Palestine Real Estate Market Report– November 2015

Palestine Real Estate Market Report– November 2015

How is the Palestine Real Estate market? In a word—healthy! It is interesting to see the data from the last 30 days and also historical data from last year. Yes, math is boring, but it is the only way to study the trends. So without further fanfare, let’s see some math!

Local Real Estate Activity in the Last 30 Days

Palestine Real Estate Market Report– November 2015

In the last 30 days, the Palestine Association of REALTORS® had the following activity in our area for Residential & Farm/ Ranch Properties (please note that this data does not include commercial properties, unimproved acreage or vacant lots and is for Palestine addresses ONLY):

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

  • Total # of Active MLS Listings:  167
  • New Listings Added in last 30 days:  29
  • Total Properties Sold in last 30 days:  23
  • Average List Price: $155,174 (of homes sold in last 30 days)
  • Average Sale Price: $147,871 (of homes sold in last 30 days)
  • Properties under contract / pending sale as of November 12, 2015:  45
  • List Price to Sales Price Average: 95.04% (This means that if the property listed at $100,000 the average final sales price was $95,040.  Keep in mind this is an average and not typical for every sale.)
  • Average Days on Market was 150 Days
  • Average Price Per Square Foot for Homes Sold was $82.66 per square foot
  • The average list price of new listings in the last 30 days is $183,469 with a median list price of $149,900.

Homes Under Contract or Pending Sale Status in Palestine, TX through November 12, 2015

There were 45 properties in Palestine, TX that were under contract or sale pending through November 12, 2015.

Palestine TX Real Estate Market –2014 vs. 2015 Historical Comparisons

I was surprised to see the differences in the same 30 day segment of 2014 vs 2015 Palestine, Texas real estate sales.  These stats are for Residential & Farm/Ranch Properties with a Palestine TX address ONLY and do not include Acreage or Commercial Listings.

Highlights include:

I was surprised to see the differences in the same 30 day segment of 2014 vs 2015. Highlights include:

  • In 2014, the average list price of homes sold was $135,104 and in 2015 was $154,795.
  • There were 2 more house sold in 2014 than in 2015.
  • 2015 Average days on market to sell was 150 days compared with 147 days in 2014.
  • The average price per square foot has gone from $68.21 in 2014 to $82.66 in 2015.

The market changes all the time and it is important to stay informed on what is going on. There is a common misconception that the fall and winter months are a “dead time” in real estate. As you can see, this market is alive and kickin like crazy.

Currently Available Palestine, TX Homes For Sale – Inventory Levels in Palestine, TX

  • There are currently (as of this posting) 167 houses for sale in Palestine, Texas.  This number includes only those residential & farm properties with a Palestine, TX address.
  • The average list price is $183,469 with a median list price of $149,900 (of currently “active” properties).
  • The market absorption rate (at the time of this posting) is 6.6.  What the heck does that mean?!  It means that if no other properties were listed for sale in Palestine, it would take 6.6 months to deplete the housing inventory in Palestine, TX.  For comparison, the absorption rate value is calculated in months and can generally be read as:
    • Less than 3 months: Seller’s Market
    • 3-6 months: Balanced Market<—-WE ARE HERE! GREAT NEWS FOR BUYERS AND SELLERS! (If the trend keeps up, will turn to buyer’s market…we shall see! We are right on the cusp of entering into a buyer’s market!)
    • Greater than 6 months: Buyer’s Market

Find Current Palestine TX Homes Houses For Sale

For a complete list of currently available real estate in Palestine TX and surrounding areas, click here to start your search.  Make sure to subscribe to this blog so you don’t miss out on current market information and Palestine TX area events.  If you would like to discuss your real estate needs, I am always available and don’t worry, I won’t bore you with math.

Lisa E. Priest is not typically a math fan or disclaimers 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 articles 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 included properties with a 75801 or 75803 zip code only  This data is current as of 11-12-15 and is not a warranty of future market conditions of any kind.  This information is deemed reliable but not guaranteed.