2008 Sales Stats for Galveston Real Estate

For Galveston Real Estate sales, the 2008 year ended behind 2007 with a 4th quarter dip resulting from Hurricane Ike and the slumping economy.

Overall, residential sales on Galveston were down 16% in volume and 23% in units with the average sale ending on the upside at $287,121. That is an increase of 9% from the average residential sale for 2007.

Land sales were down 41% in volume and 38% in number of units with the average sales price falling to $153,408. That is a 4% decrease from the average land sale for 2007.

The multi-family sector took the biggest hit with an 82% reduction in volume and a 79% reduction in number of units sold. The average sales price fell 24% to $94,000.

The condo market actually rose in 2008 as the Emerald By The Sea came to a completion, many of which were recorded in the MLS. While the number of condo units sold show a 2% decrease we also know that Pallisade Palms condos also came to a completion and those closings are not recorded in the MLS. The volume of condo closed sales rose 17% and the average sales price rose 20% to 207,269.

Overall, total sales on Galveston Island as compared to 2007 are down 25% in number of units and 18% in Volume.

Residential sales on the West End, vacation and second homes, out sold In Town homes, primary homes, by $67,079,981 or by 63%. However by unit count there was only a difference of 10 homes sold. Thus the average sales price on the West End is $410,600 an increase in 2008 of 14% over 2007. The average sales price for an In Town home dropped 11% to $158,704.

The average sales price for in town homes will continue to decrease as homes are sold "as is" post Ike.

I suspect the average sales price for the West End will continue to appreciate as the inventory has decreased 30% and most homes are being restored being they are sold.

At the beginning of each month I will post the overall sales report for Galveston Island. At my website, www.kellykelley.com, you can find the individual subdivision reports under the communities tab then select the name of the West End subdivision you are interested in.