Market Update: Galveston Island Homes for Sale – October 15, 2012

The median list price in GALVESTON, TX this week is $295,000. The 606 properties have been on the market for an average of 250 days.

With inventory and days-on-market basically unchanged and the Market Action Index decreasing, the market is not sending strong directional signal for the near-term 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

The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.

Price per Square Foot

Despite recently falling prices, the price per square foot has stayed reasonably flat. This implies that there’s a portion of the market being priced at a premium. You can investigate this condition in the quartile details.

Inventory

Inventory has been relatively steady around these levels in recent weeks.

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 12.96. 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 250 days. Half of the listings have come newly on the market in the past 141 or so days.

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