Corpus gains on May 2009, but not June 2008 in June 2009

July 30, 2009

Corpus Christi finally released updated statistics after three quiet months.  The radio silence may be related to the lack of market recovery for the city during a period when the national statistics seem to be on the road to rebound.  Corpus had 372 home sales during the month of June, which is the highest number posted since August 2008, but lower than its last year’s counterpart.  June 2008 had 393 sales, so the market is down by about 5 percent.

Prices show a similar trend.  The average price for a home in Corpus Christi was $159,400.  This is $3300 less than May 2009’s price, and 4 percent lower than June’s 2008 counterpart.  The average home price in June 2008 was $165,700.  The median price also dropped from $143,500 in June 2008 to $140,000 in June 2009.  This was a drop of 4 percent; however, the median price did show an increase from $6300 increase from May.

Corpus is doing much better in June 2009 than May 2009; however, the city’s real estate market has not recovered to June 2008 levels, which were low, and certainly isn’t matching June 2007.

Year	Month	House Sales	1 Yr Change	2 Yr Change	Average Home Price	% Price Change	Median Home Price	% 1 Yr Change	Active Listings	% 1 Yr Change	Months of Inventory
2007	Jan	280			153,100		132,700		2,713		9.689
2007	Feb	358			145,600		122,000		2,781		7.768
2007	Mar	443			168,400		136,400		2,953		6.665
2007	Apr	380			152,600		133,300		3,091		8.134
2007	May	442			161,200		132,700		3,159		7.147
2007	Jun	433			168,300		143,200		2,425		5.6
2007	Jul	473			168,100		141,000		3,245		6.86
2007	Aug	425			170,400		146,400		3,243		7.63
2007	Sep	298			154,600		134,900		3,276		10.993
2007	Oct	365			168,700		143,300		3,192		8.745
2007	Nov	324			159,400		130,000		3,084		9.518
2007	Dec	289			165,500		139,300		2,951		10.211
2008	Jan	248	-0.11		152,900	0	127,700	-0.04	2,891	0.07	11.657
2008	Feb	284	-0.21		158,800	0.09	136,700	0.12	3,007	0.08	10.588
2008	Mar	320	-0.28		172,400	0.02	144,300	0.06	3,121	0.06	9.753
2008	Apr	353	-0.07		166,800	0.09	147,900	0.11	3,110	0.01	8.81
2008	May	386	-0.13		169,900	0.05	-	-1	3,258	0.03	8.44
2008	Jun	393	-0.09		165,700	-0.02	143,500	0	3,150	0.3	8.015
2008	Jul	372	-0.21		166,900	-0.01	146,800	0.04	3,071	-0.05	8.255
2008	Aug	377	-0.11		160,800	-0.06	135,800	-0.07	3,115	-0.04	8.262
2008	Sep	309	0.04		165,000	0.07	138,100	0.02	3,102	-0.05	10.038
2008	Oct	255	-0.3		168,500	0	139,200	-0.03	3,056	-0.04	11.984
2008	Nov	223	-0.31		149,400	-0.06	130,500	0	3,000	-0.03	13.452
2008	Dec	253	-0.12		145,900	-0.12	133,100	-0.04	2,971	0.01	11.743
2009	Jan	178	-0.28	-0.36	149,000	-0.03	129,600	0.01	2,842	-0.02	15.966
2009	Feb	235	-0.17	-0.34	145,100	-0.09	133,800	-0.02	2,842	-0.05	12.093
2009	Mar	283	-0.12	-0.36	147,500	-0.14	122,200	-0.15	-	-1	0
2009	Apr	283	-0.2	-0.26	146,000	-0.12	122,200	-0.17	-	-1	0
2009	May	298	-0.23	-0.33	162,700	-0.04	133,700	-0.04	-	-1	0
2009	Jun	372	-0.05	-0.14	159,400	-0.04	140,000	-0.02	2,967	-0.06	7.975

Sales and prices down for the year in Corpus Christi

April 24, 2009

There were 283 home sales in Corpus Christi during March 2009.  This is a jump of 48 homes over February 2009.  Unfortunately, compared to its 2008 and 2007 counterparts, the market is still struggling.  There were 11.6 percent less sales than in March 2008, which had 320 sales, and 36.1 percent less than 2007, which posted 443 sales.  March 2009 did have the highest number of sales seen since September 2008.

 

 

 

 

 

 

 

 

 

 

 

 

The average home price in March was $147,500, which is $3000 more than February’s mean.  This is reasonable when one looks at the preceding five months.  Prices since November 2008 are all between $150,000 and $144,000; however, the average price is 14.4 percent lower than March 2008.  It is also the third lowest price since March 2007. 

 

Median prices were even lower.  The median price for March 2009 was $122,2000.  This was 15.3 percent lower than March 2008.  March dropped $11,6000 since last month, and was the lowest median price posted in the three years prior.

 

Market down from 2008

March 29, 2009

The number of sales is up 32 percent from January; however, January was the worst month in years.  The reality of the market is Corpus’s sales are down 17.3 percent from this time last year, down 34.4 percent from 2007, and the third lowest posted in our two year snapshot.  There were only 12 more homes sold in February than in November 2008, which was last year’s worst month.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Both the mean and median prices also dropped from this time last year.  The average home price in February was $144,500, which was $4500 less than January 2009 and 9 percent less than February 2008.  The median price did jump a little from January, but is still 2.1 percent lower than this time last year.  The median price is $133,800, which is above the mean median price over the past 12 months.  It is less than the average price, indicating there are some high outliers driving up the average price.  

 

Corpus’s 178 sales lowest since January 1999

February 25, 2009

There were 178 home sales in January 2009 in Corpus Christi.  These sales are down 28 percent from January 2008, which was itself down 11.43 percent from January 2007, and down 36.43 percent from its 2007 counterpart.  The last time Corpus Christi had sales this low was January 1999, a month posting 175 sales.  It is also the first time the city had sales under 200 since January 2000, when the city had 183 home sales.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
The average home price was $149,000. This is a $4000 increase from December 2008, which was the lowest average since October 2006.  The sales are down 2.55 percent from January 2008.  That mean price was in the bottom quarter of prices for 2008.  The median price is even lower, at $129,600.  This is up from one year ago; however, it is only up by 1.49 percent and is the lowest price posted since January 2008.  

 

Corpus Christi Real Estate Stats for December

January 28, 2009

Corpus Christi Sales Slow Down in November

January 6, 2009

 

The monthly home sales in the Corpus area are noticeably lower than their 2006 and 2007 counterparts. The sales numbers show every month in 2008 experienced lower sales than in 2006 and 2007. The summer sales in 2008 are more on par with the lower sales months in 2006.

Year	Month	Sales	% 1 Year Change	% 2 Year Change	Average Price	% 1 Year Change2	Median Price	% 1 Year Change3	Total Listings	Monthly Inventory
2006	Jan	277			$145,400		$126,900		2,089	5.1
2006	Feb	377			$154,900		$125,600		2,193	5.3
2006	Mar	477			$144,700		$127,900		2,308	5.5
2006	Apr	431			$160,700		$131,600		2,756	6.5
2006	May	513			$155,100		$132,000		2,581	6
2006	Jun	565			$157,400		$136,300		2,727	6.3
2006	Jul	455			$159,600		$134,300		2,818	6.6
2006	Aug	506			$155,800		$128,600		2,862	6.7
2006	Sep	430			$151,400		$127,600		2,833	6.6
2006	Oct	408			$146,000		$125,600		2,826	6.6
2006	Nov	365			$150,500		$129,800		2,762	6.4
2006	Dec	388			$153,000		$135,000		2,718	6.3
2007	Jan	280	1.08%		$153,100	5.30%	$132,700	4.57%	2,713	6.3
2007	Feb	358	-5.04%		$145,600	-6.00%	$122,000	-2.87%	2,781	6.4
2007	Mar	443	-7.13%		$168,400	16.38%	$136,400	6.65%	2,953	6.9
2007	Apr	380	-11.83%		$152,600	-5.04%	$133,300	1.29%	3,091	7.3
2007	May	442	-13.84%		$161,200	3.93%	$132,700	0.53%	3,159	7.6
2007	Jun	433	-23.36%		$168,300	6.93%	$143,200	5.06%	2,425	6
2007	Jul	473	3.96%		$168,100	5.33%	$141,000	4.99%	3,245	7.9
2007	Aug	425	-16.01%		$170,400	9.37%	$146,400	13.84%	3,243	8.1
2007	Sep	298	-30.70%		$154,600	2.11%	$134,900	5.72%	3,276	8.4
2007	Oct	365	-10.54%		$168,700	15.55%	$143,300	14.09%	3,192	8.2
2007	Nov	324	-11.23%		$159,400	5.91%	$130,000	0.15%	3,084	8
2007	Dec	289	-25.52%		$165,500	8.17%	$139,300	3.19%	2,951	7.9
2008	Jan	248	-11.43%	-10.47%	$152,900	-0.13%	$127,700	-3.77%	2,891	7.7
2008	Feb	284	-20.67%	-24.67%	$158,800	9.07%	$136,700	12.05%	3,007	8.2
2008	Mar	320	-27.77%	-32.91%	$172,400	2.38%	$144,300	5.79%	3,121	8.7
2008	Apr	353	-7.11%	-18.10%	$166,800	9.31%	$147,900	10.95%	3,110	8.8
2008	May	386	-12.67%	-24.76%	$169,900	5.40%	-	-	3,258	9.3
2008	Jun	393	-9.24%	-30.44%	$165,700	-1.54%	$143,500	0.21%	3,150	9.1
2008	Jul	372	-21.35%	-18.24%	$166,900	-0.71%	$146,800	4.11%	3,071	9.1
2008	Aug	377	-11.29%	-25.49%	$160,800	-5.63%	$135,800	-7.24%	3,115	9.3
2008	Sep	309	3.69%	-28.14%	$165,000	6.73%	$138,100	2.37%	3,102	9.3
2008	Oct	255	-30.14%	-37.50%	$168,500	-0.12%	$139,200	-2.86%	3,056	9.4
2008	Nov	223	-31.17%	-38.90%	$149,400	-6.27%	$130,500	0.38%	3,000	9.5

In November 2008, Corpus had 223 sales. This is a steep drop from November 2007, which saw 324 sales, and an even steeper drop from November 2006. In total, this is a 39 percent drop off over the last two years, and it is not anomalous. Every month shows a double digit drop off from its 2006 numbers. Only the month of September showed any gains over its 2007 counterpart, and that is with a low 3.7% increase in sales.

November 2008 posted the lowest number of sales seen in Corpus since January 2001.

The market also has sharpest decrease in average prices for the three year period. Average home values fell from $168,500 to $149,400. The prices have been up and down over the past six months after steadily rising for almost two and a half years. This 6.27 percent drops exceeds the six percent drop between January and February of 2006.

The median value did rise by .38 percent; however, this is an annual loss of six percent from December 2007 to November 2008. I think we can safely say sales and prices are down for the year in the Corpus Christi Market.

Price Range	Percent Distribution		# of Sales
	2007	2008e	2007	2008	Change
$29,999 or less	1.7	2	76.67	70.4	-8.2%
30,000 - 39,999	2	1.6	90.2	56.32	-37.6%
40,000 - 49,999	2.5	2.6	112.75	91.52	-18.8%
50,000 - 59,999	3.1	2.8	139.81	98.56	-29.5%
60,000 - 69,999	3.7	3.4	166.87	119.68	-28.3%
70,000 - 79,999	4.6	3.9	207.46	137.28	-33.8%
80,000 - 89,999	5.6	4.9	252.56	172.48	-31.7%
90,000 - 99,999	4.8	5.3	216.48	186.56	-13.8%
Under 100k			1262.8	932.8	-26.1%
100,000 - 119,999	11.3	11	509.63	387.2	-24.0%
120,000 - 139,999	13	12.8	586.3	450.56	-23.2%
140,000 - 159,999	9.8	10.4	441.98	366.08	-17.2%
100k - 160k			2800.71	2136.64	-23.7%
160,000 - 179,999	9.1	10.2	410.41	359.04	-12.5%
180,000 - 199,999	6.3	7	284.13	246.4	-13.3%
200,000 - 249,999	9.5	8.2	428.45	288.64	-32.6%
250,000 - 299,999	4.6	5.3	207.46	186.56	-10.1%
300,000 - 399,999	4.7	4.7	211.97	165.44	-22.0%
400,000 - 499,999	1.7	1.9	76.67	66.88	-12.8%
500,000 and more	2.2	1	99.22	35.2	-64.5%

Every housing price bracket has lost market share in the past year. Homes priced above $500k have suffered the most in sales. They have dropped by 64.5 percent. The smallest drop is seen in homes under $30,000. This saw a drop of 8.2 percent. These homes also had the smallest number and percentage of sales in both years.

« Previous Page

• Subscribe

  • Subscribe to RSS
  • Comments

• Recent Posts

  • Corpus stutter starts in 2010
  • Corpus Christi’s 2010 price distribution
  • Corpus has biggest price increase of the quarter, but smallest sales growth
  • Gains in low priced Corpus Christi home sales
  • One year sales way up in Corpus for November 2009
  • No data for 2009 October Corpus Christi real estate market
  • Price Distribution through September 2009
  • Corpus sales drop again in September
  • August a disappointing end for Corpus Christi’s summer
  • July market has silver lining in Corpus Christi

• Categories

  • corpuschristirealestateblog
  • Uncategorized

• Archives

  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • September 2009
  • July 2009
  • April 2009
  • March 2009
  • February 2009
  • January 2009

• Links

• Meta

  • Log in
  • WordPress
  • XHTML