The real estate market across the nation is booming with home sales hitting levels that have not been seen since 2008. Wichita Falls is seeing a similar housing boom. Mike Detrick of Nortex Reality said the latest numbers indicate an upward trend in housing sales for the Wichita Falls area.
"We have sold more homes in 2015 through the first nine months of the year than we had the same period last year 2014," said Detrick.
Ever since the previous drought began in 2011, the Wichita Falls housing market has been in a similar situation. Now that the drought is over, buyers and sellers are feeling more confident about doing business.
"Is this a buyers market or is this a seller's market? Inventory of homes for sale in a balanced market, you normally see for sale between six to nine months of historic demand," said Detrick.
According to Texas A&M, Wichita Falls months inventory sits at 5.9 just below that six to nine month threshold. The last time the area threshold was that low was February 2008.
"And presently, Wichita Falls grades out as easily the number one area in the entire state for the affordability of housing," said Detrick
That means that the buyer's dollar goes further in Wichita Falls than any other city in the Lone Star State.
"The average home buying sales price of a home in Wichita Falls, Texas is $124,000-$125,000. Statewide, that number pushes up closer to $200,000," said Detrick.
Detrick said with a declining inventory and increasing demand piled on with increasing values, the housing market in the region is more than healthy - it's somewhat robust.
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