The Duncan Banner

Business

February 8, 2009

Home sales slow

Duncan faring better than nation

Toni Hopper

DUNCAN — January is typically one of the slowest times of the year in real estate, but Duncan may be faring better than the nation as a whole, even if the numbers don’t necessarily reflect that.

“This time of year is rather slow in contacts for Realtors because of the time of year it is,” said Kim Bradley with Duncan Association of Realtors.

“We still seem to be faring pretty well comparing to the rest of nation.”

There were 16 homes sales in January, compared to 35 in January 2007. There are about 157 properties on the market.

Susan Shaffer at Preferred Real Estate said she believes buyers are holding out for a better deal, or in hopes of one.

“We’re still strong here, but what we’re suffering from is from what we are being educated on in the national news,” Shaffer said Thursday.

Duncan Area Association of Realtors President James Livingston said the height of the real estate market happened two years ago, but then in 2008, the buying started decreasing.

“We’re in a bubble,” he said.

“People are just afraid to spend their money. The market has really dropped for sellers.”

Livingston said that housing prices haven’t come down all that much since they jumped in 2007.

As of mid-January, there were 157 homes on the market throughout Stephens County.

The average price of a single-family dwelling was listed at $109,150. In Duncan, the average price for a home was $105,455.

In December 2007, 28 homes were sold across the county and 44 homes in Duncan sold.

The average sale price was $85,328 for a single-family dwelling in 2007, but in 2008 jumped to $109,094.

Livingston said the price just hasn’t come down.

“There is a lot of uncertainty, but be sure to know this will cycle out and in the end we will be OK,” Shaffer said.

She believes that people should know the numbers of their local real estate market and not speculate or compare it to what they are hearing about markets in other regions of the country.

“This is going to pass and we will be better,” she said.

Shaffer also said that if people are listening to the national news and expecting lower numbers, that may not happen.

Livingston said that people who are looking for a family home should just go ahead and make that purchase now.

“Families shouldn’t look at how the market is swinging. They should just buy and live there. Duncan’s market is so even and my bottom line is if you are a family and wanting to buy a home, buy it.”

He also offers advice about family purchases and refinancing. He said if someone is looking at refinancing, they might consider just looking for a new home so they can also get one with the upgrades like new appliances, carpet and the like.

“Since they’d have to pay those refinance fees anyway,” he said. “They are not going to get hurt if they are going to live there 10 or 12 years. Interest rates are low.”

In December, 17 homes in Duncan sold. There are 141 on the market.

In Comanche, the average price of a home is around $65,000. In December, three homes sold in Comanche and there are about 15 on the market.

Marlow’s market is a bit steeper, with four homes sold in December with an average price of $141,750 and 47 homes on the market.

No home sales occurred in December for the Bray and Doyle communities, but there are six listed as of the first of February, Bradley noted in figures released to The Banner.

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