How’s the Real Estate Market?

How’s the Real Estate Market? – April 2018 Report

So…how’s the Real Estate Market in Palestine, Texas? Let’s see what the data shows, shall we?

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

Total # of Active MLS Listings: 108
New Listings Added in last 30 days: 38
Total Properties Sold in last 30 days: 23
Average List Price: $134,422 (of homes sold in last 30 days)
Properties under contract / pending sale as of April 12, 2018: 55
List Price to Sales Price Average: 91.36% (This means that if the property listed at $100,000 the average final sales price was $91,360. Keep in mind this is an average and not typical for every sale.)
Average Days on Market was 93 Days
Average Price per Square Foot for Homes Sold was $71.54 per square foot
The median list price of new listings in the last 30 days is $131,750.

2017 vs. 2018 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 2017, the average sold price was $119,015 and in 2018 was $125,226.
There were 6 more homes sold in 2017 than in 2018.
On average, homes are selling 50 days faster in 2018 than in 2017.
The average price per square foot has gone from $81.95 in 2017 to $71.54 in 2018.

So…What does this all mean?!

As of today, the market absorption rate is 4.69. What on earth does that mean?! It means that if no other properties were listed for sale in Palestine, TX, it would take just over 4 months to deplete the housing inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market. Overall, inventory is further down this month over last month and properties are averaging 93 days on market.
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 how the Spring market fares as we get closer to summer. Happy Housing, y’all!

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 4-12-18 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.
Lisa E. 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.

How’s the Real Estate Market? – April 2018 Report