The Corpus Christi market remained steady this month as house prices rose 1.6% with a median price of $194K compared to last year. With active listings down 2.7% and homes and the market for an average 56 days (21 days less than May 2018), the activity we saw in the Spring market looks to be making an early start in the Summer.
The Calallen market showed some lower activity this month with active listings down by 11.5% and closed sales down by 8.3%. With fewer active listings and fewer closed sales, inventory and days on the market continued to drop all while the median price for homes sold rose to $221K.
The Portland market saw slowed activity this May. With a total of 27 closed sales and average days on the market rising to 77, this is a possible factor in the drop in median price to $176K. With 139 active listings (up 6.1% from last year), the median price could continue to drop if homes remain on the market longer with fewer closed sales.
Padre Island continues to see increased median prices at $294K, which is up 13.2% from last May. Houses even at this price point are going fast with homes selling an average of 32 days more quickly than May 2018. With closed sales up 12.5% and active listings down, it would not be surprising to see increasing prices as the Summer market begins.