Looking at the market this time of year is always a challenge. In an attempt to see if the market
is moving one direction or another we looked at several comparisons; a running twelve months
ending January 31, 2010, three months ending January 31, 2010, and January to December, 2009.
Significant activity in the condo market was looked at also.
Comparing the twelve month period ending in January, 2010 to the same period ending January,
2009 showed the market continuing to under perform pervious years. The difference is getting
less each month and should continue to narrow. The market seems to be settling in at the
same level as the period 2001-2004. This, by the way, is what we are seeing in other areas.
The market we are talking about is number of units closed and sales volume. Median price
continues to edge lower but this is influenced by the number of condo sales.
A more positive trend is indicated when looking at the period November, 2009 - January, 2010
versus November, 2008 - January, 2009. This period showed significant improvement.
Hopefully, this will continue as we move forward.
Activity in the condo market should be looked at carefully. A market that had been quiet for
some time came alive over the last several months. Most of the activity was at the lower price
points. Aggressive pricing and marketing of one project (Kon Tiki) and generally lowering prices
as inventories increased created a market.
The same inventory issues are prevalent in single family homes. Months of inventory and
average days on market, list price/sales price ratios are all very high. This indicates that many
sellers have expectations that the market cannot meet.
The good news is there is a market and properties positioned competitively will sell. The recent
increase in condo sales demonstrated this. This is a small market so it does not take much to
move it. Generally, price stability will come when the inventory is reduced and demand, indicated
by number of sales, increases. Indicators are that we have a ways to go but we are slowly moving
in the right direction.
For more information on the Rockport, Tx market, click on the Market Information tab of our website.
www.rockporttexasrealestate.com