Below are the 2007 Sales as recorded in the Galveston MLS*.  While the media prefers to portray a picture of doom and gloom, the facts and figures do not lie.  The overall Residential market saw an increase in sales volume of 6% with an increase in quantity sold of 8%.  The average sales price remained relatively flat.

 

While the condo market reports a decrease in sales volume of 26% with a corresponding decrease in number of units of 30%, the numbers are relative only to resales.  To determine true condo sales one needs to survey all the developers.  There is certainly truth in the fact that new condo sales have detered resales.  Because of the number of condominium developments under construction on Galveston Island a large number of sales are occuring outside the Galveston MLS with no tracking method.

 

Overall sales volume increased by 3% with an average sales price increase of 4%. 

 

		Qty Sold	% Chg	Volume Sold	% Chg	Average Sale	% Chg
RESIDENTIAL
	Current Period	1,026		245,948,353		239,715
	One Year Ago	952		231,359,196		243,024
	Increase/(Decrease)	74	8%	14,589,157	6%	-3,309	-1%
LAND
	Current Period	199		24,607,580		123,656
	One Year Ago	214		19,351,050		90,425
	Increase/(Decrease)	-15	-7%	5,256,530	27%	33,231	37%
CONDO/TOWNHOUSE
	Current Period	166		28,003,026		168,692
	One Year Ago	238		37,940,192		159,412
	Increase/(Decrease)	-72	-30%	-9,937,166	-26%	9,280	6%
ALL CLASSES
	Current Period	1,391		298,558,959		214,636
	One Year Ago	1,404		288,650,438		205,591
	Increase/(Decrease)	-13	-1%	9,908,521	3%	9,045	4%

 

Over the next few days we will break down the sales figures by Galveston Island, East End of Galveston, West End of Galveston, and Tiki, Bayou Vista, and Omega Bay.

 

*The Galveston MLS consists mainly of Galveston Island, Tiki Island, Omega Bay, Bayou Vista, and Bolivar Peninsula/Crystal Beach.  To search the Galveston Click Here.