Market Update: Galveston Island Homes for Sale – 8-6-12
The median list price in GALVESTON, TX this week is $289,000. The 641 properties have been on the market for an average of 245 days.
The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening 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 has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.
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
The market’s downward trends are shared across both price and value. People are recently placing less value on homes (you can see the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.
Inventory
Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.
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 14.15. 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 245 days. Half of the listings have come newly on the market in the past 134 or so days.