Wichita Falls Real Estate Market Report
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Wichita Falls Housing Market April 2018 Sales up 5% Year over Year
Here is a look at the Wichita Falls Real Estate Market for May 2018. According to a report released on April 13th by the Wichita Falls Association of REALTORS® (WFAR), April 2018 saw 174 single family homes sold, up from 166 homes sold in April 2017 while the average price increased 4.0% to $139,125 from $133,835 the year prior. Homes for sale in Burkburnett TX are also strong indicating that sales throughout the region continue to look up.
A Look at Housing Stats
The Wichita Falls Association of REALTORS® (WFAR) covers 5 north Texas counties: Archer, Clay, Young, Wichita and Wilbarger. In this area for the month of January 2017:
- 174 Sales Closed — Up 5% from 166 in April 2017
- 250 Homes were In Contract expected to close soon
- 253 New Listings went on the market
- Average Days on Market (DoM) = 55
- Active Listings = 435
- Month’s of Inventory = 2.5 Months
In the last 3 months there have been 128 Expired Listings.
What Does This Data Mean?
When we look at the market trends the month’s of inventory is a key number. This number is the total number of sales in a given month divided into the total number of active listings. In this case it is 2.5 months. This means if no other listings were put on the market and the same number of homes continues to sell, it will take 2.5 months to exhaust the current inventory. A neutral or balanced market is considered 6 months of inventory. Anything less than 5 is considered a seller’s market and anything greater than 7 is considered a buyer’s market.
Wichita Falls is Currently in a Seller’s Market
View Burkburnett TX Real Estate by Price
What Does This Data Mean if I am Selling a Home in 2018?
Early in the summer can be a great time to sell a home in north Texas, and actually our business picked up and has been strong the entire first quarter. Spring has sprung, and people are coming out starting to look for homes to buy. Why would someone buy during this time of year?
- Job Transfers / Military orders
- Visiting family and friends and subject of moving closer comes up
- Unforeseen life events… Life Happens!
- Buyers Fearful of Increasing Interest Rates
With the extremely low inventory, your competition is low. We are still in a strong seller’s market with low inventory, so people who need to move now are going to select from the relatively few homes available while your competition is waiting for later in the summer. Therefore, you can command a higher price. And, by the way, we only need one buyer to buy your home.
Not all Wichita Falls REALTORS® are the same. You want one who communicates often, watches the market like a hawk, and has a proven track record of selling homes.
We currently have pre-qualified buyers looking for homes in the Wichita Falls, Burkburnett and Iowa Park areas who have not yet found the home they want from the available active listings in the WFMLS. Therefore, we are actively seeking new homes to list and enter the market.
Many homes selling quickly in todays market are updated and staged well. For tips on staging check out our post How to Sell a House Fast in Wichita Falls.
The housing market is changing on a daily basis, and you need a real estate professional who monitors this market and is able to interpret it for you and advise you on how to reach your real estate goals. To find out how recent sales have affected the value of your home, click here to obtain your home value online in only 15 seconds.
What Does This Data Mean if I am Buying a Home in 2018?
Inventory remains lower than we have seen in the last several years, so there are fewer quality homes from which to choose. As you can see in the graph active listings have been steadily decreasing and the best homes are going quickly. Interest rates have have jumped and fluctuate daily, and working with a good loan officer is important to obtain the best loan product for your situation. Obtaining pre-qualification prior to looking at homes is a essential in today’s market. This accomplishes several things. First, it turns you into a cash buyer giving you leverage and can save you money during negotiations. Second, it ensures we are looking in the correct price range. There are not many more frustrating things to home buyers than looking at homes only to find out they are looking in too low or too high of a price range. At the Lockhart Real Estate Team we are careful to select the best homes for you first that meet your needs and wants in the price range with which you are comfortable.
If you’re looking for a move-in ready home, then you might find the available inventory of homes for sale quite low in certain neighborhoods. At the Lockhart Real Estate Team, we will take a few moments up front to get to know you and conduct a needs analysis and buyer’s consultation. This serves a couple purposes. First we get to know you and your needs and wants to help us narrow down the hundreds of homes on the market to that select handful that truly meet your criteria. Second, we are able to walk you through the buying process from beginning to end to ensure you are comfortable and confident moving forward.
For more information on the process to buy a home in Wichita Falls check out The 6 Steps to Buying Home.
Check out the Most Recent Homes for Sale in Wichita Falls TX
Burkburnett TX Real Estate For Sale by Neighborhood
|Baber & McCluskey
|Jan Lee Acres
|Jan Lee Heights
Read Archived Wichita Falls Real Estate Market Reports | Compare this month to previous months
- Wichita Falls Market Report – June 2018 - July 25, 2018
- Wichita Falls Real Estate Market Report – May 2018 - June 28, 2018
- Wichita Falls Real Estate Market Report Archive - June 5, 2018
- Wichita Falls Real Estate Market Report – April 2018 - May 24, 2018
- Tarrant County Real Estate Market Report – April 2018 - May 24, 2018
- Arlington TX Real Estate Market Report – April 2018 - May 24, 2018
- Tarrant County Real Estate Market Report – March 2018 - April 19, 2018
- Dallas County Real Estate Market Report – March 2018 - April 19, 2018
- Wichita Falls Real Estate Market Report – March 2018 - April 18, 2018
- Arlington TX Real Estate Market Report – March 2018 - April 18, 2018