Palestine Real Estate Market Report– July 2016

Palestine Real Estate Market Report– July 2016

Palestine Real Estate Market Report– July 2016

 

How is the Palestine, TX Real Estate market, anyway? In a nutshell—the market is busy! There is quite a difference in the real estate market from this same time last year, as well as a difference from just last month. Sure, math is boring, but it is the only way to study the real estate market trends. So, let’s see some stats!

Local Palestine, Texas Real Estate Market Activity in the Month (June 15th – July 15th, 2016)

Palestine Real Estate Market Report– July 2016

In the last 30 days, the Palestine Association of REALTORS® MLS had the following activity:

  • Total # of Active MLS Listings: 147
  • New Listings Added in last 30 days:  50
  • Total Properties Sold in last 30 days:  31
  • Average List Price: $110,213 (of homes sold in last 30 days)
  • Properties under contract / pending sale as of July 15th, 2016:  60
  • List Price to Sales Price Average: 92.11% (This means that if the property listed at $100,000 the average final sales price was $92,110.  Keep in mind this is an average and not typical for every sale.)
  • Average Days on Market was 149 Days
  • Average Price Per Square Foot for Homes Sold was $58.61 per square foot
  • The average list price of new listings in the last 30 days is $167,893 with a median list price of $113,000.

2015 vs. 2016 Historical Real Estate Market Comparisons

Palestine Real Estate Market Report– July 2016

Check out the differences in the same 30-day segment of this same 30-day period a year ago vs. today. Highlights include:

  • In 2015, the average sale price was $128,523 and in 2016 was $106,320.
  • There were 4 more homes sold in 2015 than in 2016.
  • 2016 Average days on market to sell is 149 days compared with 96 days in 2015.
  • The average price per square foot has gone from $73.52 in 2015 to $58.61 in 2016.

What Kind of Market Is It?!!

As of today, the market absorption rate is 4.74.  Whatever does that mean?!  It means that if no other properties were listed for sale in Palestine, it would take 4.74 months to deplete the housing inventory in Palestine, Texas.  An absorption rate between 3-6 months is generally considered a balanced market. We are in a fairly balanced market with a trend favoring towards a seller’s market.  Multiple offers are becoming more common and there is a slight decrease in housing inventory from last month.

Will the pendulum continue to swing towards favoring sellers next month? The market is always changing and watching the statistical data is a great way to keep an eye on the trends. As always, we will see what next month’s data has in store.

UNFORTUNATELY REQUIRED DISCLAIMER: This data was compiled from Palestine Area Association of REALTORS® Multiple Listing Service by Lisa Priest, Agent with Picket Fence Realty for informational purposes only.  Please note that this data does not include commercial properties or unimproved acreage and includes properties with a 75801 or 75803 zip code only. This data is current as of 7-15-16 and is not a warranty of future market conditions of any kind.  This information is deemed reliable but not guaranteed.

Lisa E. Priest loves to watch the trends and is a Palestine, Texas REALTOR® with Picket Fence Realty, Inc. You can reach her via phone or text at 903-948-3343 or read more at BuyPalestine.com

Palestine Real Estate Market Report– July 2016