How’s the Real Estate Market? – October 2017 Market Report

How’s the Real Estate Market? – October 2017 Market Report

It is actually beginning to feel like fall outside! Finally! 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:

  • Total # of Active MLS Listings: 152
  • New Listings Added in last 30 days: 43
  • Total Properties Sold in last 30 days: 31
  • Average List Price: $124,255 (of homes sold in last 30 days)
  • Properties under contract / pending sale as of October 12, 2017: 56
  • List Price to Sales Price Average: 93.69% (This means that if the property listed at $100,000 the average final sales price was $94,690. Keep in mind this is an average and not typical for every sale.)
  • Average Days on Market was 120 Days
  • Average Price per Square Foot for Homes Sold was $72.19 per square foot
  • The average list price of new listings in the last 30 days is $157,149 with a median list price of $119,000.

How’s the Real Estate Market? – October 2017 Market Report

2016 vs. 2017 Historical 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:

  • In 2016, the average sale price was $127,215 and in 2017 was $116,602.
  • There were 12 more homes sold in 2016 than in 2017.
  • 2017 Average days on market to sell is 120 days compared with 110 days in 2016.
  • The average price per square foot has gone from $68.38 in 2016 to $72.19 in 2017

How’s the Real Estate Market? – October 2017 Market Report 2

So…What does this all mean?!

As of today, the market absorption rate is 4.9. What on earth does that mean?! It means that if no other properties were listed for sale in Palestine, TX, it would take just under 5 months to deplete the housing inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market. Overall, there is a tad more inventory this month over last and properties are selling on average 19 days slower than last month.

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. For now, it’s a happy fall market!

 

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 10-12-17 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.

Lisa 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.