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.

Market Statistics

Beaumont Home Sales, Inventory by Price

Beaumont Shortage of Homes For Sale

The definition of a balanced housing market is when there is a six-month supply of homes for sale.  To calculate the months supply of inventory you take the current homes available for sale divided by the number of homes that sold during the past six months and then multiply by six.  

Take a look

Sales by Price Range

Shortage Below $400,000

The lower the price the bigger the shortage of homes available.  Homes less than $200,000 have less than a two month supply available for buyers.  Even in the price range between $200,000-$399,999 there is a shortage of available homes.  The only price range where we see a balanced market is in the $400,000-$600,000 price range.  

Some Final Thoughts

Right now is a challenging time to be a buyer in Beaumont if you are looking for a home priced under $399,999.  Due to the low inventory level and the high demand you have to stay on top of all new listings as soon as they come on the market.  A top, local professional Realtor can help you be the first to see any new homes.  Waiting for Zillow or Realtor.com isn't your best strategy in this market. 

For anyone thinking about selling a home in Beaumont, there is a great opportunity.  Interest rates are giving buyers more buying power.  There is little competition from other sellers.  This could be the best time to list your home for sale.  

If you are planning to make a upsize, downsize or buy your first home in the near future, let's connect and look at all your options.

Sincerely,

Diane 

Diane McNelis, Coldwell Banker Southern Homes


Number of Homes for Sale is Down in Lumberton, Beaumont

This infographic is pretty convincing.  If you are thinking about selling a home in Southeast Texas, don't wait.  

The September Housing Report from the Beaumont Board of Realtors shows just how low the inventory of homes for sale is in Southeast Texas.

Active Listings are Down from last September

  • Orange County Down 14.6% 
  • Hardin County Down 38.5% 
  • Beaumont Down 18.7% 
  • Jefferson County Down 25.1% 

Selling Your House Is the Right Move, Right Now [INFOGRAPHIC] | MyKCM

Southeast Texas Neighborhoods with Low Inventory

Where we really have a shortage of homes in Beaumont and Lumberton is in the under $300,000 price range.  Homes in good condition in the Westend of Beaumont particularly in the school zones of Sallie Curtis and Regina Howell are in high demand.  The same in true in Lumberton.  There are available new construction homes and resale homes priced in the $400,000 and up range but most buyers don't want to spend that much on a home.  

Here's a look at some popular Southeast Texas neighborhoods

  • Stonegate, Lumberton 1 home for sale
  • Boykin, Lumberton 0 homes for sale
  • Grace Lake Estates, Lumberton 2 homes for sale
  • Copper Point, Lumberton 5 homes for sale.  All new construction.
  • Barrington Heights, Beaumont 10 homes for sale.  All above $350,000
  • Westchase Village, Beaumont 2 homes for sale
  • Fairfield, Beaumont 1 home for sale
  • The Meadows, Beaumont 4 homes for sale

The Takeaway

People don't always think the fall is a good time to sell a home but due to limited supply, this fall presents a real opportunity for anyone thinking of selling a home in Southeast Texas.  If you would like to find out what your home would sell for in the current market, let's schedule a time to talk.  

Sincerely,

Diane

Diane McNelis, Coldwell Banker Southern Homes


Southeast Texas Home Prices Increasing

2020 brought many uncertainties as businesses grappled with Covid.  One surprise that you might not have expected is that home prices in Southeast Texas continued to rise even though the pandemic was slowing many businesses.  The median home price in Beaumont was up 13.6% in September compared to last September.  The median home price in Lumberton was up 28.7% compared to the same period last year.  Will home prices keeping rising in Southeast Texas? 

Home Values Projected to Keep Rising

Home Values Projected to Keep Rising | MyKCM

As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.

Due to the undersupply of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in bidding wars, which will also drive price points higher in the home sale process.

There’s no evidence that buyer demand will wane. As a result, experts project price appreciation will continue over the next twelve months. Here’s a graph of the major forecasts released in the last 60 days:Home Values Projected to Keep Rising | MyKCM

I hear many foreclosures might be coming to the market soon. Won’t that drive prices down?

Some are concerned that homeowners who entered a mortgage forbearance plan might face foreclosure once their plan ends. However, when you analyze the data on those in forbearance, it’s clear the actual level of risk is quite low.

Ivy Zelman, CEO of Zelman & Associates and a highly-regarded expert in housing and housing-related industries, was very firm in a podcast last week:

“The likelihood of us having a foreclosure crisis again is about zero percent.”

With demand high, supply low, and little risk of a foreclosure crisis, home prices will continue to appreciate.

My final thoughts

Originally, many thought home prices would depreciate in 2020 due to the economic slowdown from the coronavirus. Instead, prices appreciated substantially.  I don't predict any price deprecation for next six months in the Southeast Texas housing market.  As long as inventory levels of homes for sale remains low then we can expect prices to continue on the upward trend. 

Sincerely,

Diane

Diane McNelis, Coldwell Banker Southern Homes 


Lumberton, Hardin County Home Sales Down

The Lumberton housing market is hot but sales in August were down compared to August of 2019.  What is going on?  The answer is a shortage of homes for sale.  

Take a look.

Housing Report Lumberton Aug

The most important piece of information I see in the monthly housing report is the months supply of inventory is critically low at 3.3 months.  This means that given the current pace of home sales there would be no more homes left for sale in 3.3 months.  This won't happen because more homes will be listed for sale.  It does show how limited the number of homes available for a buyer is at the moment.  

The Take Away

If you are thinking about selling a home in Lumberton, stop thinking about it.  Get it on the market while there is so little competition.  Call me if you need help.

Sincerely,

Diane


Beaumont Homes For Sale, Supply Falls Again

There is currently a 3.4 month supply of homes for sale in Beaumont, Texas.   A balanced market has a six month supply of inventory.  Since last August the number of homes for sale in Beaumont has been below a six month supply in all price ranges under $350,000.

Take a Look

Aug Bmt Report

This is big picture data.  It looks at Beaumont as a whole.  Every neighborhood in Beaumont whether its Westchase Village, Fairfield, Barrington Heights or The Meadows will have its own specific sales data.  Some neighborhoods in Beaumont may have no homes for sale.  Others may have an excess supply.  In home sales it is important to look at the neighborhood specific home sales information.  

Neighborhood Specific Micro Data

If you are planning to buy or to sell you want the micro data for the neighborhood you are planning to buy or sell a home in.  That's one more reason working with a top local Realtor is one of the best decisions you will make when buying or selling a home.  I study the local market and have access to the neighbor sales data.  

If you are thinking about buying or selling a home in Southeast Texas contact me.  Let's talk about the micro data. 

Sincerely,

Diane

 

 

 

 

 


Homes in Beaumont, Lumberton and Orange Are Selling Fast Too

Looks like homes are selling fast across much of the country.  I keep it local on the blog.  Here's how fast homes are selling in Southeast Texas.

  • Lumberton (Hardin County) 89 days on the market 
  • Vidor (Orange County) 97 days on the market 
  • Beaumont 79 days on the market
  • *For the month of August
  • *Statistics provided by the Southeast Texas/Beaumont Board of Realtors. 

 

Homes Across the Country Are Selling Fast [INFOGRAPHIC]

20200918-MEM

Some Highlights

  • Buyers are actively searching for and purchasing homes at a record-breaking pace. According to the latest report from the National Association of Realtors (NAR), in July, 68% of homes were on the market for less than a month.
  • With homes moving from listing day to pending sale in an average of just 22 days, it’s a great time to sell a house.
  • Let’s connect today so you can make your move while buyers are scooping homes up faster than they’re coming to market.

Next week I'll be posting more Beaumont, Lumberton and Orange real estate data for the month of August.  If you want to know the average number of days homes take to sell in your neighborhood,  I can get you that information.  You can reach me on my cell.  Call or Text.  

Sincerely,

Diane


Beaumont, Lumberton and Orange Home Sales Update

Active Listings Down in 2020

The local real estate market is suffering from a shortage of homes for sale.  In Orange County the number of active listings is down 16.2% from this same time last year.  In Hardin County active listings are down 34.2% and in Beaumont active listings are down 17.8%

Inventory Shortage leads to Sellers Market

One of the key indicators of the health of the housing market is the months supply of inventory available for buyers to look at.  Six months supply is a balanced market.  Less than six months is a sellers market.  More than a six month supply is a buyers market. 

  • Hardin County has a 3.3 month supply compared to 5.2 last year this time.
  • Beaumont has a 3.4 month supply compared to 4.0 last year this time.
  • Orange County has a 4.6 month supply compared to 5.7.

Strong Buyer Demand, Low Supply, Great Time to Sell

Given the strong buyer demand driven by low interest rates, this fall is a great time to sell your home.  There is low supply meaning very little competition.  The only exception is the luxury market.  Every neighborhood in Southeast Texas has its own market data.  That is why it is so important to work with a top, local Reatlor(R) who can help you get the best deal whether buying or selling a home.  

Strong buyer demand is expected to continue the rest of the year.  If you have been thinking about selling your home.  This might be a great time.  

The Surging Real Estate Market Continues to Climb

The Surging Real Estate Market Continues to Climb | MyKCM

Earlier this year, realtor.com announced the release of the Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted average of four key components of the housing industry by tracking each of the following: Housing Demand – Growth in online search activity Home ...

Continue Reading

If you would like a complimentary market analysis to know what your Southeast Texas home is worth.  Contact me. Call, text, fill out the form here on the blog.  I'm always happy to help. 

Sincerely,

Diane


Beaumont Home Sales. How 2020 compares to 2019.

A Source of Local Home Sales Information

As a local Realtor(R) one of my go to resources for the most accurate housing information for Southeast Texas is  The Real Estate Center at Texas A&M .  Here's a look at the home sales activity for the Beaumont area for the last three years.  

I attended a virtual webinar last week.  One topic was the unusual home sales pattern in 2020.  See below.  The year started strong with January and February having the highest homes sales activity of the past three years.  Then COVID shut downs began and home  sales activity dropped  sharply in March, April and May.   We saw pent up demand increase sales sharply in June.  July was a little ahead of the last two years.  We are waiting on August homes sales info for Lumberton  and Beaumont to be released from the Board of Realtors.  

What Should We Expect this Fall in Southeast Texas

The economists predict strong home sales in October.  Followed by slow sales in November as the country prepares for the election.  Followed by strong sales in December and into next year.  See what the experts say below. 

 

Home Sales 3 year A&M Chart

 

 

 

 

 

 

Homebuyer Demand Is Far Above Last Year’s Pace

Homebuyer Demand Is Far Above Last Year’s Pace | MyKCM

Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.

According to the Pending Home Sales Report from the National Association of Realtors (NAR):

Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth.

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July. Year-over-year, contract signings rose 15.5%. An index of 100 is equal to the level of contract activity in 2001.”

This means that for the past several months, buyers have signed an increasing number of contracts to purchase homes – well above where the market was at this time last year. Lawrence Yun, Chief Economist at NAR notes:

“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market…Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”

Below is a graph that shows the impressive recovery of homes sales compared to previous years. The deep blue v marks the slowdown from this spring that turned into an exponential jump in sales that followed through the summer, skyrocketing above years past:Homebuyer Demand Is Far Above Last Year’s Pace | MyKCM

What Does This Mean for Sellers?

If you were thinking about putting your house on the market in the spring, but decided to wait due to the health crisis, it may be time to make your move. Buyers are in the market right now. With so few homes available to purchase, homeowners today are experiencing more bidding wars, creating an optimal time to sell.

Is This Trend Going to Continue?

As CNBC notes, there are no signs of slowing buyer demand this fall:

The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.”

Danielle Hale, Chief Economist at realtor.com, concurred:

“In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.”

As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it’s time to leverage your equity and move up while eager home shoppers are ready to purchase a house just like yours.

The Take Away For Beaumont Home Buyer's and Seller's

If your current home doesn’t meet your family’s changing needs, let’s connect to help you sell your house and make the move you’ve been waiting for all year.  You can reach me on the blog.  409Sold.com.  Call or text.  I'm always available to help with your real estate questions.

Sincerely,

Diane


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