The Duncan Banner

Local News

December 22, 2008

Home values still rising in county

Toni Hopper

DUNCAN — Home sales in Stephens County were down during the third quarter, but homeowners who have managed to hang onto their homes can feel confident the value has gone up.

The average home price during the third quarter, July through September, figures in at $113,276, said Kim Bradley, association executive with Duncan Association of Realtors. Sales were at 124 for the three-month period, compared to the same period a year ago, which were 154. But at that time, the average home price came in at $108,535.

“We are still seeing home prices rise,” Bradley said.

“Real estate is very local and when you listen to the national realm, compared to that, our banks/mortgage lenders are very solid.”

Bradley attributes that to the solidarity of local Realtors. She said many people will get into real estate and stay in it only for a short time. But of the 85 Realtors in Stephens County, she said seven of them have been serving the area for 30 years.

“I believe the reason is, that our Realtors try to make sure that they are not just selling a home, but the person is not going to get in trouble with that later. It’s not about the sale, it’s about the person,” she said.

In November, there were 21 home sales, compared to 44 in November 2007, Bradley said.

Even though foreclosures are happening, Bradley didn’t have a number on those, but said Oklahoma is historically slower in that trend than other states.

“We are one of the lower states in foreclosures. We have our fair share, but compared nationwide, we are in good shape when it comes to that,” she said.

Nita Mitchell, mortgage lending officer with Arvest Bank, agreed that the housing market in this area is doing well.

“We are starting to see a lot of activity with the rates being so low right now,” she said. “Right now is not only a good time to purchase but also for anyone that might be looking to refinance, the rates are very enticing.”

Mitchell said Arvest services its own home loans and does not sell them.

Bradley also noted that this time of the year home sales are slower anyway, but it could pick up after the presidential inauguration. There are 256 single-family dwellings listed on the market, she said Friday.

She doesn’t expect this area to suffer the downfall of the home market and foreclosures in relation to the economy.

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