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Home sales take plunge in January; 31 houses sold in first month of ’19

By Richard Greene | Published Saturday, February 16, 2019
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Home sales took a dive in Wise County in January.

Just 31 homes were sold in the first month of 2019, down 45.6 percent from January 2018 when 57 homes were closed on. Home sales were down 34 from the previous month when 65 homes were sold.

Lisa Caraway of Parker Properties in Decatur said slowdown during the winter was normal, along with a lagging inventory.

The number of listings in January grew to 289 from 280 in December. The months of inventory reached 4.1 months. The figure represents how long it would take to deplete inventory assuming no new inventory is purchased or put on the market.

Homes stayed on the market 60 days and took 40 days to close. That was one day less than the previous January.

The average price for the 31 homes sold was $231,500 – $5,500 more than the previous year’s $225,000. Of those sold, 35.1 percent were between $100,000 and $199,999. Another 28.1 percent were between $200,000 and $299,999 and 21.1 percent between $300,000 and $399,999.

The average interest rate for a 30-year mortgage hit a 12-month low Thursday at 4.37 percent, according to Freddie Mac. The rate had jumped to as high as 4.94 percent in mid-November.

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