Market Update: Condos on Galveston Island – April 23, 2012
The median list price in GALVESTON,TX this week is $112,700. The 188 properties have been on the market for an average of 250 days. The Market Action Index has been climbing lately while days-on-market are trending down, these point to a positive near-term 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
Despite this week’s down tic, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.
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 market is currently quite strongly in the Buyer’s Advantage zone (below 30). The 90-day Market Action Index stands at 22.54. 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 250 days. Half of the listings have come newly on the market in the past 112 or so days.