The current state of local real estate: a look at the numbers
By: Dr. Coral Dworaczyk
Our nation and local region have both certainly seen some big changes in the past months – and it’s interesting to see which parts of our real estate market are reflecting dramatic fluctuations and which are holding relatively steady.
The following data were presented by the Texas Realtor Data Relevance Project, which is a partnership among the Texas Association of Realtors and local Realtor associations throughout the state. Analysis of these data is provided through a research agreement with the Real Estate Center at Texas A&M University in College Station, Texas. Please keep in mind that this data is collected and analyzed from Multiple Listing Services (MLS), and does not include unreported data.
Overall, the City of Corpus Christi’s market has seen an increase in activity as we have entered the summer months, as expected; however, “data doesn’t lie,” and we have some big changes since last year. Comparing May 2017 to May 2016 (the most recent data available at time of publication), the median price is $185,000, which is only down 2.6 percent compared to May 2016. However, the number of active listings is up 23.2 percent (at 1,790 in May 2017), but the actual closed sales is only up 2.2 percent (380 properties sold in May 2017).
Considering the distribution of sales, the vast majority of sales (47.1 percent) of May 2017 sales were $100,000 to $199,999. Ten-point-seven percent of sales were less than $100,000, 26.6 percent were $200,000 to $299,999, 11.0 percent were $300,000 to $399,999 and the small remaining portion was over $400,000. The average total days on market for all homes sold was 112 days (74 days on market, and then 38 days to close once under contract). When considering Nueces County overall, the picture is similar to the City of Corpus Christi (which is expected considering that the city comprises the majority of the county data also).
The Corpus Christi Association of Realtors jurisdiction also includes Jim Wells County, consisting of the cities of Alice, Ben Bolt, Orange Grove and Premont. Without a doubt, these communities have seen their ups and downs, driven largely by the petroleum industry. The current picture for Jim Wells County still reflects a downcast market. The price of homes is much lower than it was in May 2016 – 15.6 percent lower (at $111,000), to be exact. Active listings are up 38.2 percent (152 active listings in May 2017), and there is still over a year (12.2 months) of inventory currently available.
The good news: The number of closed sales is up 20 percent compared to May 2016, which sounds pretty promising, but there were still only 12 individual sales reported this May. Of those sales, 50 percent were $0 to $99,999, 33.3 percent were $100,000 to $199,999 and 16.7 percent were $200,000 to $299,999. There were no sales reported over $299,999.
The San Patricio County Association of Realtors submits data for the cities of San Patricio County. It’s very interesting to keep an eye on the real estate market activity in Portland right now. With the controversy surrounding the industrial growth in their backyard, their market is suffering. In Portland alone, there has been a 72.6 percent increase in active listings comparing May 2016 to May 2017, with 126 properties for sales this May. That is a huge change.
The good news: The number of closed sales is up 33.3 percent for the same period. So, even though an unusual number of homes are being listed for sale, many of them are selling. Median price of homes in Portland is slightly down by 11 percent ($204,600). Of the 126 properties sold this May, most of them were in the $100,000-$199,999 (48.2 percent) range. Of the others, 29.6 percent were $200,000 to $299,999, 14.8 percent were $300,000 to $399,999 and 7.4 percent were $400,000 to $499,999. There were no sales reported over $500,000 this May.
When considering all cities in San Patricio County (Portland, Gregory, Sinton, Taft, Mathis, Odem, Aransas Pass, Ingleside and Ingleside On The Bay), the overall impression is less volatile. The median price is down 8.8 percent (at $178,000). The number of active listings is up 37.2 percent overall for the county, but the number of closed sales is also up 35.7 percent countywide.
There were 76 properties sold in May 2017 – 14.3 percent were $0 to $99,999, 42.9 percent were $100,000 to $199,999, 27.1 percent were $200,000 to $299,999, 10.0 percent were $300,000 to $399,999 and the remaining percentage were over $400,000. The average number of days from listing to contract was 103 days, with 36 days from contracting to close, for an average of 139 total days on market.
It will be interesting to see how our real estate market continues to adjust as our communities adapt to some major changes and challenges. If you would like specific data for your area, please feel free to contact me anytime.