The Enid News and Eagle, Enid, OK

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August 27, 2008

Oklahoma leads nation in home value gains, with Enid right at the top

By Robert Barron, Staff Writer

There’s a reason Enid Realtors are smiling these days.

Oklahoma is the top state in home value gains nationally, and Enid is among the top in the state.

Kurt Young, of RE/MAX Premier Realtors and president of Enid Metro Association of Realtors, said while there is about the same number of homes selling as last year, values are up.

Those figures are confirmed by Oklahoma Association of Realtors. Values of homes sold in Enid are up 15.45 percent, one of the highest in the state. Only the north central part of the state, which includes the Oklahoma City metropolitan area, with a 15.80 percent increase in value, and Woodward, with an increase of 23.34 percent, have a higher value change than Enid.

Figures during the second quarter show about 330 homes for sale in the Enid area, including about 270 in “Enid proper,” Young said.

Young said while some nationally chartered banks have lowered Enid values, local banks understand the value of Enid property and are more accurate.

“The market is solid. People call us concerned they have lost value in their homes because of what they hear nationally, but values here are strong,” Young said.

Carolyn House, association executive for Enid Metro Association of Realtors, said there is a housing shortage in Enid compared with a few years ago, but the market is good.

In July, there were 110 residential properties closed at an average value of $112,253; in June, 108 residences closed averaging $134,327; and in May, 90 closed averaging $129,558.

While home values are declining nationally, values statewide grew about 4.9 percent overall in the second quarter, compared with the second quarter of 2007. Values nationally fell nearly 2 percent, and the national purchase index dropped about 5 percent.

Bob Emery, property appraiser at Security National Bank, said Enid’s economy is not like the major areas where the prices are nearly freefalling. Those states — California, Florida, Arizona and Nevada — have experienced significant property value losses.

Enid values are up, he said.

Young said higher-priced homes are being purchased by people in the oil business and other professionals. The Enid area is experiencing an oil boom, and agriculture prices also are up.

“The campaign ‘Good Thing You’re in Enid’ is working,” Young said of a campaign to highlight the successes in the real estate sector of Enid.

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