Housing Report for Beaumont-Port ArthurSpotlight on October 2019Economic News

Housing Update

Table 1: Month Activity 2019October YoY % YTD YoY %

Sales 333 0.00% 3,256 -0.40%

Dollar Volume $65,637,622 18.06% $591,717,840 8.70%

Median Close Price $180,000 20.00% $163,000 8.67%

New Listings 490 6.06% 5,200 12.19%

Active Listings 1,375 8.44% 1,357 22.14%

Months Inventory 4.3 13.92% 4.3 13.92%

Days to Sell* 93 12.05% 92 6.98%

Average Price PSF $97.59 13.32% $91.95 9.96%

Median Price PSF $100.55 12.09% $96.11 9.41%

Median Square Feet 1,834 4.98% 1,766 -2.00%

Close to Original List Price 93.68% 0.35% 93.62% 0.40%

* Days to Sell = Days on Market + Days to Close

2018

October YoY %

333 -6.98%

$55,598,985 -4.03%

$150,000 2.74%

462 0.00%

1,268 10.65%

3.8 -0.91%

83 -17.82%

$86.12 5.80%

$89.70 4.43%

1,747 -1.08%

93.35% 1.05%

Sales volume for single-unit residential housing did not change from October 2018. Year-to-date sales reached a total of 3,256 closed listings. Dollar volume rose from $55.6 million to $65.64 million. The average sales price rose 18.06% YoY from $166,964 to $197,110, while the average price per square foot subsequently rose from $86.12 to $97.59. Median price rose 20% YoY from $150,000 to $180,000, while the median price per square foot also rose from $89.70 to $100.55. Months inventory for single-unit residential housing rose from 3.8 to 4.3 months supply, and days to sell rose from 83 to 93.

October MSA jobs increased from 164,100 to 169,000, according to the latest figures published by the Texas Workforce Commission. This marks a 2.99% year-over-year (YoY) increase compared with October 2018, a net increase of 4,900 new jobs. Over the past five years, the job growth rate has increased at an average annual rate of .25%. In addition, the unemployment rate for October decreased to 5.00% from 5.20% in 2018.

Table 2: Price Cohort Analysis

Price Cohort Closed Sales YoY %% Total

SalesMedian Close

Price YoY %Median Close

Price PSF YoY %Active Listings

Months Inventory

Median Square Feet

Median Year Built

$0 < $70k 28 -46.15% 8.46% $48,000 -3.52% $34.53 18.00% 122 3.2 1,408 1962

$70k < $100k 18 -47.06% 5.44% $78,000 -3.70% $55.75 -7.75% 138 4.5 1,407 1968

$100k < $150k 78 1.30% 23.56% $128,000 2.40% $86.16 -1.91% 227 3.2 1,506 1968

$150k < $200k 74 7.25% 22.36% $179,700 3.28% $98.54 4.93% 231 3.5 1,720 1995

$200k < $250k 52 23.81% 15.71% $214,500 -5.09% $109.82 1.19% 171 4.1 1,915 1998

$250k < $300k 27 22.73% 8.16% $279,950 2.55% $130.17 12.97% 164 5.7 2,148 2016

$300k < $400k 39 34.48% 11.78% $329,597 0.49% $124.76 9.72% 180 7.0 2,750 2006

$400k < $500k 11 120.00% 3.32% $431,250 -3.52% $133.74 17.74% 77 9.8 3,191 2013

$500k < $750k 3 0.00% 0.91% *** *** *** *** 42 12.9 4,628 1968

$750k < $1 mil 1 100.00% 0.30% *** *** *** *** 10 17.1 4,274 NA

$1 mil + 0 0.00% 0.00% *** *** *** *** 13 156.0 NA NA

*** Not displayed when fewer than 5 sales

Sales volume for single-family homes increased 1.25% YoY from 320 to 324 transactions. Year-to-date sales reached a total of 3,148 closed listings. Dollar volume rose from $54 million to $64.55 million. The average sales price rose 18.06% YoY from $168,764 to $199,244, while the average price per square foot subsequently rose from $86.44 to $97.74. Median price rose 22.11% YoY from $151,500 to $185,000, while the median price per square foot also rose from $90.88 to $101.33. Months inventory for single-family homes rose from 3.8 to 4.3 months supply, and days to sell rose from 83 to 92.

Table 3: Single-Family Activity

Oct 2019 YoY %

Sales 324 1.25%

Dollar Volume $64,554,960 19.54%

Median Close Price $185,000 22.11%

New Listings 464 3.57%

Active Listings 1,323 7.13%

Months Inventory 4.3 11.65%

Days to Sell 92 10.84%

Average Price PSF $97.74 13.07%

Median Price PSF $101.33 11.49%

Median Square Feet 1,865 6.21%

Close to Original List Price 93.72% 0.50%

Single-Family Homes