Your condo is one of your most important assets. Like any other investment, you should know everything you can about its value and marketability. That is why I am happy to provide complimentary reports for select condominium properties on sales activity over the past year.
The tables on the market update contain information on condos sold over the past two years. Most of the information is self-explanatory. However, additional clarification may be helpful for the following statistics:
Annual Turnover: This is the percentage of condos that have sold over the past year. For example, if a property has 100 condos and 5 sold in the past year, the annual turnover would be 5%. This statistic measures the pace of real estate activity. A higher turnover indicates a faster pace.
Avg Price per Sq Ft: The average price per square foot is useful for understanding the average value of condos regardless of size. For example, a 2,000 square foot condo which sold for $400,000, and a 2,500 square foot condo which sold for $500,000, both have a price per square foot of $200. The difference in their sale price results in part from the difference in their living area. Multiplying the living area of a condo by the average price per square foot in your community provides a rough estimate of the condo’s value.
Difference (+/-): This shows how each statistic has changed from one year to the next, illustrating important local trends. For example, if the Avg Price per Sq Ft was $200.00 over the past 12 months, and was only $180.00 the year before, it would show +$20.00, indicating that the Avg Price per Sq Ft has increased by $20.00 compared to the previous year.
Living Area: This is the space in the condo that is typically air-conditioned. It generally excludes areas such as the patio, veranda, exterior storage, etc.
I specialize in the representation of condo owners in Galveston, and I am happy to provide you with the most current, objective and comprehensive information about the Galveston condominium market. If you require the services of a real estate professional in the future, please allow me to show you how I can help you meet or exceed your objectives.