Market Update: Galveston Island Condos – May 21, 2012
The median list price in GALVESTON, TX this week is $114,450. The 190 properties have been on the market for an average of 237 days.
With inventory and days-on-market basically unchanged and the Market Action Index increasing, the market is not sending strong directional signal for the near-term outlook.
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
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
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 20.36. 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 237 days. Half of the listings have come newly on the market in the past 91 or so days.