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Single-family sales are still projected to slow down more so in 2019 and bounce back in 2020. Despite slower sales activity, the average Days on Market balanced at 147 days in January 2019; 10 days more than in January 2018.
Despite slower price growth, home-price appreciation outpaced wages and weighed on housing affordability. Texas’ affordability remained favorable compared with other states but continues a steady decline that began in 2013. More progress is necessary to balance the market. Six months of inventory is considered the equilibrium level and January 2019 showed 6.3 on Padre Island compared to 7.3 in January 2018. Padre Island’s median home price increased 9.7 percent; $200,000 – $299,999 being the popular price
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Padre Island January 2019 Data (Click Pic below for PDF)
