The real estate market is changing – are you ready to hear the latest updates? The figures for June have been released for the Port Aransas region. Stick around till the end - there's great value in being informed, and that is why I’m here.
Overall for the Port Aransas area, inventory has increased. There are currently 10.1 months of inventory, compared to 3.6 months in June of 2022. 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. This is not a big surprise as we have seen sales slowdown, leaving more homes available.
Not only did we see inventory increase in June, but the median price increased as well. The median price for a property Including both homes & condos in Port Aransas as of the end of June was $775,000, however there is a big difference between the two property types and pricing.
The median price for a condo in June was $408,000 which is a decrease from June of 2022, however the median price for a detached residence was 1,131,000 which was a significant increase from June of 2022. As you know construction costs increased which plays a large part in pricing of new construction homes as well as remodels, thereby affecting pricing overall.
The list to sales price actually increased in June to 97.3%. However it is still lower by 1.7% from June of 2022. Overall, sellers are getting close to the list price.
Unfortunately for sellers, days on market continue to increase. In Port Aransas in June, homes were on the market for 70 days, with 78 days to close once under contract, with a total of 142 days. This is 60 days longer than June of 2022. If you are currently selling or thinking about selling you may need to count on approximately 4.5 months from the day you list to the day you close.
Playing an impact on purchases and sales or course, are interest rates. Interest rates are hovering in the sevens for 30 year conventional loans. 15 year notes will be lower. Rates, as you know, depend on the type of loan, type of property, credit score and downpayment. Experts do not expect to see rates go back to the “unicorn years” – if you are considering purchasing a home in the near future plan on increased interest rates.
Overall– Homes are still selling. In June there were a total of 34 homes & condos sold in Port Aransas. As the summer season comes to a close, we could see the market slow down a bit more, especially if interest rates increase again. This may be time for you to think about this potential “new normal" and what that means for you as either a buyer, seller, or both.
Staying informed can help you navigate this complex real estate market with confidence. The Saltwater Shores Team is available to help you understand what may be different for your unique property and circumstances as opposed to the general market. Our goal is to give you the guidance and support you need with straightforward, honest information.
If you would like to reach out to us for a complimentary and no pressure conversation, please send me a text or email or message in the description of this video.
We sell in Port Aransas, Rockport/Fulton Beach, and North Padre Island and can give data for all of these locations. Please check our other videos, 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.
Demystifying PMI: Understanding When and How It's Added to Your Mortgage
