Market Update: 77550 Homes for Sale on Galveston Island – July 23, 2012
The median list price in GALVESTON, TX 77550 this week is $165,000. The 153 properties have been on the market for an average of 192 days.
The Market Action Index has been trending down lately, indicating demand falling along with supply. Conditions point to mildly negative trends for the market.
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
Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.
In the quartile market segments, we see prices in this zip code have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.
Price per Square Foot
The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.
Inventory
Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
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 15.59. 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 192 days. Half of the listings have come newly on the market in the past 99 or so days.