Real estate professionals sold slightly more homes regionally in January than a year ago while the average price dropped a little, according to a report from the Longview Area Association of Realtors.
The association said real estate agents and brokers sold 196 homes in the 10-county region in January, up about 1.5% from 193 sold a year ago. The average sale price dropped by a similar percentage point, to $169,636 from $172,186 a year ago.
“I would not put too much stock in the average sales price declining by 1.5%,” Julie Woods, broker with Julie Woods & Associates Real Estate Firm, said in a statement.
Woods said the year just got started, “and I bet we will see that increase as we are having a very busy start to 2020. The market continues to be incredibly strong — particularly for sellers — and I anticipate that continuing throughout the year.”
Shayne Wilson, an agent with Coldwell Banker Lenhart in Gilmer, concurred with Woods that the region is becoming a sellers’ market.
“Part of the problem is, we do no not have inventory,” said Wilson, who has sold real estate for 13 years. “Lots of people wanting to buy, but no homes to sell them.”
Data supplied for Longview ZIP codes from Texas Realtors to the Real Estate Center at Texas A&M University in College Station agrees with Wilson.
Within Longview ZIP codes, agents and brokers sold 45 homes in January, down 6.3% from 48 sold a year ago. The median price in the ZIP codes increased by 7.4% to $163,500 from $152,300 a year ago.
Homes in the price range of $100,000 to $199,999 accounted for 55.8% of all sales within the Longview ZIP codes in January, followed by 25.6% for homes ranging from $200,000 to $299,999 in price and 16.3% for homes selling for under $100,000.
Active listings within the ZIP codes dropped 16.2% to 284 in January from 339 a year ago.
Homes in Longview ZIP codes spent 78 days on the market in January, a 40.9% drop from 132 days in January 2019. Months of inventory averaged 3.7 in January in the ZIP codes, down from 4.4 a year ago.
Homes regionally spent an average of 99 days on the market in January, down about 18.9% from 122 a year ago.
The real estate association’s data is based on its Multiple Listing Service, which represents about 85% of total sales in the market. It does not capture sales by owners or some sales of new construction by builders.