Palestine TX Real Estate Market Report– May 2017
Palestine TX Real Estate Market Report– May 2017
Palestine TX Real Estate Market Report– May 2017
The heat of summer is almost here and the real estate market is on fire! So…how’s the Real Estate Market in Palestine, Texas? Let’s take a peek at the numbers, shall we?
In the last 30 days, the Palestine Texas Association of REALTORS® MLS had the following activity:
Palestine TX Real Estate Market Report– May 2017
- Total # of Active MLS Listings: 151
- New Listings Added in last 30 days: 62
- Total Properties Sold in last 30 days: 30
- Average List Price: $144,353 (of homes sold in last 30 days)
- Properties under contract / pending sale as of May 18, 2017: 66
- List Price to Sales Price Average: 93.22% (This means that if the property listed at $100,000 the average final sales price was $93,220. Keep in mind this is an average and not typical for every sale.)
- Average Days on Market was 100 Days
- Average Price per Square Foot for Homes Sold was $79.14 per square foot
- The average list price of new listings in the last 30 days is $199,432 with a median list price of $136,500.
2016 vs. 2017 Historical Real Estate Market Comparisons – Palestine TX Real Estate Market Report– May 2017
Check out the differences in the same 30-day segment of this same 30-day period a year ago vs. today. Highlights include:
- In 2016, the average sale price was $147,071 and in 2017 was $137,237.
- There were 2 more homes sold in 2017 than in 2016.
- 2017 Average days on market to sell is 100 days compared with 98 days in 2016.
- The average price per square foot has gone from $76.57 in 2016 to $79.14 in 2017
What Kind of Market Is It in Palestine, Texas?!!-Palestine TX Real Estate Market Report– May 2017
As of today, the market absorption rate is 5.03. Whatever does that mean?! It means that if no other properties were listed for sale in Palestine, TX, it would take 5.03 months to deplete the housing inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market. Overall, there is less inventory this month and properties are selling on average 55 days faster than last month.
Will the pendulum continue to swing towards favoring sellers the further into the summer market we go? The market is always changing and watching the data is a great way to keep an eye on the market shifts. As always, we will see what next month’s data has in store. Happy house hunting!
See last month’s report here
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 5-18-17 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
