The Enid News and Eagle, Enid, OK

Business

January 22, 2006

Local real estate market looks good

By Robert Barron, Staff Writer



Although there are fewer houses than normal on the market locally, the next few years are looking good in Enid.

Prices are expected to rise over the next couple of years because of industrial expansions and the low number of houses on the market.

In 2005, there were 1,010 residential properties sold, according to Enid Metro Association of Realtors, which covers six counties, including Garfield. The total amount of sales was $92,589,943, making the average price of a house $91,673.

The average cost of one- and two-bedroom homes totaled $37,705, and 179 were sold.

For the 633 three-bedroom homes sold, the average price was $87,705.

Four-bedroom houses sold for an average of $158,425 in 2005. There were 181 sold.

Seventeen condos were sold in 2005 at an average cost of $100,711.

The inventory is down from the average of the last 10 years, said Carolyn House, association executive of Enid Metro Association of Realtors.

David Ritchie, president of the Enid Metro Housing Authority, said a survey of Enid area businesses in September 2004 shows substantial anticipated job growth.

“Everyone knows that Advance will add 300 jobs, and Vance Air Force Base will add 99 jobs and the ethanol plant will add 30 jobs,” he said.

The survey of 50 of the largest companies in the Enid area produced a conservative estimate of 283 jobs in addition to those at Advance, the ethanol plant and Vance.

That totals 712 jobs for the next two years.

“We’re looking at substantial growth in the community,” Ritchie said.

Ritchie predicted more affordable homes, those in which payments more closely equal rent costs, will be a large part of the market.

“I expect every rental unit to go up,” he said. “Rents increase ,and properties for sale accelerate in price faster that the rest of the market.”

Mid- and upper-priced homes also will increase, but not as much as the rest of the market, he said.

Text Only
Business