We’ve reached the end of the summer season! But we are still waiting for cooler temperatures so it still feels like summer and we are still seeing quite a few visitors here in Port Aransas. Decreasing home prices, increasing mortgage rates and the number of days on market -- what's happening?
The real estate market update has just been released with the August numbers. Let’s take a dive in to the latest data!
Today we are going to get real and talk about specific numbers to see what is going on with the housing market here in Port Aransas. The source of the data we are using is the South Texas MLS which is the MLS used by the Corpus Christi Association of Realtors.
Overall for the Port Aransas area, inventory, including homes, detached and attached condos has only increased slightly this month.. There are currently 10.4 months of inventory, compared to 10.2 last month. But definitely up from August of 2022 when there were only 4.8 months of inventory.
If you saw our market update video last month, you know that we mentioned the months of inventory might be a little deceiving when you consider a large portion of the properties on the market comes from only 4 condominium properties. The inventory for single family homes is much less. As of the filming of this video, there are 154 Detached Homes & Condos actively listed and 193 attached homes (condos, townhomes and other attached properties) making the total number of active listings 347.
The biggest change is in the pricing. We see daily notifications of price drops and WOW - the numbers have really changed since last month. The median price at the end of August was $707,500. Down 17.25 % from the end of July.
Good news for buyers but for sellers, not so much.
However, many folks think the market is just correcting itself to where it was before the boom of 2021 and 2022.
Data indicates the list to sales price in August was 97.8%. Down from July of 2023 which was 1 percent higher at 98.8% and July of 2022 which was 97%.
What does this mean for buyers and sellers? It means prices and terms are being negotiated before going under contract.
What may be surprising is that the average days on market decreased slightly in August, however, not surprising is the days to close increased. In Port Aransas, properties were on the market 57 days, with 62 days to close once under contract with a total of 119 days total. 43 Days longer than August of 2022.
Keep in mind that this is an average of all of the properties combined. The average days on market for unsold homes, as of the filming of this video, is 142 days. There's a bit of difference between the property types. The average for detached homes is 122 days and for attached homes (including condos, townhomes and other) the average is 157 days.
The feds just met and left policy rates unchanged. However, mortgage rates are based on the demand for mortgage backed securities, so this doesn’t mean mortgage rates won’t change. 
As of yesterday, the mortgage rate for a 30 year fixed rate note is 7.59% according to Bankrate.com, up slightly from last month.
With prices on the decline, interest rates on the rise, and the number of days properties spend on the market steadily increasing, it's a situation that can leave you feeling dizzy.
Predicting the real estate market can often feel as unpredictable as forecasting the weather. However, staying informed and well-educated can be a game-changer. Keeping a vigilant eye on market trends, studying reports, and making comparisons between local and national markets can be invaluable when you're navigating the world of buying and selling real estate.
September Events 2023 in Port Aransas, Texas
