It’s that time of year again! The Oklahoma City Metro Area Annual Housing Market Update Report is here.
As you know, while stock markets may be national (and international), housing markets are very LOCAL! You don’t just up and move houses from place to place. Once they’re built, they are in that location permanently and buyers and sellers work with what is available in that geographic location.
So what are the highlights from 2017?
In 2017 we hit a 5 year record in active inventory for sale at 8,399 homes for sale in August. This was up from 7,582 in August of 2016!
The majority of this “extra” inventory was made up of new construction homes as builders and developers continue to take advantage of a growing population here in Oklahoma City — up 9% since 2010.
Home sales have remained steady as we closed an average of 1,900 home sales each month. May was the busiest month for home sales recording 3,643, barely down from May 2016 at 3,738.
The median sales price was $250,700 and median days on market was right at 46!
So what are the predictions for 2018?
Inventory is down slightly from this time last year at 7,357 active homes for sale (vs 7,463 in Feb 2017!) And pending contracts are UP! This January brought us 2,835 new contracts written for purchases while January 2017 brought in 2,223 — over a 20% increase!
Buyers are on the move!
They are not shopping, they are buying. Because competition is still strong and buyers may look at 10-15 properties before making an offer on one, it is important for motivated Sellers to market their properties appropriately! Once done, your house WILL sell!
Sellers should be taking advantage of the increased pool of buyers earlier on in the year instead of waiting to get their house on the market in late spring.
For those homeowners in the $200-$225k price range that tried to sell last year have a much higher chance of selling this year with less inventory available though the same amount of buyers as last year.
The $150-$200k price points have a drastic increase in pending sales already for 2018 — 470 home sales have already occurred in 2018 while last year only 370 were recorded at this time. This is a 27% increase! Buyers may face multiple offer situations when purchasing in this category and Sellers are in a strong Seller’s market.
More monthly updates coming your way in 2018! They say knowledge is power — and having accurate insights into the market will enable you, your family and your loved ones to make the smartest and best decisions for you!
As always — we are just a call away. 405-549-5505 to talk with one of our amazing real estate consultants who, collectively, have served over 250 families in the Oklahoma City Metro area. We look forward to meeting and serving you from where you are to where you want to be!