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

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

BnAKQ2Y6RGGiJJReOJKCDg

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

 

 

 

 

 

 


Lumberton, Vidor, Orange, Beaumont Home Sales in June 2020

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.  

June Sales

 

*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


Home Prices Up, Sales Down, Lumberton Home Sales May 2020

Hardin Sales May

 

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

 

 

 

 

 

 


Beaumont Home Sales, May 2020, A Top Agent's Thoughts

May Stats

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

 


Buying or Selling in Westchase Village, Beaumont, Texas

Knowing the market is critical when you plan to buy or sell a home.  Top Real Estate Agents know the local market.  We have access to the latest and most accurate data.  Zillow doesn't. 

Today I'm sharing market data from Westchase Village in Beaumont.  I'm not sharing it all.  That would be silly.  Then why would you need to call me?  This is what I call the fast stats.  

Eleven sales since August 2019. 

2020-02-27_13-44-06

 

You might wonder how this information -minimums, maximums, averages -help you buy or sell a home.  These numbers give you a good idea what you might expect to pay to buy or what you might expect to profit on a sale.  

That's the big picture for the neighborhood.  From there you have to compare apples to apples.  You don't compare a 15 year old home to a 5 year old home unless the 15 year old home has had some major updates.  That's where working with a top real estate agent can save you thousands of dollars.  

If you have questions about Westchase Village or any other neighborhood in Beaumont, I'm here to help.  Contact me on the blog, call, text or make an appointment to meet me at my office.  Let me know what neighborhood you want the fast stats on.  I'll post them here on the blog.

Sincerely,

Diane


Southeast Texas Home Sales August Stats

August stats

If you are thinking of buying or selling a home in Southeast Texas you will want to know what's going on the in market.  Take a look. 

The highest median home price award goes to Hardin County thanks in large part to the new construction going on in Lumberton.  Orange, Beaumont and Jefferson Counties median prices are within $5,000 of each other.  

Orange County has the highest average number of days on the market at 112.  It's taking about a month longer to sell a home in Orange vs Jefferson and Hardin.  

Want more information about home sales in Southeast Texas?  Contact me.  I'm happy to help.

Sincerely,

Diane