The Corpus Christi market showed some signs of a slow in March. With closed sales down 9.3% from last year and active listings down 5.4% compared to last year as well. However, homes that did sell were on the market 2 weeks shorter on average. Additionally, the median price remained steady with only a 0.9% rise compared to March 2019.
The Calallen market continued to show signs of growth with a median price at $190K this March. That was a rise of 12.7% compared to March of last year. Homes are also staying on the market for a shorter time. The average home spent 48 days less on the market, however, the news of growth is mixed with news of falling closed sales. Down 14.3% compared to last year this could point to median prices dropping as we enter into the Spring and Summer season.
Portland saw closed sales rise 52.4% and active listings rise 25.5%. The market had 148 active listings during the month of March, equating to around 6.6 months of inventory. This could explain both the 5.3% drop in the median price, the rise in closed sales. As more industry moves to the local area, it will be interested to see what this means for the future of the Portland market.
Padre Island’s inventory continues to shrink as closed sales were up 18% and inventory dropped 6.7 months. Compared to an inventory of 8.7 months in March of 2018, this might explain the 19.4% rise in median price to $319K. A shrinking inventory and fewer active listings could be playing a factor in the recent growth seen in the Padre Island Market.