get your home in great shape before it goes on the market.  Coldwell Banker Southern Homes has a free home enhancement guide that will help you maximize your sales price and shorten your time on the market.

If you have more questions about the Southeast Texas residential housing market contact me.  Having a professional, local REALTOR on your side is one of the smartest decisions you will make when it comes to buying or selling a home.

 

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Southeast Texas Single Family Home Sales Slow in September

It is a common occurrence.  Home sales slow in September.  This year is no different, except they slowed more than they have the past several years.

The chart below shows the top five areas for single family home sales in Southeast Texas for the month of September. 

2011 Sept Sales

Here's a few September's gone by:

  • 2010 = 124 home sales
  • 2009 = 146 home sales
  • 2006 = 228 home sales

See that!  That's a 50% reduction in the number of homes that sold in September 2006 to September 2011.  If you read much about real estate then you are aware 2006 is considered the peak of the market.  I wonder if we will look back in a few years and call 2011 the bottom of the real estate market. 

One other thing to take note of is that the average days a home spends on the market in Southeast Texas is 121.  If you are thinking about selling your home you will want to keep that in mind.  4 months is the average. 

If you want to know more about the Southeast Texas real estate market or single family home sales in Beaumont, Texas contact me.  Its easy.  Call, text, or click the link on the blog.  If I don't know the answer to your real estate question I will do my best to find out. 

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August Home Sales Up Across Texas, Down in Beaumont

The Real Estate Center at Texas A&M tracks home sales across the state of Texas.  Here's a graph they just released that shows sales activity by market area.

RECenter Chart 

Sales of single family homes were up 24% according to the data from the Real Estate Center.  Good news for Texas.  Not so good news for Beaumont. 

Three markets across Texas that had fewer sales in August 2011 than they did in August 2010 were:

  1. Beaumont - down 8%
  2. Port Arthur - down 5%
  3. South Padre Island - down 7%

Beaumont also has one of the highest months supply of inventory which is also another sign that the sales are not what they should be.  One interesting note, the median price is 6% from the same time last year. 

What's it going to take to get the Southeast Texas housing market back on track?  Share your thoughts here on the blog.  Let us know what you think.

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Southeast Texas Residential Home Sales Data, April 2011

Hello Spring!    Welcome back home buyers. 

April data 

Yes, we still have more than a balanced supply of inventory (homes for sale).  Yes, homes are taking four and a half months on average to sell.  No, 166 sales doesn't shatter any prior sales records.

"Take note of this,"

Home sellers are still getting close to 95% of their asking price on average.

If you make an offer on a home that's in great shape don't expect to get the seller to come down 15%.  It's not happening.  Foreclosures and homes that need updating maybe, but not on one that's move in ready.  Its still not a seller's market but for those homes that are in great shape the sellers still have a lot of control.  Multiple offers on the best homes are not a thing of the past.

If you want more information about Beaumont home sale or Southeast Texas home sales, contact me.  You can call or fill out a contact form here on the blog.  Look in the column and click contact icon.  You'll get a better deal and save money if you work with a professional REALTOR who knows the local market.

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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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