Market Update: Homes for Sale 77554 – March 25, 2012
The median list price in GALVESTON, TX 77554 this week is $359,950. The 414 properties have been on the market for an average of 292 days. Inventory is up and Market Action is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.
Median Price
We continue to see prices in this zip code settled at a plateau. This week prices bumped down a bit but not significantly enough to change the overall outlook. Look for a persistent change (up or down) in the Market Action Index before we see prices significantly deviate from these levels.
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 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, 77554 market is currently quite strongly in the Buyer’s Advantage zone (below 30). The 90-day Market Action Index stands at 11.36. 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 292 days. Half of the listings have come newly on the market in the past 204 or so days.