Market Report: Condos for Sale on Galveston Island – March 19, 2012
The median list price in GALVESTON, TX this week is $119,000. The 181 properties have been on the market for an average of 247 days.
Even though the days-on-market is trending higher, so is the Market Action Index at these inventory levels, providing a neutral outlook for the market.
Median Price
Prices continue their climb again this week. We’re a long way from the market’s price high-point so watch the Market Action Index as an indicator of how long this trend will last.
Price per Square Foot
In a market where prices are rising fairly consistently, price per square foot is essentially flat. This often implies that new homes coming on the market are pricier, and also larger than older homes. As a result the value one can buy stays the same.
Inventory
Inventory has been relatively steady around these levels in recent weeks.
Market Action Index
The GALVESTON market is currently in the Buyer’s Advantgae zone (below 30), though not strongly so. The 90-day Market Action Index stands this week at 23.62 so buyers should expect to find reasonable levels of selection.
Days on Market
The properties have been on the market for an average of 247 days. Half of the listings have come newly on the market in the past 134 or so days.
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