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Real estate year closes on a high note

By Richard Greene | Published Saturday, December 22, 2018
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Real estate

An up-and-down year for the real estate market entered the final month on an uptick in Wise County.

The number of houses sold in November jumped to 76 from 64 in October. It was the most homes sold since the 87 in August, according to the report from the Greater Denton/Wise County Association of Realtors. It was 13 behind the pace of November 2017.

The median price for the homes sold in November was $208,000, an increase of $15,500 from October. It was down 13.3 percent – $30,758 – from the $238,758 in November 2017.

Longtime Wise County realtor Lisa Caraway of Parker Properties said the time of year, rising interest rates and a lack of inventory continue to dictate the local market.

“As [interest rates] climb, people can afford less, and we have very little nice product under $250,000,” Caraway said.

The average 30-year fixed mortgage rate fell to 4.63 percent, the lowest since mid-September, according to Freddie Mac. The rate reached 4.94 percent in early November.

Caraway said economic concerns with a volatile stock market are also putting some buyers on hold.

Overall, she said 2018 has been a strong year, and she’s looking forward to 2019.

“I feel 2019 will be another big year. I sold more than I did last year and expect to exceed that this coming year,” Caraway said.

The number of active listings in November were 285 – 15 less than October. The months of inventory dropped from 4.1 to 4. The figure represents how long it would take to deplete inventory assuming no new inventory is purchased or put on the market.

Of the homes sold in November, 37 percent were between $100,000 and $199,999. Another 27.4 percent fell between $200,000 and $299,999. Houses between $300,000 and $399,999 represented 13.7 percent of the market.

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