SE Texas Real Estate Talk

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.

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.

 

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. 

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. 

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.

 

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.

Southeast Texas Residential Home Sales Data, April 2011

Hello Spring!    Welcome back home buyers. 

 

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.

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

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...)

 

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. 

February Home Sales Data: Southeast Texas

Want to know which neighborhoods had the highest number of home sales for February?  What the median home prices are in the best selling areas and the average days homes were on the market?

Well, you are in luck.  Check out the chart.

 

February is not historically one of the best months for home sales.  2011 sticks to that norm.  Only 87 lucky home owners managed to sell their single family home during the month of February here in the Golden Triangle.  *Data from the Beaumont MLS.

The top five things to know about February home sales in Southeast Texas:

1. The top selling area was Beaumont's W2 neighorhood with 12 home sales recorded.
2. Beaumont's W4 area with neighborhoods such as: Barrington Heights, Fairfield and West Chase had the highest median sales price of $289,000.
3. The most affordable westend neighborhood in Beaumont is still W3 - the area roughly between Phelan and College. 
4. All of the top selling areas in Southeast Texas had an average days on the market of over 100.  Translation = Its taking home sellers about four months on average to sell.
5. Its still a buyers market in Beaumont, Lumberton, Vidor and all of Southeast Texas.  The inventory of available homes is close to an 11 month supply.

The last thing to know about the housing market in Southeast Texas is that it is still an incredible time to buy a home.  Disclaimer:  "Yes, I sell houses for my profession.  Honestly, I've never seen a better time to buy a home.  No, it won't be this way forever."  If you are ready to act now, call me today and we'll find you a great home at a great price.

Average Home Sales Prices in Beaumont, Texas

Okay, for those of you who are new to Southeast Texas Real Estate Talk, here's something you should know.  The best source - in my opinion- for residential real estate data for the whole state of Texas is The Real Estate Center at Texas A&M. 

When it comes to real estate data, they rock.  Take a look at this chart.

 
You can find it on The Real Estate Center's website under Beaumont Market Data.  Here's five trends to consider:

1. 2010 had approximately the same number of home sales and the same average price as 2001.
2. 2003-2009 had higher sales and a higher average price than we had in 2010.
3. The market peaked in 2007.
4. Sales are off approximately 24% since the peak in 2007.
5. *The average home price is down about 30% since 2007.

Don't be confused.  That doesn't mean the average home has lost 30% of its value.  It means more homes under $100,000 are being sold today which brings the overall average price down. 

Want to learn more about the Beaumont, Texas housing market.  You can log on to The Real Estate Center's Website and study up or you can contact me and let me do the work for you. 

 

Selecting the Best Broker to Represent You in a Residential Home Sale or Purchase Transaction

Southeast Texas offers home buyers and sellers a lot of choices when it comes to working with a professional real estate company.  So how do you know which real estate broker is the right one to represent you in a home purchase or sale?  Well, one place to start is with the market leader.  Take a look at the pie chart.

 

Coldwell Banker Southern Homes had the highest percent of market share in January 2011 for all homes sales recorded in the Beaumont MLS.  The pie chart shows the percent market share of the Northern sector of the Southeast Texas residential housing market. 

Here's something else you will want to know.  Right now there is a 16 month supply of homes in the Northern sector.   If you are serious about getting a good deal when buying a home in Southeast Texas you are going to want to work with the best real estate broker and agent you can find.  

If you want to make sure you choose the best agent for you, contact me.   My service guarantee is in writing and you don't pay a real estate fee until you close on a home. 

 

Beaumont, Port Arthur and Lumberton Fair Better Than Most in Foreclosure Filings

I'm sure you've heard all the news talk about the problems "foreclosures" are causing in towns across the country.  People call the office daily requesting information on foreclosures.  Interesting thing in Southeast Texas, there really aren't that many homes in foreclosure.  Certainly not like parts of the United States.  Take a look at this chart. 

 

Now, don't be confused.  The longer the line the better shape a town is in.  Take the Lumberton, Texas housing market for example- one out of 6,333 homes had a foreclosure notice filed in 2010.  Orange County, Texas was not far behind with only one out of 4,338 homes receiving a foreclosure notice in 20io.  Beaumont, Texas had one out of every 940 homes receive a foreclosure notice but receiving a notice is different than having an actual foreclosure occur. 

Each month in Jefferson County somewhere around a hundred foreclosures notices are filed by lien holders but each month at the foreclosure auction less than 20% of those homes end up being sold at a foreclosure sale. 

Its not to say you can't find some good deals on foreclosed homes in Southeast Texas, but there aren't as many as one might think.  Its important to know what to look for in a foreclosure and how to negotiate with the lien holders.

A professional REALTOR can save you from making a big mistake.  Many of these homes are in need of repair.  If you are interested in finding out more about homes for sale in Beaumont, Lumberton or any part of Southeast Texas contact me.  My experience can save you money and help you find the best home for your family at the best price.