Market Update: 77551 Homes for Sale May 7, 2012
The median list price in GALVESTON,TX 77551 this week is $149,000. The 79 properties have been on the market for an average of 197 days.
Inventory is tightening and days-onmarket is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.
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
We continue to see prices in this zip code bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices move from these 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, 77551 market is currently quite strongly in the Buyer’s Advantage zone (below 30). The 90-day Market Action Index stands at 14.88. 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 197 days. Half of the listings have come newly on the market in the past 98 or so days.