June home sales drop

By Richard Greene | Published Saturday, July 28, 2018

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Twenty-six fewer homes were sold in Wise County in June 2018 than in June 2017. It was the second straight month for a double-digit decline from the year before.

Only 87 homes sold last month versus 113 homes in June 2017.

“The decrease seen in sales can be attributed to the supply and affordability,” said Greater Denton/Wise County Association of Realtors President Daphne Zollinger. “We will continue to see some of this flexing in the market while inventory is low as well as sales prices increasing and slightly longer days on the market.”

Lisa Caraway of Parker Properties agreed with Zollinger’s assessment of the local market, adding the heat and drought this summer has likely discouraged sales.

“People are in less of a mood to move unless their job or life demands it,” Caraway said. “Also, if you have to move and you have kids, you want to be in a house already so kids can get settled in. School starts earlier and earlier each year it seems.”

The average price for the 87 homes sold was $235,000 – $30,000 more than 2017 and up $10,000 from May.

Of homes sold, 37.4 percent were between $200,000 and $299,999. Homes between $100,000 and $199,999 made up 28.9 percent of sales.

The number of listings increased from 260 in May to 283 in June, and those homes are staying on the market 61 days and taking 41 to close. The total days on market, 102, was up from 81 in May.

It was the fourth straight month for the inventory to increase after dropping to 2.8 months in March. In June the number rose to 3.7 months of inventory. The figure represents how long it would take to deplete inventory assuming no new inventory is purchased or put on the market.

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