Palestine TX Real Estate Market Report– March 2016

Palestine TX Real Estate Market Report– March 2016

Palestine TX Real Estate Market Report– March 2016

How is the Palestine, TX Real Estate market, anyway? In a nutshell—quickly heating up! 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. Let’s see some stats!

Local Palestine, Texas Real Estate Market Activity in the Last 30 Days (April 16th – March 17th, 2016)

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

  • Total # of Active MLS Listings: 127
  • New Listings Added in last 30 days:  31 (2 fewer listings than January’s report!)
  • Total Properties Sold in last 30 days:  20
  • Average List Price: $132,920 (of homes sold in last 30 days)
  • Properties under contract / pending sale as of March 17, 2016:  58
  • List Price to Sales Price Average: 91.62% (This means that if the property listed at $100,000 the average final sales price was $91,620.  Keep in mind this is an average and not typical for every sale.)
  • Average Days on Market was 126 Days
  • Average Price Per Square Foot for Homes Sold was $62.77 per square foot
  • The average list price of new listings in the last 30 days is $139,035 with a median list price of $130,000.

Palestine tx Real Estate Market Report– March 2016

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:

  • In 2015, the average list price of homes sold was $110,814 and in 2016 was $132,920.
  • There were 2 more homes sold in 2016 than in 2015.
  • 2016 Average days on market to sell was 126 days compared with 158 days in 2015.
  • The average price per square foot has gone from $65.73 in 2015 to $62.77 in 2016.

Palestine TX Real Estate Market Report– March 2016

What Kind of Market Is It?!!

As of today, the market absorption rate (at the time of this posting) is 6.35.  Whatever does that mean?!  It means that if no other properties were listed for sale in Palestine, it would take 6.35 months to deplete the housing inventory in Palestine, Texas.  An absorption rate between 3-6 months is generally considered a balanced market. We are in a fairly balanced market, with a slight shift with less inventory than last month.

Will the pendulum swing towards favoring sellers next month? We shall see! The market is always changing and watching the statistical data is a great way to keep an eye on the trends. March looks to be swinging towards a seller’s market but we will see what next month’s data has in store.

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 3-17-16 and is not a warranty of future market conditions of any kind.  This information is deemed reliable but not guaranteed.

Lisa E. Priest loves a healthy market 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

Palestine tx Real Estate Market Report– March 2016