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
December 2008 saw 30 more sales than November 2008, but it was down 12.46 percent from the previous December and down 34.79 percent from December 2006. The city finished the year with only one month experiencing a growth in sales, September, and that increase was only 3.68 percent. No month saw increases in the two year percent change. December was down almost 35 percent, which is the third highest change after October and November.
Additionally, both the mean and median home sale price dropped. Between December 2007 and December 2008, the average price of a home in Corpus Christi decreased by 11.84 percent. This December, the average price was $145,900, which is the lowest price seen since February 2007. The median price was $133,100, which is in the bottom quarter for the year, and 4.45 percent lower than the $139,300 median price of December 2007. The average and median are also converging, suggesting there are no big investors on either end of the market, i.e. a person buying a lot of cheap properties, or an elite class purchasing few, but expensive luxury homes.
This phenomena is illustrated with the price range analysis. There is not a single category of home increasing in number of sales between 2007 and 2008. Even the property selling for under $29,999 experienced a loss, granted is was a marginal loss of 1.58 percent. The largest drop occurred with homes valued above $500,000. There was a 31.55 percent loss in the number of sales in this price range.
Homes between $100,000 and $160, 000, a range which includes both the average and median home price for the area, saw a drop of 16.1 percent.
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.