If you own a home in Galveston or have been thinking about buying on the island, here is something interesting I noticed in the current Galveston real estate market.
Homes in town are moving quite a bit faster than homes on the West End.
Right now, homes in the 77550 zip code are averaging 121 cumulative days on the market, compared to 203 cumulative days on the market in 77554.
That is a difference of 82 days, or almost three months.
For sellers especially, this is a good example of why I always look deeper than the overall Galveston market numbers. Where your home is located on the island can make a big difference in how we approach pricing, marketing, and expectations for how long it may take to sell.
There Really Is Not Just One Galveston Real Estate Market
It is easy to search for the Galveston housing market and see one set of numbers for the entire island. But those numbers do not always tell you what is happening around your specific property.
Galveston is made up of very different neighborhoods, property types, and price points.
The 77550 zip code includes much of the historic and in town portion of Galveston, while 77554 stretches across much of the West End and includes a large number of beach homes, waterfront properties, second homes, vacation homes, condos, and investment properties.
Those are very different markets with different buyers.
That is one reason I pay close attention to zip code, neighborhood, property type, price point, current competition, and recent sales when I am talking to a Galveston homeowner about selling.
What Does 121 Days vs. 203 Days Actually Mean?
Days on market gives us an idea of how long properties are taking to sell.
Currently, the difference between the two Galveston zip codes is significant:
77550: 121 average cumulative days on market
77554: 203 average cumulative days on market
That does not mean your home will automatically take 121 or 203 days to sell.
Some homes sell much faster. Others take longer.
Condition, pricing, updates, views, proximity to the beach or water, flood zone, insurance costs, rental history, furnishings, amenities, and even the amount of competing inventory can all affect how buyers respond to a property.
What these numbers do tell us is that location within Galveston matters.
What This Means if You Are Selling a Home in Galveston
If you are thinking about selling, I would not base your expectations on a headline about the overall Galveston housing market.
I want to know what is happening around your home.
What has sold nearby?
How long did those homes take to sell?
What did they originally list for?
What did they ultimately sell for?
How many similar homes are currently competing for the same buyers?
Are buyers favoring a particular price range?
Those numbers give us much more useful information when deciding how to position your property.
A home in the East End, for example, should not necessarily have the same pricing or marketing strategy as a beach house in Pirates Beach or Pointe West. The buyers are different, the inventory is different, and the reasons people are purchasing can be completely different.
Pricing Still Matters
Days on market is also something I pay close attention to when discussing pricing with my sellers.
The goal is not simply to put a property on the MLS and wait for someone to find it.
We want to position the home where buyers see the value from the beginning.
When a property has been sitting on the market significantly longer than comparable homes nearby, that tells us something. Sometimes it is price. Sometimes it is condition. Sometimes there is simply a lot of competition.
That is why I continue watching the numbers throughout a listing instead of only looking at them when we first go on the market.
The market gives us information. We just have to pay attention to it.
Thinking About Selling Your Galveston Home?
If you are curious about your home's value, you do not have to be ready to list your property to ask.
DM me your Galveston property address and I will tell you what I think your home could sell for in today's market and how long I would expect it to take to sell.
I can also show you what has recently sold around you, what you would be competing against if you listed today, and what I would recommend based on the current market.
Nichelle Richards, REALTOR®
Nan and Company Properties
Galveston Island, Texas Coast and Greater Houston Real Estate
832.730.4155
[email protected]
@nichellerichards.realestate
nichellerichards.com
