How’s the Real Estate Market? – January 2019 Report

So…how’s the Real Estate Market in Palestine, Texas as we end the year? 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: 101
New Listings Added in last 30 days: 14
Total Properties Sold in last 30 days: 14
Average List Price: $171,100 (of homes sold in last 30 days)
Properties under contract / pending sale as of January 17, 2019: 27
List Price to Sales Price Average: 93.31% (This means that if the property listed at $100,000 the average final sales price was $93,310. Keep in mind this is an average and not typical for every sale.)
Average Days on Market was 205 Days
Average Price per Square Foot for Homes Sold was $84.70 per square foot
The median list price of new listings in the last 30 days is $95,500.

2018 vs. 2019 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 2019, the average sold price was $157,059 and in 2018 was $147,881.
There were 17 more homes sold in 2018 than in 2019.
On average, homes were selling 75 days faster last year as compared to this year.
The average price per square foot has gone from $77.76 in 2018 to $84.70 in 2019.

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

As of today, the market absorption rate is 7.21. 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 7 months to exhaust the property inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market. I suspect the market absorption is a bit skewed from the holidays and will likely be lower next month since our local housing inventory is still low compared to historic levels. Happy New Year and Happy housing, yall!

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 1-17-19 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.

How’s the Real Estate Market? – January 2019 Report