Market Update: Galveston Island Homes for Sale – September 10, 2012
The median list price in GALVESTON, TX this week is $299,000. The 603 properties have been on the market for an average of 243 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
This week saw relatively little price change from last week. However, prices continue to demonstrate a nice up trend over the last several weeks.
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 14.33. 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 243 days. Half of the listings have come newly on the market in the past 134 or so days.