How’s the Palestine TX Real Estate Market? – July 2017 Market Report

How’s the Palestine TX Real Estate Market? – July 2017 Market Report

How’s the Palestine TX Real Estate Market? – July 2017 Market Report

Summer is here and the real estate market is as hot as the Texas heat! 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:

How’s the Real Estate Market – July 2017 Market Report 1

  • Total # of Active MLS Listings: 155
  • New Listings Added in last 30 days: 39
  • Total Properties Sold in last 30 days: 31
  • Average List Price: $134,710 (of homes sold in last 30 days)
  • Properties under contract / pending sale as of July 13, 2017: 60
  • List Price to Sales Price Average: 90.92% (This means that if the property listed at $100,000 the average final sales price was $90,920. Keep in mind this is an average and not typical for every sale.)
  • Average Days on Market was 165 Days
  • Average Price per Square Foot for Homes Sold was $70.76 per square foot
  • The average list price of new listings in the last 30 days is $157,915 with a median list price of $129,500.

2016 vs. 2017 Historical Palestine TX Real Estate Market Comparisons

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

How’s the Real Estate Market – July 2017 Market Report 1

  • In 2016, the average sale price was $104,337 and in 2017 was $126,458.
  • There was 1 more homes sold in 2016 than in 2017.
  • 2017 Average days on market to sell is 165 days compared with 152 days in 2016.
  • The average price per square foot has gone from $58.95 in 2016 to $70.76 in 2017

See July 2016 Report Here

What does this all mean?! How’s the Palestine TX Real Estate Market? – July 2017 Market Report

I have a suspicion that next month’s numbers are going to be vastly different from this month.  The number of pending sales are up and fewer new listings are being added, which are both indicators that we will enter even more of a seller’s market soon. Inventory is down and buyers competing in multiple offers is getting more and more common, which is driving real estate prices up.

Will the pendulum continue to swing towards favoring sellers the further into the summer market we go? The market is forever shifting and watching the data is a great way to keep an eye on the market trends. It will be interesting to see what next month’s data has in store. Happy housing, yall!

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 7-13-17 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.