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

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

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

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

  • Total # of Active MLS Listings: 98
  • New Listings Added in last 30 days: 18
  • Total Properties Sold in last 30 days: 28
  • Average List Price: $119,775 (of homes sold in last 30 days)
  • Properties under contract / pending sale as of November 15, 2018: 39
  • List Price to Sales Price Average: 94.72% (This means that if the property listed at $100,000 the average final sales price was $94,720. Keep in mind this is an average and not typical for every sale.)
  • Average Days on Market was 87 Days
  • Average Price per Square Foot for Homes Sold was $96.35 per square foot
  • The median list price of new listings in the last 30 days is $117,414.

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 $162,803 and in 2018 was $113,550.
  • There were 5 more homes sold in 2017 than in 2018.
  • On average, homes are selling 26 days faster this year as compared to last year.
  • The average price per square foot has gone from $93.84 in 2017 to $96.35 in 2018.

That’s a lot of numbers, but what does this all mean?!

As of today, the market absorption rate is 3.5. What on earth does that mean?! It means that if no other properties were listed for sale in Palestine, TX, it would take a little over 3.5 months to exhaust the housing inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market, but the market is favoring sellers since inventory levels are low. Lower inventory is normal for this time of year, but the overall housing inventory is lower than it has been during the same time periods for the last two years. The market is always shifting and watching the data is a great way to keep an eye on the market trends. Happy shopping!

 

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 is for residential properties in Anderson county only. This data is current as of 11-15-18 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.

 

Lisa 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.