 The South Padre Island's median sales price has experienced a steady increase over the years and we have recorded the results since 2004 in which the median sale price was $248K. By 2007 the median sale price has risen to $348K. Between 2006 and 2007 the price went down by 1K which is a reasonable amount considering the real estate slow down throughout the nation.
South Padre Island is located on the Texas Gulf Coast. Property values on the Texas Coast have not been over inflated and as a result did not fall victim to the bubble boom that other coastal markets experienced.
South Padre Island is influenced more from the national market than the other Texas coast resort markets because many of our buyers are from outside the local area. Compare that to Port Aransas which is within driving distance of thriving San Antonio and Austin and Galveston which is within driving distance of the gigantic Houston and Dallas metropolises.
When comparing the median prices along the Texas Coast, it is easy to see that the farther north you go, the lower the median price is. South Padre being the southernmost tip of Texas has the highest median price. The tropical climate, white sandy beaches and blue water make South Padre not only a desirable vacation destination but an ideal place to retire as well.
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Two factors that determine how strong the real estate market is in a particular area are: population growth and local economy.
Texas Coast is an area of strong demographic growth
Texas is one of three states dominating population growth, and will account for nearly half of total U.S. population growth (46%) in the next 25 years along with Florida and California.
Projections show that the top three states will gain 12 million people each by 2030 and most (88%) of the nation’s population growth will occur in the South and West. The top five fastest-growing states in the next 25 years are projected to be: Nevada (114%), Arizona (109%), Florida (80%), Texas (60%), and Utah (56%).
The Texas Coast has a strong, growing, and diverse economy
Do not follow growth, anticipate growth. A growing local economy is the most important driving force behind property values.
According to the Texas Real Estate Center: The Texas economy continues to surpass the rest of the nation in employment growth rate and job creation.
Texas ranks 12th among all states in personal growth income which is a factor closely related to total economic output. A higher-than-national-average growth rate means the state's economy is growing, and growing strongly.
“Despite the national slowdown, Texas is still strong,” says James Gaines, Ph.D., research economist with the Real Estate Center at Texas A&M University. “There’s no reason prices shouldn't continue to rise despite the increase in foreclosures and the slowdown in transactions, construction, and new-home starts.”
 South Padre Island Gains National Attention
South Padre Island has been a popular Spring Break destination for young college students for over 20 years. Recently, Cosmopolitan.com has listed SPI in its 100 Hot-City Guide, Condé Nast Traveler named South Padre Island as one of the World’s Top 30 Island Beaches and the NBC’s Today show stated that South Padre Island has “lots of great family resorts for the rest of the year.” “South Padre Island is gaining some well-deserved recognition, and the designations continue to attract tourists annually,” said Dan Quandt, executive director for the SPI Convention and Visitors Bureau.
Based on our data, interest in the South Padre Area has increased. Our graphs show record levels of traffic to our website indicating that people from across the nation and other parts of the world are interested in more information regarding real estate on this Texas Island.
Seasonal visitors are not the only ones looking towards South Padre. Developers are also interested in investing on this small island and have already planned several new constructions in the area. Wild Sands , The Shores , Sapphire and Ocean Towers are just a few of the developments currently under construction on the Island.
With a strong Texas economy, growing population and national attention this real estate market is set to be strong for years to come. Prices are expected to continue to rise as demand for beachfront property goes up, which makes this a perfect time to purchase your dream vacation home or investment property!
Find Out More About Where The Texas Gulf Coast Market Is Headed
Interested in more data about the Texas Coast Real Estate Markets?
Comparative Market Analysis Sample |
Our Sales Statistics pages are the answer! Along with the Sales Median Price Analysis, our registered users have access to the following information:- Sales Analysis
- Time-On-Market Analysis
- Buyer Preference Analysis
- Sales vs. New Listings Analysis
- New Listings Analysis
- Comparative Market Analysis
A comparative market analysis is an informal assessment of a property's market value, usually done to establish a reasonable listing price when a property is placed for sale. The price is established by comparing the property to similar properties that have sold in the area within the past year.
The analysis is normally done by a real estate agent who has easy access to area sales records. We have given registered users the ability to generate their own Comparative Market Analysis (CMA) based on data relevant to their own properties.
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