Galveston County Area 33

•  Single-family home sales in Galveston County were up 4.45% in 2007 over the previous year with 3,888 home sales recorded in the Houston MLS year to date. There were 4,199 closed home sales in 2007.
• Pending contracts recorded in 2007 were up by 7.46% compared to last year. Pending units recorded currently stand at 2,983 units whereas last year, pending units were 2,776 units.
• Galveston Homes on the Market reached 2,781 units as 2007 came to a close and in comparison to 2006; homes on the market are up by 13.84% over last year, when inventory was 2,781.
• Galveston County’s average sales price is $194,517 and that figure is up by 5.40% over 2006.  The median sales price, where half the homes sold above and half sold below, is up by 6.40% and is currently $160,000.
• Galveston County currently has 8 months of inventory. In 2006, Months of inventory were 7.7. Days on the market [DOM] to sell a home in Galveston County is currently 90 and that is shorter than 2006 average days on the market to sell a home by 10 days, or 100 DOM in 2006.
• While Galveston County has experienced a great market, with a 4.45% increase in sales, a 13.84% increase in supply has slowed home price appreciation and created more competition for home sellers. Listings should be precision priced at its current 95% sale price/list price ratio or higher and should be staged in showcase condition to attract the best offer.
• The Houston Hotness Index for December ranked Galveston County #30 out of 46 in terms of hotness because 7.8% of all listings went under contract during that one month.