Palestine TX Real Estate Market Report– January 2016
Palestine TX Real Estate Market Report– January 2016
Palestine TX Real Estate Market Report– January 2016
How is the Palestine, TX Real Estate market, anyway? In a word—GREAT! There is quite a difference in the Palestine, TX real estate market from this same time last year, as well as a difference from just last month! Sure, math is boring, but it is the only way to study the real estate market trends.
Local Palestine, Texas Real Estate Market Activity in the Last 30 Days (Mid December 2015 through Mid January 2016)
In the last 30 days, the Palestine Association of REALTORS® MLS had the following activity:
- Total # of Active MLS Listings: 157
- New Listings Added in last 30 days: 20 (14 fewer listings than December’s report!)
- Total Properties Sold in last 30 days: 30 (7 more sold this month than last month!)
- Average List Price: $139,398 (of homes sold in last 30 days)
- Properties under contract / pending sale as of December 10, 2015: 34
- List Price to Sales Price Average: 92.20% (This means that if the property listed at $100,000 the average final sales price was $92,200. Keep in mind this is an average and not typical for every sale.)
- Average Days on Market was 101 Days
- Average Price Per Square Foot for Homes Sold was $72.18 per square foot
- The average list price of new listings in the last 30 days is $163,435 with a median list price of 120,950.
- See Last Month’s Report here.
2015 vs. 2016 Historical 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: (Note: we will call “2015” last year’s data and “2016” this year’s data, although this 30 day segment overlaps years from December to January.)
- In 2015, the average list price of homes sold was $203,106 and in 2016 was $139,398.
- There were 12 more house sold this year than last year
- 2016 Average days on market to sell was 101 days compared with 122 days in 2015.
- The average price per square foot has gone from $91.21 in 2015 to $72.18 in 2016.
What Kind of Market Is It?!!
As of today, the market absorption rate (at the time of this posting) is 5.23. Whatever does that mean?! It means that if no other properties were listed for sale in Palestine, it would take 5.23 months to deplete the housing inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market. Anything less than 3 month’s of inventory is a seller’s market. If the trend stays on the same path it has for the last several months, we will officially enter a seller’s market soon.
The market is always changing and watching the statistical data is a great way to keep an eye on the trends. 2016 is already off to a promising start, so we will see which ways the market sways!
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 1-13-16 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.
Lisa E. Priest is actually not a math nerd 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
