Market Update: 77551 Homes for Sale on Galveston Island – September 24, 2012

The median list price in GALVESTON, TX 77551 this week is $153,500. The 85 properties have been on the market for an average of 147 days.

Inventory is tightening and days-on-market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.

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 for this zip code continues its bounce again this week. We’re a long way from the market’s high point so watch the Market Action Index to predict how long this trend will last.

In the quartile market segments, we see prices in this zip code 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 tothe Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.

Market Action Index

The GALVESTON, 77551 market is currently quite strongly in the Buyer’s Advantage zone (below 30). The 90-day Market Action Index stands at 14.10. With several months of inventory available at the current sales rate, buyers should find ample choice.

Not surprisingly, all quartiles are in the Buyer’s Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.

Days on Market

The properties have been on the market for an average of 147 days. Half of the listings have come newly on the market in the past 78 or so days.

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