Port Aransas Market Report 2007
 There are currently great deals out there in Port Aransas. Port Aransas is currently a buyer’s market. Total number of sales for 2007 decreased from 336 to 298. Despite the low number of sales, the total sales in dollars increased from 2006 by almost $400K.
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The second-home market in the area had been experiencing a steady increase for the past few years. Total Sales volume has been steadily increasing from $50million in 2004 to $78million in 2006.
Many investors saw Port Aransas’ potential and believed affordable waterfront property would be appealing to retirees. A new Arnold Palmer golf course was designed and built; communities catering to future retirees were developed and have already begun construction. Inventory is currently a bit ahead of buyers because builders didn’t anticipate national problems causing buyer hesitancy.
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We feel that due to national media attention on real estate foreclosures in other markets, many buyers have stayed on the sidelines in 2007. The steady increase seen in the past has slowed down. While 2007 sales in dollars was still higher than 2006, it was not a significant increase. Median prices increased by 38K from 239K to 277K. It may be a buyer’s market now, but we think that in the long-term it will balance out due to a large local retirement population.
According to our traffic statistics, the top cities looking for real estate in this area apart from Corpus Christi are San Antonio and Austin. Visitors from San Antonio make up 14% of our total website visitors while those from Austin equal 13%.
Its location, minutes away from Corpus Christi and just a two-hour drive away from San Antonio and Austin, make Port Aransas an attractive investment. Because this area is located near two of America’s largest cities, the population pool and strong economies will drive demand for second homes. 
Both Austin and San Antonio have diversified economies. Austin's largest employers come from the high-tech sector, government and the health care industry. The University of Texas was the catalyst for the high-tech sector, providing know-how and skilled engineers and landing government contracts. The Alamo City's clusters include such white-collar industries as information and data processing services, management of companies and enterprises, and insurance carriers, in recent years, the health care industry has been growing rapidly.
Port Aransas' proximity to Corpus Christi must not be overlooked. This fairly large city with a population of 285,267 has ranked 65 out of the 200 cities in the 2007 Milken Institute's Best Performing Cities Index and its job growth ranking also increased from 173 to 39.The Port of Corpus Christi is now the sixth busiest port in the United States in terms of annual tonnage. Corpus Christi's rise in the rankings is being attributed to the energy boom and refinery expansions. High energy prices helped refineries invest in expansions, creating jobs in the area. As a result, Corpus Christi has some of the best home market fundamentals in the country.
We see the retirement developments having a good future because Port Aransas is currently one of the primary tourist destinations in the state. Thousands of travelers flock to the area's beaches and more than 45 resort facilities during the peak summer months. Many San Antonio residents have been visiting the area since childhood with their families and see themselves retiring close to home. Eight to ten thousand “Winter Texans” spend three to six months in Port Aransas every winter to take advantage of the great weather.
Here are some factors that will help you evaluate the magnitude of demand and supply:
Population & Job Growth |
- Corpus Christi: Population: 285,267 Ranked 39th city in US in job growth
- Austin Metro: 1.5 million
- San Antonio: Population: 1.9 million
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| Months Supply of Inventory |
Port Aransas has a 13 month supply of inventory |
| Planned New Construction |
New Constructions are still being seen throughout Port Aransas. Cinnamon Shore is a unique beachfront community incorporating retail, live-work, and traditional residential homes. |
| Proximity to Waterfront |
Port Aransas on Mustang Island offers property within walking distance of the ocean and bay. Many bayside properties come with private boat docks. |
| Local Economy |
- Corpus Christi has been ranked 65 out of the 200 cities in the 2007 Milken Institute's Best Performing Cities Index. The strength of the energy industry has helped the local economy.
- San Antonio: Real gross product for the San Antonio area is expected to grow by $14.25 billion during the next five years, according to Waco economist M. Ray Perryman. Real gross product currently stands at $63.7 billion in 2007. This is expected to grow to $77.94 billion by 2012
- Austin: The best place for business in the U.S., according to Moody's Economy.com
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| Hospital and Medical Service |
Corpus Christi has established itself as the South Texas medical center with 12 hospitals and 24 clinics. The medical facilities consist of approximately 1 million square feet. |
| Recreation and Parks |
Texas State Aquarium
U.S.S. Lexington
Arnold Palmer Golf Course
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| Affordability |
Port Aransas Median Price: $277K |
The Texas Coast continues to attract visitors at an increasing rate - and due to overpriced markets on the eastern and western coasts, interest from retirees nation-wide is on the rise. If you are looking to invest in property you may find motivated sellers now and still get a good deal. Rental income from your property may help you with some of the expenses while the market balances out. Click here to learn about Corpus Christi as a top cash-flow market.
There is no doubt that Port Aransas and its beautiful shoreline is the perfect place to meander among the seashells, frolic in the waves, soak up the sun and enjoy good, family fun. It brims with eclectic boutiques, shops and galleries filled with everything from surfing and fishing gear to jewelry and art. Visitors have the chance to drive right out onto the beach from the main road and enjoy a cruise along the Texas Gulf Coast!
Texas Gulf Coast Online now offers more statistical data for our users! Visit one of the pages below and learn more about the buyer demographics, market fundamentals, market analysis, analysis reports and factors in the community that affect each area on the Texas Gulf Coast!
Tip: Look for hurricane resistant - systems built - low cost - modular homes to make their way onto the Island.
read more about systems built homes here.. |