Island Wide 1st quarter single family sales are down 64% as compared to the same period in 2008. The number of units sold fell 9% while the average sales price has fallen from $296,392 to $116,612. A majority of the reduction is reflective of "in town" Ike damaged homes selling for as low as $9/sq ft.
An analysis of Galveston "In Town" sales shows a rise in the number of homes sold by 29 units. The averages sales price has fallen from 161,901 to 96,102. A majority of the sales are flooded homes selling "As Is".
Galveston West End homes sales are down by 39 units (64%). The volume is down $22,509,000 (84%). The average sales price is down 54% from 441,906 to 202,150.
What does all this mean? There is not a better time to buy on Galveston Island.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment