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.