What happened in Wylie TX Real Estate – October 2012
It is still a STRONG Seller’s Market in Wylie Texas!!! Anytime there are less than 6-months of inventory available for purchase it is considered a Seller’s Market because there are more buyers than there are homes available for sale. This means that homes are selling more quickly and usually for top dollar.
Here’s a recap of what the real estate market in Wylie TX was doing in October 2012.
Inventory is DOWN: In October 2012 there were only 189 homes available for sale in Wylie Texas. This is down 46% from October 2011 when there were 353 homes available for sale.
Prices are UP: The average sales price was $187,445 in October 2012. This is up 10.5% from October 2011 (when the average price was $169k).
Homes are selling FAST: Last year the average time to sell a home was 101 days on the market. In October 2012 the average time is 63 days on the market – that’s a 37% drop in the time it takes to sell.
STRONG Seller’s Market: Current inventory shows only a 2.4 month supply of homes available for sale. A balanced market is a 6 month supply (and a buyer’s market is anything over 6 months supply).
Homes priced $0 - $200k - Wylie saw 41 homes sold and closed in October 2012. Of these 41 homes sold; only 15 of them were priced below $150,000 (and only 2 were priced below $100k). Only 7 of the homes sold took longer than 99 days to sell. This means that homes in this price point are MOVING!
Homes priced $201k - $375k – 22 homes sold and closed in October 2012 priced in this price range. The average sales price was $260,000 and the average timeframe to sell was 64 days.
As buyers are looking at homes to purchase, they currently have a smaller selection to choose from, which means they sell faster and for more money! Buyers are also still getting loans locked with 4% or less interest for 30-yr fixed.
Today, there are 73 homes for sale under $200,000 in the Wylie area. There are 65 homes to choose from between $200k-$300k, and 34 homes for sale priced from $300k-$500k. No matter what you are looking for, we can find it for you.
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