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South Padre Sales Doubled in December 2008
865 Views ::
4 Comments ::  :: South Padre Island |
The Island's sales doubled in the month of December and web site traffic is at record high - pointing to recovery for 2009 South Padre Island had a surge in sales and traffic for real estate this December showing a renewed interest for buying property in our area. We also saw our buyer leads and activity grow nearly three times that of the previous month. 
As the area's number one source for real estate information and traffic, we are a good indicator of future demand, and this increase follows one of the worst years in sales on record. Even so, our median price held its ground - showing that our property value(s) have enduring strength, and that the sales decrease was mostly related to the lack of credit, hurricane issues and buyer hesitancy from economic concerns. The median price was down from the nationwide 2006/2007 buyer frenzy peak, but is back on a sustainable growth line from 2005. 
We look forward to a good year in 2009! Check out the Sapphire South Padre Island Oceanfront Tower and the Marina Vista Villas on the Bay for our favorite new developments. |
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| Comments | |
By
Melissa Franks @
Monday, January 05, 2009 7:01 PM |
It's great to see some buyers coming back to the island! Surely there is some pent-up demand for beautiful island property. The Bush administration has also enacted a lot of previously unheard of monetary policy to keep the economy from completely falling apart, and stimulate growth, but it takes time to work. In other words, "the meat is on the grill", and things can only get better in the real estate business. And interest rates are at an all time low. (if you can qualify!)
Statistics however can be confusing. I'm not a math professor, but I think the definition of median sales price is when half the properties sold for less than the median price, and half sold for more. So if the median price is rising, that doesn't necessarily mean that overall property values are increasing. It could also mean that fewer people are buying lower priced condos, and more affluent buyers are holding their own. That would make sense in a down economy, where lower income folks get hit hardest, and rich people still tend to have some fun money.
Closing those expensive sapphire condos could also be pushing the median price upwards, so I definitely wouldn't assume too much based on just the rise in median price. Agents can fool buyers and sellers with statistics, but they shouldn't fool themselves.
But, overall, it's great to see the buyers starting to return to the island, no matter what they're buying! Good luck to all you buyers, sellers, and agents.... |
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By
Logan Miller @
Thursday, January 08, 2009 12:58 PM | |
Long-term mortgage rates fell AGAIN today, with the 30-year rate hitting a fourth consecutive record low. Great time to buy on South Padre! |
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By
Bill @
Monday, January 12, 2009 9:25 PM | |
Your web site traffic data is interesting. Over the three year period it almost seems like traffic is near record levels. But the MLS data clearly says sales are at record lows, and inventory is at a record high. That suggests that many more people are looking than actually buying. As if there is some pent-up demand there, just waiting for the economy to improve? Or perhaps discouraged sellers visiting the site to try and figure out if their property is competitive in the overall market? At any rate it is good to see high levels of interest, no matter where it is coming from. It doesn't get much better than this for buyers. |
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By
Deborah Orr - Forbes @
Friday, January 16, 2009 9:30 PM |
Moody's Economy.com compiled a list of the country's real estate markets that are nearest to recovery.
Moody's predicts prices won't start to pick up again until late this year or sometime next year even in the strongest markets.
Texas markets are most set to benefit. Texas has the best large-state economy in the country right now, Employment is slowing, but its still growing. |
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