Palestine TX Real Estate Market Trends Report – May 2015

Palestine TX Real Estate Market Trends Report – May 2015

Palestine TX Real Estate Market Trends Report – May 2015

Interested to know how the Real Estate Market is in Palestine, Texas?  Check out these highlights from the last 30 days – Market Trends Report for May 2015. So without further fanfare, let’s see some math!

New Activity in May 2015

In May 2015, the Palestine Association of REALTORS® had the following activity in our area for Residential & Farm/ Ranch Properties (please note that this data does not include commercial properties, unimproved acreage or vacant lots and is for Palestine addresses ONLY):

• Total # of MLS Listings: 204 (This includes ONLY Residential & Farm/Ranch Properties with a Palestine, TX 75801 or 75803 Address)
• New Listings Added in May 2015: 50
• Total Properties Sold in May 2015: 21
• Average Days on Market for All Listings:165
• Average List Price: $128,283
• Average Sale Price: $116,914
• Properties under contract / pending sale as of May 31, 2015: 42
• List Price to Sales Price Average: 88.03% (this means that if the property listed at $100,000 the average final sales price was $88,030.  Keep in mind this is an average and not typical for every sale.)
• Average Days on Market for Homes Sold in May was 115 Days
• Average Price Per Square Foot for Homes Sold in May 2015 was $62.29 per square foot with a Median of $58.89 per square foot

 

Homes Under Contract or Pending Sale Status for May 2015

There were 42 properties in Palestine, TX that were under contract or sale pending through May 31, 2015.

Palestine TX Real Estate Market – May 2014 vs. May 2015 Historical Comparisons

I was surprised to see the differences in May 2014 vs May 2015 Palestine, Texas real estate sales.  These stats are for Residential & Farm/Ranch Properties with a Palestine TX address ONLY and do not include Acreage or Commercial Listings.
Highlights include:

• In May 2014, the average list price of homes sold was $136,152 and in May 2015 was $128,283.
• There were 7 more homes sold in May 2014 than in May 2015.
• May 2015 Average days on market to sell was 115 compared with 134 days in 2014.
• The most surprising number to me was that the price per square foot has gone done from $66.63 in 2014 to $62.29 in 2015.

Currently Available Palestine, TX Homes For Sale – Inventory Levels in Palestine, TX

• There are currently (as of this posting) 204 houses for sale in Palestine, Texas.  This number includes only those residential & farm properties with a Palestine, TX address.
• The average list price is $193,681 with a median list price of $149,900.
• The market absorption rate (at the time of this posting) is 8.38.  What the heck does that mean?!  It means that if no other properties were listed for sale in Palestine, it would take 8.38 months to deplete the housing inventory in Palestine, TX.  For comparison, the absorption rate value is calculated in months and can generally be read as:
  • Less than 3 months: Seller’s Market
  • 3-6 months: Balanced Market
  • Greater than 6 months: Buyer’s Market <—-WE ARE HERE! GREAT NEWS FOR BUYERS!

DISCLAIMER: This information was compiled from Palestine area assoc. of realtors® Multiple Listing Service by Lisa Priest, Agent with Picket Fence Realty for informational purposes only.  These are market statistics from our area MLS and do not include unimproved property or vacant lots, residential and farm/ranch data with a Palestine, Texas address was the only data used for this comparison.  This data is current as of 5-31-15 and is not a warranty of future market conditions of any kind.  This information is deemed reliable but not guaranteed.

Find Current Palestine TX Homes Houses For Sale

For a complete list of currently available real estate in Palestine TX and surrounding areas, click here to start your search.  Make sure to subscribe to this blog so you don’t miss out on current market information and Palestine TX area events.  If you would like to discuss your real estate needs, I am always available and don’t worry, I won’t bore you with math. ?
 
Lisa E. Priest is not typically a math fan and is a Palestine, Texas REALTOR® with Picket Fence Realty, Inc. You can reach her via phone or text at 903-948-3343 or read more articles here.
– See more at: https://buypalestine.com/2015/05/02/palestine-tx-real-estate-market-trends-report-april-2015/#sthash.QELXxMq5.dpuf