Abilene real estate market leveling off [Abilene Reporter-News, Texas]
(Abilene Reporter-News (TX) Via Acquire Media NewsEdge) Dec. 14--The Abilene real estate market continues to stabilize as the year winds down, a traditional occurrence in a market described by the industry as cyclical in nature.
Numbers released by the Abilene Association of Realtors on Friday indicated that the November average price of homes sold in Abilene increased to $156,425 from $151,599 the same month a year ago -- the median price, however, fell from $138,900 in November 2012 to $128,250 last month.
"Sales stayed stable with the previous year," said association President Dave Dalzell. "We had a significant increase through the spring, from March through September, over the previous year's sales, then it stabilized in October and November."
Abilene real estate agents sold 112 homes in November, one less than what was sold in November 2012. Most of homes sold last month, 64, were priced from $100,000 to $299,000. One home, the report indicated, sold for $500,000 or more.
November home sales totaled $17,519,662, almost $400,000 more than in November 2012 when 113 homes were sold. Dalzell said 40 percent of the homes sold in the first 30 days after they were listed.
"It's just a balancing act between how many homes sold -- the number of units sold is almost identical as the previous year," Dalzell noted. "We're looking at a very stable market, and that's fairly traditional moving into the late fall and early winter months."
Of the homes sold in November, 22 buyers paid in cash, 43 used conventional loans, 23 FHA financing and 21 VA. There were three owner and other financing arrangements.
"We have about a five-month supply right now of homes," Dalzell said. "It's a very good, strong market."
Nationally, home sales declined for the second consecutive month in October, while constrained inventory means home prices continue to see double-digit year-over-year gains, according to the National Association of Realtors.
National home sales fell 3.2 percent to a seasonally adjusted annual rate of 5.12 million units in October from 5.29 million in September, but are 6 percent higher than the 4.83 million-unit level in October 2012. Sales have remained above year-ago levels for the past 28 months.
"It's always hard to know but usually you get your next bump in sales in late February or early April," Dalzell said about the local market. "Last year we had a good December, so we may well have a very good December this year."
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