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Home prices rise in tight market

By Richard Greene | Published Saturday, March 17, 2018
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Builder Randy Neighbors recently added two new rental homes on Hale Street to his collection of properties, which along with homes for sale are in short supply around Wise County.

“Rental property is a hot commodity,” Neighbors said. “People usually find me [to rent] before I advertise.”

The real estate market in the county saw another drop in inventory in February to just 2.5 months, according to the monthly report from the Greater Denton/Wise County Association of Realtors. The number represents how long it would take to deplete inventory assuming no new inventory is purchased or put on the market. The months of inventory was at 2.6 in January.

“It’s definitely a seller’s market. Most realtors I talk to say if you sell, you better have somewhere to go,” Neighbors said. “Most builders are super busy with people moving out this way.”

With the short supply and high demand, the average price soared to $265,000 last month for the 51 homes sold. The price grew by 16.6 percent or $37,750 from the January price of $227,250.

Of homes sold in February, 30.6 percent were between $300,000 and $399,999. Homes between $100,000 and $199,999 made up 28.6 percent of the market and $200,000 to $299,999 were 20.4 percent of sales.

The number of listings were down from 222 to 214. Listings are down 34.4 percent from February 2017.

In Decatur, the average price in February for the three homes sold was $230,000. There are only 20 homes on the market.

“Low levels of inventory and higher prices make it a tight market for existing homes. We will see more of this as we enter the selling season,” said GDWCAR President Daphne Zollinger.

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