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.
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.