2010 was an interesting year for The Rockport Real Estate market. Actually, indicators are that the market bottomed out in 2010 and began a slow climb toward the end of the year. Looking back, we see several things that influenced the market.
The first half of the year was influenced by the tax credit for first time buyers. Even though there were not many in Rockport who took advantage, when the program ended the market took a breather nationally, regionally and locally. This lasted until well into the fall. I don't have an explanation other than we seemed to fall in step with the national market.
Other factors influencing the market were lender underwriting, consumer confidence, elections and most important price.
Rockport inventories of homes remain very high in relation to sales. As we have stated, six months of inventories is considered balanced and this market is over twenty months in all categories. The good news is that months of inventory is starting to come down. The reason is an improving market and aggressive price adjustments on the part of sellers. Properties in the upper end are starting to move but buyers are very cautious and looking for value. It appears that it may be a while before prices stabilize or start moving up. Different areas are experiencing different adjustments. We can provide details if you are interested. An interesting graph is the difference between asking price and selling price.
On a very positive note, the regional economy is improving. Houston, San Antonio, and the South Central areas in between are experiencing strong improvements. Rockport is a small market and it won't take much from these "feeder markets" to turn things around quickly. The only thing is the consumer appears to be very cautious and lender underwriting remains tight.
We are looking to a much more robust 2011.
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
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