Galveston home sales strong, inventory tighteningGalveston home sales strong, inventory tighteninghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=25862014-11-04T07:37:00Z2014-11-04T06:45:00Z

GALVESTON - According to Galveston Association of Realtors Multiple Listing Service data compiled by Sand ‘N Sea Properties, the island’s hot streak of strong residential real estate sales and rising prices isn’t showing any signs of faltering.

Residential sales in the island’s historic neighborhoods — East End, Lost Bayou, San Jacinto and Silk Stocking — did particularly well, with sales rising 31 percent.

Loft and condominium sales in the island’s downtown also saw a resurgence. West End and waterfront properties continued to do well, also.

Moderately priced homes — those selling for less than $400,000 — especially in canal communities, are selling well.

The data represent all island properties in the multiple listing service. It’s also important to note that the Galveston Association of Realtors does not include all data for all island real estate transactions, which means many more occurred this year.

The number of sales rose to 567 from 510, an 11 percent increase in the first nine months, compared with the same period a year ago.

The dollar volume generated by sales rose to $169.7 million compared with $139.2 million a year ago, a 22 percent spike.

The median selling price for the first nine months of this year was $237,000, a 10 percent increase compared with a year ago.

“People are recognizing that their homes are worth more than they had been in the last couple of years and people are moving on that before prices go up,” said Peter Van Borssum with Sand ‘N Sea.

“We’re struggling with inventory, there aren’t a lot of houses to sell and we all have people who are very eager to buy on the island,” Borssum said.

Galveston Daily News
Houston-The Woodlands-Sugar Land
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