Market Update: 77550 Homes for Sale on Galveston Island – October 1, 2012
The median list price in GALVESTON, TX 77550 this week is $168,000. The 142 properties have been on the market for an average of 219 days.
The Market Action index has been trending down lately, while days-on-market is climbing, providing mostly bearish signs 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
Price trends in this zip code continued their recent uptrend this week. While still below the market’s high point, we’ve seen a nice run recently.
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
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 14.73. With several months of inventory available at the current sales rate, buyers should find ample choice.
Not surprisingly, all quartiles are in the Buyer’s Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.
Days on Market
The properties have been on the market for an average of 219 days. Half of the listings have come newly on the market in the past 127 or so days.