The market at Palms Condominiums picked up this quarter with four sales. Prices grew again in May and then fell back a bit in June. Days on market averaged about two weeks for three of the four sales at Palms Condominiums, which is pretty good at a time with other properties are seeing a longer time on market. The lack of inventory at Palms Condominiums is likely a contributing factor. Economic headwinds for buyers continue with the market pricing in another quarter rate hike at the July Fed meeting and inflationary pressures, while easing, still impact many households’ bottom line. The summer may be hot, but the market at other condominium buildings in Galveston is cooling.
