Market Update: 77554 Homes for Sale on Galveston Island – August 13, 2012
The median list price in GALVESTON,TX 77554 this week is $359,500. The 387 properties have been on the market for an average of 287 days.
Even though the days-on-market is trending higher, so is the Market Action Index at these inventory levels, providing a neutral outlook 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
In the last few weeks we’ve seen prices in this zip code bouncing around these current levels. Look for a persistent change in the Market Action Index before we see prices deviate significantly from here.
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 relatively steady around these levels in recent weeks.
Market Action Index
The GALVESTON, 77554 market is currently quite strongly in the Buyer’s Advantage zone (below 30). The 90-day Market Action Index stands at 13.22. 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 287 days. Half of the listings have come newly on the market in the past 148 or so days.