Market Update: Galveston Island Homes for Sale – July 2, 2012
The median list price in GALVESTON, TX this week is $290,000. The 641 properties have been on the market for an average of 250 days.
Inventory has been lightening lately and the Market Action Index has been trending up. These are mildly positive indications 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
Price trends continued their recent uptrend this week. While still below the market’s price high-point, we’ve seen a nice run recently.
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
In a market where prices are rising fairly consistently, price per square foot is essentially flat. This often implies that new homes coming on the market are pricier, and also larger than older homes. As a result the value one can buy stays the same.
Inventory
Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the 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 14.34. With several months of inventory available at the current sales rate, buyers should find ample choice.
Not surprisingly given the overall Market Action Index, all quartiles are in the Buyer’s Market zone with several months of inventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall market shifts. Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole group changes.
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 126 or so days. It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.