Home inventory increases again

By Richard Greene | Published Saturday, May 19, 2018

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After months of shrinking inventory, the number of homes on the market in Wise County increased for a second straight month in April.

The number of active listings increased from 232 in March to 253 in April. The months of inventory increased from 2.8 months to 3.1. The figure represents how long it would take to deplete inventory assuming no new inventory is purchased or put on the market.

“There’s a few more listings, but there’s still an inventory shortage,” said Sherry Layton of Parker Properties.

Inventory is still down 1.6 months from April 2017.

The average home price for the 75 homes sold last month was 8.3 percent above a year ago at $244,450. That was approximately $9,000 more than March.

The increased values have enticed a few sellers to enter the market.

“I do have clients that have put homes on the market to see what they could get, and they did well,” Layton said. “Prices have stayed high.”

Homes are staying on the market an average of 61 days.

Of the homes sold in April, 31.9 percent were between $100,000 and $199,999. Homes between $200,000 and $299,999 made up 29.2 percent of the market. Another 23.6 percent of sales fell between $300,000 and $399,999.

While prices are higher, Layton said it remains a good time to buy because of the lower interest rates. Freddie Mac reported an average interest rate on 30-year fixed mortgages at 4.47 percent.

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