3 Trends seem to be driving this fast-paced market!
Low inventory, bidding wars, and cheap mortgage rates are giving home buyers a sense of FOMA – fear of missing out – and heating up the competition.
To our surprise, the housing market has not only recovered but roared past pre-pandemic levels. Mortgage rates remain at record lows. Pending home sales are up over 20% from a year ago and the buyer traffic is up over 32% which ups the mortgage applications as well. This winter may be the best
ever for the housing market.
Days on the market for sale has decreased to an average of 78 days on the market. 45.4% of all the sales in November were priced between $200,000 – $399,999. Closed Sales were up a whopping 109.4% in the month of September. The market is certainly remaining strong with the interest rates still holding it’s a great time to find that dream home you have been waiting for or cash out that equity. We would be glad to navigate you to success!
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 November 2020 Data (Click Pic below for Larger Image)
