Hi. I'm Diane McNelis, Award winning Texas Realtor(R) with Coldwell Banker Southern Homes. Selling and Buying homes in Southeast Texas can be complicated. I'm here to help. When we work together I become your advocate. My goal is to get you the best deal possible and to exceed your service expectations. On my blog, I share tips and strategies for selling and buying homes in Southeast Texas.

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July 2020
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September 2020

August 2020

Home Sales in Beaumont, Bridge City and Lumberton, August 2020

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With just one day left in August, there have been 242 homes that sold (closed) already this month. 

The last day of the month is usually a big closing day.  Especially this month, since last week many closings were delayed by Hurricane Laura.  

Here's what stands out for the August closings:

1.  98 days on the market is the average number of days a home was for sale in Southeast Texas in August. 

2.  Lumberton had 23 sales with an average price of $248,788

3.  Beaumont all West-end areas had 44 sales.  

4.  The average list price to sales price is 95%.  This means most sellers accepted an offer that was 95% of their asking price.  For a $300,000 home a sales price of $285,000 is an example of 95%. 

5.  Most of the homes that sold in August used conventional financing (112) followed by cash (58) and FHA financing (54).  

 

*There is still one more closing day in August so these stats could change a little.

The take away for sellers is if you plan to sell by the end of 2020 then you want to list your home soon since it is taking on average three months for homes to sell (from list date to close date).  

The take away for buyers is to know what a reasonable offer for the current market is.  It is important to be educated on the recent sales in the neighborhood you plan to buy a home in.  

If you have any questions about real estate in Southeast Texas, I'm here to help.

Sincerely,

Diane


Is COVID affecting Home Sales in Beaumont, Texas

Let's start with the July Homes Sales data that was just released by the Beaumont Board of Realtors.  This infographic shows Beaumont home sales this July compared to last July.  July 2019 and 2020 don't show a big difference.  

Here's what I see being a local Realtor with over ten years experience in the Southeast Texas Real Estate Market.

  1. The change in Median price fluctuates up and down pending on the price range of homes sold in a given month.  
  2. 88% of homes that closed in July sold for $299,999 or less.
  3. 45% of homes that closed in July sold between $100,000-$199,999.
  4. The number of closings was up 8% from last July.  
  5. Inventory remains historically low.  

July Housing Beaumont

A balanced real estate market should have a six month supply of inventory.  In every price range under $250,000 there is a shortage of homes on the market.  

Covid is affecting homes sales in Beaumont but not as much as you might think.  Both June and July homes sales have been on pace with home sales last June and July.  

Here's my advice:  If you are thinking about selling your home it is still a great time to sell.  Inventory of homes for sale remains very low in all but the top price ranges.  If you are thinking about buying a home, you are in luck.  Interest rates are historically low.  

Want to know more about buying or selling a home in Beaumont or any part of Southeast Texas?  I'm here to help.  Call, text, email me.  

Sincerely,

Diane