Market Update: 77554 Homes for Sale – October 22, 2012

The median list price in GALVESTON, TX 77554 this week is $359,750. The 376 properties have been on the market for an average of 286 days.

With inventory, days-on-market, and the Market Action Index all recently plateaued, the market is not sending strong directional signal for the nearterm outlook.

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

In the last few weeks we’ve seen prices in this zip code bouncing around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.

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

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 relatively steady around these levels in recent weeks.

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 12.01. 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 286 days. Half of the listings have come newly on the market in the past 162 or so days.

Links

Comments are closed.