Let's start with a disclaimer: Home sales include all areas of Southeast Texas including: Lumberton, Orange, Vidor, Sour Lake, Mid-County. All data is from the Beaumont, Texas Multiple Listing Service.
Now let's look at the data!
First chart above shows the total number of homes that sold each month for the past five years. Three facts worth taking note of:
- 2007 is clearly the peak of the Southeast Texas housing market.
- 2010 is clearly the trough of this five year cycle.
- The month with the fewest overall sales is September 2008 (remember Hurricane Ike?)
Second chart below shows the trend line of total sales from Q1-Q3 for the past five years.
- From peak to trough sales are down approximately 28%.
- Since 2007 the total number of sales has been on a downward trend.
- 1,664 is the average number of sales through Q3 during the five year history.
Third chart below is for the number crunchers reading this post. This one will show you the number of sales by month for each year.
Three facts to think about:
- Do you think this is the bottom of the cycle?
- What do you think it will take to get the Southeast Texas housing market back on track?
- There will probably never be a better time to buy a house than right now.
Let me know what you think about the Southeast Texas housing market. Comments are always welcomed! Better yet, contact me if you are ready to seize this opportunity and buy a house before the chance of a decade passes us by.