Market Update: 77550 Homes for Sale on Galveston Island 6-18-12
The median list price in GALVESTON, TX 77550 this week is $165,000. The 169 properties have been on the market for an average of 208 days.
With inventory and days-on-market basically unchanged and the Market Action Index decreasing, the market is not sending strong directional signal for the near-term outlook.
The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.
Median Price
In this zip code this week saw relatively little price change from last week. However, we continue to demonstrate a nice up trend in general over the last several weeks.
Price per Square Foot
The market appears to be placing an increasing premium on homes. When list prices and price per square foot consistently increase in tandem, as they’re doing now, you can often find short-term investment opportunities. Watch the Market Action Index for persistent changes as a leading indicator for these trends to flatten or drop.
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 14.21. 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 208 days. Half of the listings have come newly on the market in the past 98 or so days.