Southeast Texas Real Estate Talk coversreal estate market data for all of Southeast Texas.  If you want to know what homes are selling for in Southeast, Texas you are at the right blog.  Today, Vidor home prices are in the spotlight.  Take a look!

Here's what you should know:

1. Homes averaging three and a half months on the market.
2. With only 18 sales since August 1 inventory is climbing.
3. At that same pace, 9 sales per month, there is a 12 month supply of inventory.
4. Sellers are getting 90% of their asking price on average.

Want to know more about homes in Vidor, Texas?  Want to buy or sell a home in Southeast Texas?  I'm just a phone call, text message or email away. 

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:

1. 2007 is clearly the peak of the Southeast Texas housing market.
2. 2010 is clearly the trough of this five year cycle.
3. 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.  

The number 1 represents the year 2006.  The number 2 represents the year 2007.  So on.  You get the picture.  Three facts worth taking note of:

1. From peak to trough sales are down approximately 28%.
2. Since 2007 the total number of sales has been on a downward trend.
3. 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:

1. Do you think this is the bottom of the cycle?  
2. What do you think it will take to get the Southeast Texas housing market back on track?
3. 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.

"It is hard to argue with numbers."

These Southeast Texas home sales figures speak for themselves.  In September, 120 single family homes closed.  The median price was $120,000.  Beaumont, Texas median home prices  (I add Texas because there is a Beaumont, California for those of you who didn't know...) have fallen as of late.  Translation:  More activity in the lower price points than the higher price points. 

The highest median home sales price for all Southeast Texas areas went to Beaumont's W6 neighborhoods.  Just two sales make up that median price though so don't read too much into it.  W4 had ten sales with a median price of $233,200. 

The Southeast Texas housing market offers great opportunity for home buyers as rates continue to be at all time lows and inventory levels remain above the historic norms.  If you have ever thought about buying an investment home what are you waiting for?  That loud thumping you hear is opportunity knocking!

 At least for now, so says the Texas Attorney General...

The Texas Attorney General's office has halted all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in previously foreclosed upon properties, until mortgage companies have completed a review of their processes, including whether employees or agents "robosigned” affidavits and other documents recorded in Texas.

The AG suspension notices were sent to 30 mortgage-loan servicers doing business in Texas.

What's this all mean?

I think we are all still trying to figure that out.  Here's a little more information for those of you buying a foreclosure in Beaumont or any part of Texas for that matter.

Dallas News

Houston Chronicle

FAQ's Texas Association of REALTORS

If you want to learn more about buying and selling foreclosures in Jefferson County and Southeast Texas contact me today.