How’s the Real Estate Market? – July 2020 Report – Local Real Estate
So…how’s the Real Estate Market in Palestine, Texas? Has COVID-19 changed the market completely?! Let’s check out the last month’s statistics.
In the last 30 days, the Palestine Texas Association of REALTORS® MLS had the following activity:
Total # of Active MLS Listings: 61
2019 vs. 2020 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:
That’s a lot of numbers, but what does this all mean?!
As of today, the market absorption rate is 1.56. What on earth does that mean?! It means that if no other properties were listed for sale in Palestine, TX, it would take just under 2 months to run through the property inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market. Our local housing market is experiencing an extreme lack of inventory, with many homes going multiple offers. 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 is for residential properties in Anderson county only. This data is current as of 8-1-2020 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.
Lisa Priest likes 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