Local real estate market thriving

By BETH FOLEY
The Palestine Herald

PALESTINE February 28, 2008 03:06 am

— While national news media have broadcast stories about slumping real estate markets and rising foreclosures, local realtors say that’s not reflective of Anderson County.
Century 21 Pace McDonald realtor Janice Burris fields plenty of calls from potential home buyers looking at Palestine and Anderson County.
“There is definite growth in Anderson County,” Burris said. “In 2007 there were 399 residential sales with the average days on the market of 132 days. In 2006 there were 362 residential sales with a turn-around of 170 days on the market.
“My prediction is that we will continue to grow because our area offers so many wonderful things a person looks for in a town, especially, if they are looking for a place to retire.”
Likewise, Combined Associates co-owner and realtor Mike Whitworth said what’s on television isn’t happening locally.
“Real estate is good and alive in Palestine, Texas,” Whitworth said. “Our foreclosures have never been real high in Anderson County anyway.”
Demand for homes has driven prices up over the past three years, he said, noting that homes in Westwood which sold in the $62,000-$72,000 price range in 2005 now were averaging more than $80,000 each, with many selling in the $90,000 to low-$100,000 range.
A combination of lower-than-average cost per square foot, more people wanting to leave larger areas such as Houston and Dallas and supply and demand are helping drive home prices higher, he said.
“Smith County probably averages $85 a square foot. Ours is $60 to $65 a square foot, same construction,” Whitworth said. “We have been cheaper for a long time. We used to have over half of our inventory (of homes for sale) in the $50,000-$100,000 range. Now more than half of our inventory is over $100,000.”
Out of 203 homes listed recently in Palestine and Anderson County with any agency, there were 21 between $1,000-$50,000; 22 in the $51,000-$75,000 range; 35 listed between $76,000-$100,000; 68 between $100,000-$200,000; 33 in the $200,000-$300,000 range; 24 from $300,000-$500,000; and 16 above $500,000.
While that may push some home ownership out of reach for those looking for housing under $60,000, he said, the same home may seem like a bargain to someone moving from an area with much higher housing costs.
“So many people find this area more attractive from the standpoint of beauty and availability,” Whitworth said. “They’re selling homes for $200,000 and coming here and getting more for their money.”
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Beth Foley may be contacted via e-mail at bfoley@palestineherald.com