Kelly’s Market Update – 77551 Single Family Homes 02-27-12
The median list price in GALVESTON, TX 77551 this week is $149,000. The Market Action Index has been climbing lately while days-on-market are trending down, these point to a positive near-term outlook for the market.
Prices continue their climb again this week. We’re a long way from the market’s price high-point so watch the Market Action Index as an indicator of how long this trend will last.
The GALVESTON market is currently quite strongly in the Buyer’s Advantage zone (below 30). The 90-day Market Action Index stands at 13.78. With several months of inventory available at the current sales rate, buyers should find ample choice.
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 has been relatively steady around these levels in recent weeks.