Real Estate Market Report– February 2017

Real Estate Market Report– February 2017

Real Estate Market Report– February 2017

Another month has come and gone and we are sailing off into 2017. So…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:

Real Estate Market Report– February 2017

  • Total # of Active MLS Listings: 156
  • New Listings Added in last 30 days: 42
  • Total Properties Sold in last 30 days: 18
  • Average List Price: $171,968 (of homes sold in last 30 days)
  • Properties under contract / pending sale as of February 17, 2017: 53
  • List Price to Sales Price Average: 94.32% (This means that if the property listed at $100,000 the average final sales price was $94,320. Keep in mind this is an average and not typical for every sale.)
  • Average Days on Market was 104 Days
  • Average Price per Square Foot for Homes Sold was $95.63 per square foot
  • The average list price of new listings in the last 30 days is $147,373 with a median list price of $112,500.

 

2016 vs. 2017 Historical Real Estate Market Comparisons –Real Estate Market Report– February 2017

Real Estate Market Report– February 2017

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

  • In 2016, the average sale price was $137,946 and in 2017 was $158,421.
  • There were 5 more homes sold in 2017 than in 2016.
  • 2017 Average days on market to sell is 104 days compared with 119 days in 2016.
  • The average price per square foot has gone from $66.93 in 2016 to $94.32 in 2017.

 

What Kind of Market Is It in Palestine, Texas?!!  —Real Estate Market Report– February 2017

As of today, the market absorption rate is 8.66. Whatever does that mean?! It means that if no other properties were listed for sale in Palestine, TX, it would take 8.66 months to deplete the housing inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market. We have firmly shifted into a balanced market. There is more inventory this month as compared to last month, but properties selling 15 days faster.

Will the pendulum swing towards a balanced market as we head into spring? The market is always changing and watching the data is a great way to keep an eye on the market shifts. As always, we will see what next month’s data has in store. Happy Housing!

See last month’s report here

UNFORTUNATELY REQUIRED DISCLAIMER: This data was compiled from Palestine Area Association of REALTORS® Multiple Listing Service by Lisa Priest, Broker 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 2-17-17 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