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Galveston Market Conditions Published January 30, 2010 The Galveston Real Estate Market continues to be a Buyers Market affected by the national economic downturn and the uncertainty of values following the hurricane of 2008.There are many listed homes not damaged from the storm and they are bargains. The whole category of gutted-out homes due to flood surge has enabled lots of people to get a home much cheaper than before and they, in turn, put their sweat equity into repairs. Through the end of 2009, closed sales totaled $146,402,236, as reported in the Galveston Multiple Listing Service. Contrast that to $252,126,812 for 2008. The highest month for sales in 2009 was June for $23,386,395 and in 2008, July was the highest month at $38,493,023. Interestingly, 2008 saw 1108 transactions and 2009 saw 980 deals closed. Of the listed West End homes 8.6 percent are pending sales. Of the listed homes behind the Seawall 8 percent are pending sales and of all the condos 6.7 percent are pending sales. Your Galveston Realtor can more closely analyze your property and its competitive place in the market. Your Galveston Mortgage Lender or Banker can explain how the tax credits can help you make even a smarter purchase. Be in contract by April 30! Next week we talk about Short Sales. Green classes at the Custom House, sponsored by Galveston Historical Foundation, are 11:30 a.m. to 1 p.m., every Thursday, 502 20th, in Galveston. Feb 4th: Solar Power and Solar Water Heating David Bowers is President of the Galveston Association of Realtors® and is associated with House Company Realtors. Contact David at (409) 771-4637 or at david(at)davidbowers.com - Written By David Bowers |
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