WACO - To say the local housing market is sizzling might be an understatement.
Home sales in the Waco area jumped 20 percent during the first two months compared with 2014.
Local real estate agents say they are seeing deals struck in a week or less on homes placed on the market, and demand for homes in some price ranges has become so great that agents can’t always satisfy would-be buyers.
“If anybody is thinking about selling, now is the time,” said Trammell Kelly, a residential sales specialist at Kelly Realtors.
A total of 186 homes were sold in the Greater Waco area during February, according to the Waco Multiple Listing Service, which is up from 131 in February of last year and 163 in February 2013.
A home stays on Waco’s MLS an average of 136 days, meaning a sale occurs in about 4.5 months.
“Well-located properties are moving quickly, within one week,” said Ron Nelson, a real estate specialist at First National Bank of Central Texas.
Ken Mays, 82, a retired Air Force colonel and former Woodway city planner, recently sold a home in the Spring Valley area and bought another in Lorena.
"Look at our industrial base,” he said. “We have the SpaceX plant in McGregor that hires people in a high-technology field, and we’ve got several Caterpillar facilities here.
The bottom line, said Karr Ingham, an economist from Amarillo who tracks local trends, is that “your housing market looks stout to me.”
He said home prices have risen an average of 17 percent during the first quarter. He described that jump as an “anomaly,” adding that prices will settle down.
But he noted that number as an example of Waco’s housing market volatility, “and I see nothing bad on the horizon.”