Wichita Falls Real Estate Market Report – August 2017
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Wichita Falls Housing Market Remains Strong in 2017
Here is a look at the Wichita Falls Real Estate Market for August 2017. According to a report released on August 14th by the Wichita Falls Association of REALTORS® (WFAR) July 2017 saw 149 single family homes sold in July down from 172 homes sold in July 2016 while the average price rose to $150K from $139K the year prior.
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 July 2017:
- 149 Sales Closed — Down from 172 in July 2016
- 186 Homes were In Contract expected to close soon
- 219 New Listings went on the market
- Average Days on Market (DoM) = 65
- Active Listings = 569
- Month’s of Inventory = 3.8 Months
In the last 6 months there have been 421 Expired Listings.
The trend in median price is increasing indicating that even though there has been a monthly decrease in home sales, the market trend upward throughout this year is resulting in higher prices..
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 569/149 = 3.8. This means if no other listings were put on the market and the same number of homes continues to sell, it will take 3.8 months to exhaust the current inventory. A neutral 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
What Does This Data Mean if I am Selling a Home in 2017?
Homes that are in good condition, staged well and priced right are selling quickly, however there are listings sitting on the market and even expiring. Therefore, the market is really two markets in one, and each individual neighborhood can vary quite substantially from the next. If you’re considering selling your home in today’s market it takes a lot more than simply placing a sign in the yard. At the Lockhart Real Estate Team, we offer free consultations where we will review what the most recent homes have sold for that are most closely comparable to yours as well as look at the exiting active inventory buyers will see and compare to yours. With this information in hand, we can develop a tailored marketing approach which starts with strategically pricing your home so it screams value to the buyers in today’s 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 2017?
Home affordability remains very favorable with today’s low interest rates. Since rates are continuing to remain at historic lows, it becomes less expensive to buy then it does to rent the same home. In most price points in today’s Wichita Falls real estate market, the savings can be around $200 to $300 per month for a comparable house when you are buying versus renting.
As you can see from this graph, the available active homes in the inventory have decreased quite substantially from one year ago meaning there are fewer homes on the market from which to choose. If a home you like is on the market and in move-in-ready condition then it is important to move quickly. We offer a free buyer’s consultation where we can walk you through the entire home buying process from beginning to end so you feel comfortable and confident moving forward. It is also important to speak with a lender about becoming pre-qualified so that 1) we are sure which price range to look and 2) we are able to move quickly when we find you that perfect home.
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
See Other 2017 Wichita Falls Market Reports
|February 2017||March 2017|
|April 2017||May 2017|
|June 2017||July 2017|
- 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