Home sales in Cooke County through June are lower than last year, a market analysis by North Texas Real Estate Information Systems Inc. shows, but area real estate professionals say it’s a sign that the housing market is correcting itself after a white-hot run of sales.
Year to date, new listings and closed sales are both down 11% in Cooke County, where a total of 333 homes had been listed for sale through the end of June and 194 sales had closed.
The median sale price was also down compared to last year, falling 4% to $207,500, according to NTREIS data released last week.
“The market’s slowed down a little bit, but it was so hot earlier, it was due to just kind of correct itself,” said real estate broker Bill Hamilton, co-owner of Premiere Real Estate and Lake Kiowa Premiere Real Estate. “Over the last year or two, we’ve had a really good up market, and days on market were really low.”
Year-to-date data show homes take an average of 70 days from first listing to closing.
“Really it’s taking about 30 days to get one in contract and about 30 days to close it,” Hamilton said of his experience. “Years ago, it could take months to get something in contract … the market’s still pretty darn good around here.”
Julie Mendoza, a broker-agent with Re/Max First Realty in Gainesville, agreed. She added she’s noticed that the market has slowed somewhat this year and there’s been more activity in Oklahoma, where she’s also licensed.
“There’s still buyers and sellers, but not as hot as it was last year,” Mendoza said. She added that the city overall is doing well and is on track to keep growing as long as leaders remain open to “new ideas and newcomers.”
So far this year, Cooke County sellers are getting slightly more of their asking price at close. On average, sales are closing at 95 percent of the original list price, up from 94 percent for the first half of 2018, the NTREIS data show.
Hamilton said Tuesday, July 30, that Cooke County sees “a little bit of the summer rush” of home sales “but that’s usually taken place by now.” August is somewhat slow simply because it’s so hot out, he said.
However, the local market has less seasonal fluctuation than some areas do, he added. He expects plenty more home sales to take place particularly during October, November and December.
“Those three months, we usually do pretty darn good,” Hamilton said.