WHAT DO SUPPLY AND DEMAND TELL US ABOUT TODAY’S HOUSING MARKET?
There’s a well-known economic theory – the law of supply and demand. Elevated demand persisted as homes averaged roughly one month on the market and after multiple offers coming in. When demand for an item is high, prices rise. When the supply of the item increases, prices fall. Of course, when demand is VERY HIGH and supply is VERY LOW, prices can rise significantly.
If you’re waiting to enter the market because you’re expecting prices to drop, you may end up paying more in the long run. Even if price increases occur at a slower rate this coming year, prices are still projected to rise. That means the property of your dreams will likely cost even more in 2022.
The bottom line is, high demand and very low supply on Padre Island are what’s driving property prices in today’s real estate market. And while prices may increase at a slower pace in the coming months, experts still expect them to rise.
If you’re a potential real estate buyer, connect with your trusted REALTOR today to discuss what that could mean for you if you wait even longer. It’s a seller’s market and they feel if you don’t buy their property, the next one will.
Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!
Padre Island December 2021 Data (Click Pic below for Larger Image)
