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

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.  

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

COVID 19 is having an effect on most businesses in Southeast Texas.  Home sales included.  This spring we have seen a decrease in total sales volume for April and May.  You can view home sales data at  The Real Estate Center at Texas A&M

This chart shows Home Sales in select Southeast Texas towns for the month of June.  Total sales and the median sales price are shown.  

*92 days on the market in the average number of days home were on the market from listing date to closing date for the entire Southeast Texas real estate market.  

There were 342 total sales for homes priced at $60,000 and up.  While this is a broad market snapshot, I am able to drill down to specific neighborhoods and towns.  If you are interested in learning your homes value please contact me here on the blog or by phone or text.   A market analysis is a service offered at no charge to clients.  If you have any questions about real estate in Southeast Texas I've been selling homes here for over a decade.  I'm one of the top producing Realtors with Coldwell Banker Southern Homes and I'm glad to help you learn more about the residential real estate market. 

Sincerely,

Diane

More home sales information coming your way

Today, let's look at Hardin County home sales data for the month of May.  There is good news in Lumberton, and all of Hardin County.  Home sales prices are way up to a median price of $219,725.  That's a jump of 31.2% since last May.  

"Seems like an anomaly doesn't it?" 

I don't think prices have gone up 31.2% in a year.  There is another factor to look at and that is the decrease in sales.  Sales are down 44.9% from last May.  

That's likely an anomaly also.  From what I can gather looking at the data sales are off the normal May sales pace.  Not to surprising given the last few months of Covid, Quarantine, Shut Downs, etc.  

What to make of all this- 

If you are looking to buy or sell in Lumberton it is important to know your specific neighborhood sales data.  Call it the micro data.  You will need an experienced Realtor with access to the MLS to help you with that.  I'm hear to help if you are ready to buy or sell a home in Lumberton or any part of Southeast Texas.

Sincerely,

Diane

Top Agents always know what's happening in our local markets.  That's why I've been waiting for this report to be released by the Beaumont Board of Realtors.  It shows what I've been seeing and thinking.  

The market was slow in May. 

Take a look at points 1, 2 and 3 on the image above. 

1. 92% of the home sales were priced below $300,000 (not to uncommon for our local real estate market)
2. Sales were down 19.8% in May compared to last year (um wow, that's big)
3. Days to sell were up 6 days (not to concerned about this number)

Should we really be surprised with everything that has happened in the past few months.  Covid. Social Distancing. Business Closures.  They all have an impact on home sales.  

Don't despair.  It is not all doom and gloom.  It's just an accurate look at what happened in the Beaumont housing market in May.  

If you are thinking of buying a home in Beaumont, Texas (not to be confused with Beaumont, CA) this is probably your best opportunity in months.  There is less competition among buyers for some really good houses.  

If you are thinking about selling a home it is still a good time to sell (with patience).  There is still a low level of inventory.  Strategic Pricing and Marketing is more important than ever. 

I'm still waiting on the typical summer home sales surge.  Maybe it will happen in June.   If you have any questions about real estate in Southeast Texas ask me.  

Sincerely,

Diane

The new Coldwell Banker Commercial has just been released. Guiding you home since 2006 in my case.

Putting up a Sale Pending sign is one of my favorite things. This home in Westchase Village had multiple offers in the first 3 days it was on the market.

Since Jan. 1, 2020 there have been five homes close in Westchase Village.  Most of the top Beaumont Realtors refer to Westchase Village as one of Beaumont's premier neighborhoods.  Home prices start in the mid 200's and quickly go up into the 500's.  

Take a look at what homes have sold in Westchase Village this year.

If you are thinking about selling a home in Southeast Texas, not just Westchase Village then these are data points you will want to know.  The best listing agents will always know this neighborhood sales data before they price a home.  We get our data from the MLS.  Zillow can't tell you what your Southeast Texas home is worth.  They don't have anyone here looking at homes.  They are giving you a computer generate guess called a Zestimate.  

If you really want to know the value of any home in Southeast Texas work with a top real estate agent.  What house do you want to know the value of?  Ask me.  I'm here to help.  My specialization is helping sellers strategically price their homes to sell at top dollar in a reasonable amount of time.  I work with relocation clients including Cartus Relocation, SIRVA relocation and several others.  Customer satisfaction is my highest priority.  If you are thinking of selling your home contact me here on the blog or by phone, text or email.  

Sincerely,

Diane