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.
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