What's the latest in the real estate market?
The big picture, including all residential real estate (whether it be a condo, townhome, detached dwelling, etc.) shows that Port Aransas has moved into a buyer’s market, with 8.2 months of inventory. What does that mean? Months of inventory or supply tells you how many months it would take for all of the properties currently on the market to sell. Last year at the end of April, there were only 2.2 months of inventory so things in the market have definitely shifted a bit from last year. This doesn’t surprise me too much though since 2022 was certainly off the charts here in Port A as well as nationwide.
The average price for a property Including both homes & condos in Port Aransas as of the end of April was $826,612 however that number includes a broad range of property types. The median detached home currently is priced at $940,000 with ranges between $330,000 to $3,350,000. The median condo is priced at $499,.900 with ranges between $75,000 to $1,995,000. With the instability of interest rates, we may see prices decrease a bit.
Speaking of decreasing prices, the good news for sellers is that in April, the list to sales price ratio was 97.1% which is down slightly from April of 2022 when the sales to list was 100%, keeping in mind the average sales price in April of 2022 was 829,009 – not too different from this year. This just means that overall sellers in Port Aransas are still getting close to their list price.
What we do see changing is days on market. In Port Aransas in April, homes were on the market for 49 days, with 33 days to close once under contract, with a total of 82 days. This is 10 days longer than April 2022 but interesting that it is down from March of 2023. Historically though, April has always been a hot selling month. What this means if you are currently selling or thinking about selling is that you may need to count on just under three months for your property to sell.
If you are thinking about buying real estate in the near future, interest rates are currently ranging from about 6.3% to 7.3% depending on the type of loan, type of property and your credit score and down payment. Fixed rate loans and 15 year loans will differ from adjustable rate mortgages and 30+ year loans.
While interest rates are certainly higher than they were last year, they are still lower than in years past. Homes are still moving so the market is not stagnant. In April there were a total of 28 homes & condos sold. May and June will give us more insight into the spring and summer trend however the inventory is higher so Port Aransas could see sales slow and prices drop a bit more.
Overall, just keep in mind that statistics are just statistics. Each property, each buyer and each seller have unique circumstances. If you are thinking about selling and want an accurate market analysis for your specific property, or if you are thinking about buying or investing, book a call with me for a no-pressure conversation about your specific goals and options and I can help you decide if this is the right time for you to make a move. We sell in Port Aransas, Rockport/Fulton Beach, and North Padre Island and can give data for all of these locations. Please check our YouTube channel, like and hit the subscribe button. We publish property tours, fun things to do, and even videos on our favorite restaurants. I’ll be back next month with an updated report.
