Palestine TX Real Estate Market Report– December 2015
Palestine TX Real Estate Market Report– December 2015
Palestine TX Real Estate Market Report– December 2015
How is the Palestine Real Estate market? In a word—busy! It is interesting to compare data from the last 30 days alongside last year’s data to see how the market has shifted. 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
In the last 30 days, the Palestine Association of REALTORS® MLS had the following activity:
- Total # of Active MLS Listings: 143
- New Listings Added in last 30 days: 34
- Total Properties Sold in last 30 days: 23
- Average List Price: $122,626 (of homes sold in last 30 days)
- Average Sale Price: $117,690 (of homes sold in last 30 days)
- Properties under contract / pending sale as of December 10, 2015: 50
- List Price to Sales Price Average: 94.65% (This means that if the property listed at $100,000 the average final sales price was $94,650. Keep in mind this is an average and not typical for every sale.)
- Average Days on Market was 135 Days
- Average Price Per Square Foot for Homes Sold was $70.93 per square foot
- The average list price of new listings in the last 30 days is $138,491 with a median list price of $101,750.
- See Last Month’s Report Here.
2014 vs. 2015 Historical Market Comparisons
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 $137,850 and in 2015 was $122,626.
- There were 5 more house sold in 2015 than in 2014.
- 2015 Average days on market to sell was 135 days compared with 132 days in 2014.
- The average price per square foot has gone from $70.34 in 2014 to $70.93 in 2015.
As of today, the market absorption rate (at the time of this posting) is 6.2. What on earth does that mean?! It means that if no other properties were listed for sale in Palestine, it would take 6.2 months to deplete the housing inventory in Palestine, TX. An absorption rate between 3-6 months is generally considered a balanced market. If the trend stays on the same trajectory has it has for the last several months, we will be in a strong seller’s market soon.
The market changes all the time and it is important to stay informed on what is going on in the local market. 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 very much alive and well.
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.
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 12-10-15 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.
Lisa E. Priest is not a fan of 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 at BuyPalestine.com
