Palestine TX Real Estate Market Report– October 2016

Palestine TX Real Estate Market Report– October 2016

Palestine TX Real Estate Market Report– October 2016

How’s the Real Estate Market in Palestine, Texas? Let’s take a peek at the numbers, shall we?

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

Palestine TX Real Estate Market Report– October 2016

  • Total # of Active MLS Listings: 140
  • New Listings Added in last 30 days: 45
  • Total Properties Sold in last 30 days: 41
  • Average List Price: $137,339 (of homes sold in last 30 days)
  • Properties under contract / pending sale as of October 13th, 2016: 66
  • List Price to Sales Price Average: 96.22% (This means that if the property listed at $100,000 the average final sales price was $96,220. Keep in mind this is an average and not typical for every sale.)
  • Average Days on Market was 114 Days
  • Average Price Per Square Foot for Homes Sold was $69.76 per square foot
  • The average list price of new listings in the last 30 days is $149,137 with a median list price of $112,000.

2015 vs. 2016 Historical Palestine TX Real Estate Market Comparisons –Palestine TX Real Estate Market Report– October 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 $173,622 and in 2016 was $131,249.
  • There were 17 more homes sold in 2016 than in 2015.
  • 2016 Average days on market to sell is 114 days compared with 148 days in 2015.
  • The average price per square foot has gone from $81.83 in 2015 to $69.76 in 2016.

Palestine TX Real Estate Market Report– October 2016

What Kind of Real Estate Market Is It in Palestine, Texas?!! …How is the Palestine Texas Real estate market?!

As of today, the market absorption rate is 3.4. Whatever does that mean?! It means that if no other properties were listed for sale in Palestine, TX, it would take 3.4 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 sellers. There is less inventory this month but an increase of 29 days on market over last month.

Will the pendulum swing towards buyers or 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. Happy Housing!

Compare Last Month’s Report Here

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 10-13-16 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 Real Estate Broker / REALTOR® with Picket Fence Realty, Inc. You can reach her via phone or text at 903-948-3343 or read more at BuyPalestine.com