Second quarter activity at Seascape Condominiums was minimal as the low inventory trend continues. The lone selling unit broke new ground on the average list price year-over-year again this quarter. Days on market for this quarter’s sales at Seascape Condominiums grew from an average of 13 in the first quarter to 77 in the second. It may be hot outside, but the overall condo market in Galveston is definitely cooling. The financial markets have priced in a 92% chance of another quarter rate hike at the July Fed meeting, and that likely means mortgage rates will tick up as well. With buyers continuing to face inflationary pressures along with higher financing costs, many households are getting squeezed out of the market.
