Here’s the question I’m being asked most frequently. "Are home sales in Beaumont slowing?"

Good question from prospective home buyers and home sellers.  Everyone must be listening to the national news.  Even the News Released by NAR – the National Association of Realtors- addresses a national sales slow down. 

What home buyers and sellers have to remember is housing statistics should be looked at on a local level.  To home buyers and sellers in Beaumont, TX, it doesn’t really matter if home prices are dropping in Miami, FL.  It doesn’t really matter if there is over a 10 month supply of houses on the market across the nation.  What matters is what is happening here. 

So here’s the real scoop:

January 2007

• 139 homes were sold
• $19,200,000 million in dollar volume closed
• $138,100 was the average price in our market
• $119,400 was the median price in our market
• 1001 listings were on the market
• 5.2 = the months supply of inventory

January 2008

• 122 homes were sold
• $18,145,000 million in dollar volume closed
• $148,700 was the average price in our market
• $134,300 was the median price in our market
• 1321 listings were on the market
• 6.4 = the months supply of inventory

Changes between Jan. ’07 and Jan. ’08:

• 13% fewer sales
• $1,055,000 less dollar volume closed
• 7.5% increase in average price
• 12% increase in median price
• 320 more listings on the market
• 1.2 months increase in the months supply of inventory

*Data from Texas A&M Real Estate Center. 

If you are a glass is half full type of person, homes in Beaumont have gone up in value.  That’s good news.  If you are a glass is half empty type of person, sales have gone down.  That’s the bad news.  Want some more good news?  January is typically one of the slowest months of the year for real estate sales.  Spring is the home buying season.  March through August in 2007 recorded over 200 sales each month.  If the phones in my office are any indication, activity is picking up.

Here’s my answer to the question:  January was a little slower than last year but our local housing market is in great shape.  Prices are up since last year.  They are expected to increase more this year.  Spring is the busiest home buying season of the year and its just about here. 

If you plan to sell now is the time to get your home on the market.  If you plan to buy, do it soon before prices go up much more. Ask me the question, "Are home sales in Beaumont slowing?" this spring and I bet the answer will be "No, homes are selling faster than last year."

Do you have an opinion?  Comments are always welcome.