Market Update: 77550 Homes for Sale – April 9, 2012
The median list price in GALVESTON, TX 77550 this week is $164,000. The 153 properties have been on the market for an average of 211 days. With inventory and days-on-market basically unchanged and the Market Action Index increasing, the market is not sending strong directional signal for the near-term outlook.
Home sales have been exceeding new inventory for several weeks. While still a Buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a Seller’s Market.
Median Price
Despite this week’s down tic, price trends in this zip code have generally been moving up lately. We are below the market’s high point, and we’ll investigate the Market Action Index later on to see if we expect this week’s blip to become a downward trend.
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, 77550 market is currently quite strongly in the Buyer’s Advantage zone (below 30). The 90-day Market Action Index stands at 16.84. With several months of inventory available at the current sales rate, buyers should find ample choice.
Days on Market
The properties have been on the market for an average of 211 days. Half of the listings have come newly on the market in the past 112 or so days.