The best thing that can be said about the Rockport market is that "there is a market". Another positive is that the condo market has shown some life. The number of condo's sold is up as is the median price.
The most glaring thing about the market is that inventories continue to rise while prices inch downward and the number of sales remains low. For example, in August there were 20 sales of single family homes while there was 454 homes on the market. This represents almost two years of inventory. Granted the number of available homes is not huge, but it continues to grow in relation to sales. If sales were to double, it would help but still take a while to get to a balanced
market.
Another number we decided to look at recently is the relationship between list price and sales price. We have not been tracking this on a monthly basis, so we did not include it in our charts. We looked at the market as a whole and found that the median list price was in excess of 35% above the median sales price. We were concerned this might be driven by one or two neighborhoods. So we looked at several subdivisions in different markets and found that the difference was usually between 35% - 40%. This indicates a significant disconnect between what most sellers are hoping for and what most buyers are willing to pay (notice I said "most"). Real estate is driven by supply and demand principles. As long as we have lots of inventory in relation to sales, we will continue to see pressure on prices.
For more information, contact Lee Swearingen/President
lees@ronbrown.com
(361) 575-1446
Offices in Rockport, Ingleside, Victoria, Cuero and Wharton, Texas
Coldwell Banker The Ron Brown Company
Selling or buying property?? We can help!!
Homes, Land, Farm and Ranch, Commercial
Coldwell Banker The Ron Brown Company
1821 Broadway
Rockport Texas 78382
(361) 729-4044
Offices in Victoria, Cuero, Rockport, Ingleside and Wharton Texas
www.rockporttexasrealestate.com
www.ronbrown.com
www.inglesidetxhomes.com
www.whartoncountyrealestate.com
www.coldwellbanker.com