By Lee Anderson Monday, November 19, 2007 Wichita Falls Times Record News
The number of existing homes being sold here declined for a second straight month in October, but John Caussey of Strategic Services Inc. said the housing market in the Wichita Falls area is still in excellent shape.
"I think the market is great in Wichita County and it will continue to be good," Caussey said after reviewing the monthly Wichita Falls Association of Realtors Multiple Listing Service statistics.
The number of homes sold dipped 38, from 146 to 108, but he pointed to the number of new listings being down in August and September as a factor.
"Our listings were way down. Finally in October we had 10 more listings than in 2006," he pointed out. "In September, we had 25 fewer listings citywide than last year and in August we had 50 fewer.
"In the 60 days (August and September) prior, we had 75 fewer homes listed than in 2006. So if we have 75 fewer listings it is only normal it will be lower because we have fewer homes to sell."
Caussey blamed national news media attention in other parts of the country for people here being reluctant to put their homes on the market.
"The national media has given sellers the idea that home sales will be slow everywhere, therefore families are waiting to sell. The market in Wichita Falls is fine. We just have fewer homes."
The October figures from the MLS showed that the volume of homes being sold declined about $3 million from the previous month from $15,416,638 to $12,657,916.
According to the report, the sales volume for the year slipped almost $5 million from 2006. It is $187,094,141 so far this year and it was $191,909,549 during the period last year.
"Texas is outperforming the nation in home sales," Caussey said. "This year, if you take the total year, the city has sold 64 less homes than in 2006, but listings are down 236 from last year.
"We have pre-qualified people looking for homes every day. If people are thinking about selling their home, they shouldn't let the national media scare them."
This year, a total of 2,902 homes have been listed. The number in 2006 was 3,138. A total of 1,688 have been sold in 2007, down from 1,752 during the same period in 2006.
Dee Ann Martin of Advantage Realtor Group likewise is upbeat about the area's housing market.
"The interest rates are still very low," she said. "The rates are still very, very competitive."
She said interest rates are around six percent.
"It is going into a positive for the buyer. They have a little more time to think about the selection," she said.
Bill McGregor of McGregor Real Estate Group also believes the national media's coverage of the industry has impacted home sales in the area.
"I have talked to some prospective home sellers and buyers who are concerned about our local market, but I think there has been too much national news because these statistics are on par with other economic factors in Wichita Falls. We are like a good ol' diesel tractor, just steadily and reliably plugging along," McGregor said.
"We have 947 homes for sale in the Wichita Falls area. We have sold 1,688 in this area through October, or 169 per month. Therefore, we have a 5.6 month supply of homes available to purchase. According to Mark Dotzour at the Texas A&M Real Estate Center, most economists feel that a six-month supply of homes for sale is the 'perfect storm' of healthy supply and demand,"
The MLS report showed that 14 homes in the $100,000 to $120,000 bracket were sold in October, followed by 11 in the $90,000 to $100,000 range. Ten each were sold in the $70,000 to $80,000 and $140,000 to $160,000 range. Seven in the $200,000-$250,000 range were sold and one sold at $500,000 or more.
According to the MLS data, the average sales price in October was $117,203. The average number of days on the market was 59. The average sales price in September was $105,593 and the average number of days on the market was 69.