Economic optimisim spreads to Beaumont residential side

BEAUMONT – Unlike Texas shale fields and areas heavily dependent on oil drilling and exploration, the parts of Southeast Texas where people work to refine cheap crude oil and produce motor fuels and the chemical components of consumer goods are burbling with optimism.

"Industrial and commercial vacancies are very healthy — less than 10 percent," said Dade Phelan of Phelan Investments. "Rates are holding strong."

On the residential side, the Texas A&M Real Estate Center, which gathers its data from the Multiple Listings Service of each city in Texas, shows a 16.5 percent increase in residential sales for Beaumont from June 2014 compared to June 2015.

Prices are even healthier, with real estate values increasing.

Total cash value of the homes sold rose to $48 million for this June compared to $38 million a year ago, a 26 percent jump.

The inventory is down to 1,567 from 1,672 for the Beaumont Multiple Listing Service area and the time on the market has dropped to 6.7 months from eight months last year, the real estate center data show. Both figures are signs of a stronger market.