Galveston Area Market Report 2007

Galveston and Crystal Beach are the two oceanfront resort markets in Galveston County. Though they may have different attributes they have both been popular vacation spots for families in the area for decades. Galveston is one of the Texas coast's branded area names know worldwide.

Their proximity to Houston - one of the largest cities in the nation - (and Beamont)  has helped sustain their different markets and provided a big enough demand for the different environments and activities they have to offer.

Crystal Beach is located on the Bolivar Peninsula where it is the largest residential and commercial community. Summer visitors have flocked to this area for years because of its low crime rate and small rural town feel as well as great boating and fishing activities.

Galveston has long been a favorite weekend destination of Houstonians. The activities offered in the area range from recreational parks to theater and shopping on the Historic District. Visitors do not miss the amenities offered in large cities because Galveston offers dining, night-life, museums, beaches and water activities.

Looking at the current trends - you can see that Galveston Island and Crystal Beach
- continue to appreciate in value - even as the rest of the country is going in the other direction.

Galveston’s total sales for 2007 were approximately $236 million, while in 2006 they were $235 million. The median price increased from $225K in 2006 to $238K in 2007. Galveston can currently be seen as a buyer’s market due to its high levels of inventory. Builders did not anticipate problems nationally which has created some buyer hesitancy. In the long term it will balance out due to population growth and large local retirement population. We recommend sellers to hold on to their property and if you are looking to purchase, try to find a motivated seller.

Crystal Beach experienced sales of approximately $27.6 million compared to$17.4 million in 2006. Its median price increased from $134K in 2006 to 150K in 2007. Crystal Beach is currently a balanced market on the verge of a major expansion - soon to become a seller’s market due to large capital investments in the Beaumont and Port Arthur area. If you are looking for a good investment -Buy Now!. with the largest captial investment in Texas' history being made right up the road - a staggering 20 billion dollars - keep an eye on this market.

The Crystal Beach Bolivar area is already doing really well, strong rental demand and low prices compared to the other Texas resort markets make it where you can invest in beachfront property and have it pay for itself, while you wait for it to double in value as that market levels out with the rest of the Texas Coast.

The Bolivar Crystal Beach area just implemented modern water and sewer systems that made resort developments possible, and there are currently five major resort developments now underway.

Many factors influence the area’s real estate market. The economy, population and job growth are just a few of the local factors that need to be considered when analyzing a market.

Several major companies involved in the energy industry have announced their intention to invest in expansions and other plants in areas near the Gulf, pumping in more than 20 billion dollars to the local economy. This kind of job creation and investment capital is one of the fundamental pre-cursors to real estate appreciation and sales.
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The Galveston County Bolivar Resort area is already starting to get interest from new employees getting ready to relocate to the Beaumont Port Arthur area and from support firms doing the development of the expansion of the new facilities.

• The Beaumont Enterprise newspaper reports that over 20,000 news homes will be needed to accommodate incoming employment demand.
• Google trends reports Beaumont is the number one city searched for - regarding real estate - in the entire United States. The Bolivar Peninsula is "Beaumont's Beach"
• Crown Team Texas, the leading resort developer on the Bolivar Peninsula reports that relocating engineers for the new plants, and refinery developers from Bechtel Engineering, have been frequenting their resorts looking for oceanfront second homes and primary homes.
• Interviews with local residents in the area are saying that the building boom is incredible and new shopping malls, hotels, homes and apartments are going up like popcorn.

The Texas Coast continues to attract visitors at an increasing rate - and due to over priced markets on the eastern and western coasts, interest from retirees nation-wide is on the rise. As stated by Bryan Pope in his Tierra Grande Article, By The Sea, "Clearly, the Texas coast's surge in popularity can easily be attributed to the still-reasonable property prices and the state's robust economy. Also, local builders and city officials give credit to the coast's natural appeal."

People will continue to be drawn to the coasts' warm climate, relaxing atmosphere and diverse activities. This appeal combined with Houston and Beaumont/Port Arthur's economic strength and population growth will supply a demand for homes in this area. Baby boomers retiring in the next few years will also contribute to the area's real estate market strength. Now is a good time to invest in the areas coastal property to take advantage of the still low prices.

Here are some factors that will help you evaluate the magnitude of demand and supply:

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!

Analysis Tools Reports & Videos Buyer Demographics Analysis Market Fundamentals Defined Location and Community Factors

Market Analysis Summary View Interactive Sales Charts by Market Area South Padre Island Area Sales Analysis Corpus Christi Area Sales Analysis Rockport Fulton Area Sales Analysis Matagorda Bay Area Sales Analysis Galveston Area Sales Analysis McAllen Texas Area Sales Analysis

Tip: Look for hurricane resistant - systems built - low cost - modular homes to become more popular on the Island and Peninsula.
read more about systems built homes here..