Texas Gulf Coast Median Price Report - October 2007
The different real estate markets on the Texas Coast are behaving differently. While South Padre Island, a market with high inventory volume which has been a popular destination for Americans nationwide, is being hit by the real estate market downturn and associated buyer hesitancy, other smaller markets such as Crystal Beach on the Bolivar Peninsula are being discovered by both developers and homebuyers. Take a look at our summary of each market below.
Based on sales rates and supply of homes on the market, we rate the market condition of each Texas coast resort area as:
An unusual spike in traffic and sales has been ramping up across the entire Texas coast region. We typically see sales drop from September through December as a seasonal trend. This year however, we are seeing increases for October and November.
- Bolivar Peninsula Crystal Beach - OK
- Galveston Island - Warning
- Mustang Island Port Aransas - OK
- North Padre Island - Concern
- South Padre Island - Concern
We attribute this to the Texas coast region:
- finally being discovered by nationwide buyers as an economically stable area,
- having truly affordable prices
- experiencing steady and sustainable appreciation in value
- being transformed by modern resort developments
Click on each graphs below to view the full report on each area.
South Padre Island's real estate market
has been hit the hardest by the downturn seen throughout the nation. Ever since June 2007 and up to October 2007 the median price for condominiums in South Padre has been between 230K and 250K. The high number of inventory available in the area and the low number of sales occurring have made this a strong buyer’s market.
Click here to Read Full South Padre Island Median Price Report - October 2007
Mustang Island Port Aransas
has performed well this year. Its median prices have remained fairly consistent from month to month. September has the lowest median price of the year at 191K while August has the highest at 367K. North Padre Island, on the other hand, has been among the hardest hit Gulf Coast markets. A real estate agent from the area says that it is not uncommon to see sales go up and down on Padre Island, but he has seen sales pick up over the summer months. He saw the market fall off considerably after a major resort development got canceled around a year ago.
Click here to read full Port Aransas Median Price Report - October 2007
Crystal Beach Bolivar Peninsula
has been experiencing an increase in median price throughout most of 2007. As of October 2007, the average median price has been 155K an increase from 2006 in which it was 133K. One thing to keep in mind is that the overall sales volume on Crystal Beach is much lower than on Galveston Island as the graphs below demonstrate.
The total sales on Galveston Island
have not experienced a dramatic decrease in numbers from last year, and the median price on Galveston Island continues to rise, with the median price for 2007 higher than 2005 and 2006.
Click here to read full Crystal Beach-Galveston Median Price Report - October 2007
The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.
Changes in median price measure changes in market activity. When there are more buyers buying less expensive homes than there are buyers buying more expensive homes, the median price falls. Conversely, when there are more buyers buying more expensive homes than there are buyers buying less expensive homes, the median price rises.
The median price indicates which price range is most active. Not all price ranges experience the same market activity at any given time.