Market Update: 77551 Homes For Sale – April 2, 2012
The median list price in GALVESTON,TX 77551 this week is $149,250. The 94 properties have been on the market for an average of 215 days.
The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
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
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 climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.
Market Action Index
The GALVESTON, 77551 market is currently quite strongly in the Buyer’s Advantage zone (below 30). The 90-day Market ActionIndex stands at 14.06. 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 215 days. Half of the listings have come newly on the market in the past 152 or so days.