At this time, we will focus on the Rockport Texas real estate activity for the period January thru April 2010 versus January thru April 2009 and 2008. We feel that the market bottomed out in the first four months of 2009.
We also feel that to get a representative look at the market, we should focus on single family houses and separate condominiums out. The condo market has been somewhat distorted by the aggressive marketing of one project.
Our observations are that the market has improved over 2009 but remains below previous years. The number of sales are up almost thirty percent. This indicates there is activity. The median price is down and indicators are that it will not rebound quickly. One of the things that will control price is inventory. At the end of April, there was twenty-three months of inventory based on sales activity. In most markets, six months is considered balanced. Even though average days on market was down at 185, 90-100 days on market is desirable. Another observation is well over sixty percent (60%) of all sales are under $200,000.
Our conclusion is the market is slowly improving. Buyers are shopping hard and looking for value. This is especially true in the upper end. Properties must be very competitive in the market to get any attention.
The good news is interest rates remain very low. There are lots of properties to choose from and the turmoil in the investment markets may encourage people to return to the second home market.
More good news is that the traditional feeder markets of San Antonio, Houston and the region between them seems to be coming alive economically.
If you are interested in our take on the condo or lot markets, let me know.
For More Information and For Any of Your Real Estate Needs, call our office at (361) 729-4044 or visit our website
www.rockporttexasrealestate.com