Looking at the Rockport housing market, a couple of things stand out. One is there is a market and secondly prices, even though slipping, have not collapsed as other national markets have.
The market seems to have stalled beginning with September closings, which means activity began to slip in August. Inventories of homes and condos are very high, over two years worth (based on recent sales activity). The number of houses on the market continues to rise monthly, while the number of sales continue to decline. An economist would tell us that the law of supply vs. demand will eventually kick in, but what do they know. One thing holding the asking prices up is an unwillingness on the part of sellers to radically adjust prices. Those that purchased in the last 4-5 years and took advantage of the high loan to value mortgages may owe more than the market will accept. Another issue is that many potential buyers may not be able to sell elsewhere and reinvest in Rockport.
Financing for second homes has become more difficult but not unreasonable. Buyers just need to adjust to the new mortgage standards. Interest rates remain historically low but are inching up.
I won't dwell on the numbers, one can see that they are not pretty. I believe those sellers who aggressively position their properties in the market will be able to sell. Those who are just "testing" the market may have to wait a while.
Hopefully, with the number of exceptional buys available and low interest rates, the market will soon improve.
For the complete report, click on the link.
http://www.rockporttexasrealestate.com/marketinformation.asp
For more information, contact Lee Swearingen/President
lees@ronbrown.com
(361) 575-1446
Offices in Rockport, Ingleside, Victoria, Cuero and Wharton, Texas
Information Herein Deemed Reliable but Not Guaranteed
and Does Not Reflect All Transactions In The Market.
Source: Rockport Multiple Listing Service
