Wichita Falls home sales gain momentum in April

WICHITA FALLS – Existing home sales here in April gained momentum and put the skids on a downward trend that had been hampering the local market, data from the Wichita Falls Association of Realtors showed.

During April 2014, 143 homes were sold with a sales volume of $17.78 million, compared to 102 homes sold with a sales volume of $13.92 million in March 2014. April 2013 saw 124 homes sell with a sales volume of $13.52 million.

The association’s website is www.wfar.com.

There were 852 total listings in April 2014 and 187 pending sales. The average number of days on the market was 81, and April’s average sales price was $124,405, compared to $136,521 in March 2014.

Of the homes sold in April 2014, 15 were in the $100,000 to $120,000 range, 14 were in the $200,000 to $250,000 range, 13 were in the $120,000 to $140,000 bracket and nine were in the $160,000-$180,000 category.

“The April housing data is a much welcome reversal of the downward trend we had experienced over the past five months. What was a 16 percent decline in closed home sales in first quarter 2014 has now been reduced to only a 7.8 percent decline year to date…,” said Realtor Michael Detrick.

“The first four months of 2014 of residential sales in Wichita Falls area could be considered as stable. Compared to the statistics in the same period of 2013, a 7.6 percent reduction in the number of homes listed for sale was accompanied by a similar 8.4 percent reduction in homes sold,” said Realtor Bill McGregor.

“This trend of a more limited supply likely contributed to a 10 percent higher average sales price of $123,189 in 2014 versus $111,931 in 2013. Should this upward trend of market value increase on an annual basis, Wichita Falls might easily be on a return to its relatively healthy pre-2008 annual appreciation rate of 3 to 4 percent a year,” said McGregor.

Read more at the Wichita Falls Times Record News.