Market Update: Galveston Island Condos – October 8, 2012
The median list price in GALVESTON, TX this week is $129,000. The 159 properties have been on the market for an average of 244 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
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
Prices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.
Price per Square Foot
While prices have been basically flat, the price per square foot has been heading downward. While not a sign of broad strength in a market, larger homes are coming more available and buyers are tending to get more home for their money.
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 18.78. 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 244 days. Half of the listings have come newly on the market in the past 162 or so days.