Corpus Christi Association of Realtors has posted the Padre Island Housing Report for January 2023. Our active listing median prices have stayed very stable through the holidays at $370,000 this past month which is exactly where it was compared to last January at this time!
CCAR continues to show us the data that shows active listings rising 25.7 % with a total of 132 properties this past month while inventory Has stayed steady at 2.6 compared to 1.8 last year during the month of Janaury.
Days on the market for sale have had a slight rise to an average of 63 days on the market and the highest category for sales with 37.5% of all the sales was priced between $300,000 – $399,999. The market is still holding up quite well for the beginning of the year as we head toward Spring Break. CPI Data has shown inflation is still lowering, and the fed still seems committed to getting inflation down to 2% and continues to signal more .25 basis points likely coming by the first quarter of 2023.
Soon, the spring housing market will begin, and we’ll probably want to know what to anticipate. The home market in 2023 might feel more like a nobody’s market after several years of a clear sellers’ market. More buyer advantages and slower home sales are something we anticipate. On the economic front, supply chain problems have started to get better and should keep getting better in the coming year. As interest rates and inflation reduce disposable income, we can anticipate the following five to six months to be sluggish. But the flooring and home improvement sectors will experience tremendous growth over the next five to six years.
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 January 2023 Data (Click Pic below for Larger Image)
