Island real estate sales and selling prices both saw increases of about 5 percent in the first six month of the year, driven largely by buyers seeking to retire in Galveston.
There were 491 residential sales in the first six months this year compared with 466 in the same period a year ago, a 5 percent increase. The median selling price in the first six months was $268,800 compared with $256,950 compared with a year ago, a 4.6 percent increase.
Median refers to the price in the middle, meaning exactly half of homes listed are above the price and exactly half are below.
Sand ‘N Sea Properties compiled the data with information from the Houston Association of Realtors.
January and February, historically slow periods in real estate were surprisingly strong, said Sand ‘N Sea Realtor Patti Zajack said.
A steady stream of retirees or people seeking to retire here in a few years drove sales, Zajack said.
In areas of the city where sales declined, low inventory was to blame.
“Buyers are still out there, we need more people want to sell,” Zajack said.