Wichita Falls Real Estate Market Report - April 2017
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Wichita Falls Housing Market Experiences Strong 1st Quarter!
Here is a look at the Wichita Falls Real Estate Market for March 2017. According to a report released on April 14th by the Wichita Falls Association of REALTORS® (WFAR) we had 128 single family homes sold in March down from 154 homes sold in March 2016. The first quarter of 2017 had 362 homes sold versus 349 in the first quarter of 2016. This is a 4% increase in home sales year over year while the average price increased 4%.
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 March 2017:
- 128 Sales Closed -- Down from 154 in March 2016
- 226 Homes were In Contract expected to close soon
- 235 New Listings went on the market
- Average Days on Market (DoM) = 64
- Active Listings = 548
- Month's of Inventory = 4.3 Months
The trend in median price is increasing with an increase in home sales. Interest rates are still at historic lows and have only seen a slight increase leading to increased housing affordability.
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 128/548 = 4.3. This means if no other listings were put on the market and the same number of homes continues to sell, it will take 4.3 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
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