I never tire of hearing ‘Oklahoma is #1′ and it’s quite satisfying when compared to major coastal markets like Southern California, Seattle, and Florida. This time though, we’re not talking college football, but instead it’s a reference to the old classic tale of the tortoise and the hare.
That’s right, sales are up, but not really enough to get excited about. It’s been a strange year, with overall good news, but unpredictability is the theme. Take a look:
A 1.5% increase in homes sold from June to July isn’t great, but it’s progress, considering July was still down 16% over this time last year. The concerning thing is seeing a decrease in average and median sales prices, however slight it may be. I don’t believe this to be a trend of any kind, though. August numbers will be very telling.
On a good note, days on the market have decreased and inventory levels have dropped a little bit. In addition, home sales nationwide are up more than 3%. Hang in there home sellers… things are slowly turning around. As for you buyers, now sure looks like a good time to take advantage before things swing upward again.
**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (7/1/07) through (7/31/08). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.
Personally though, I don’t see a huge problem with the increased down payment requirements for FHA loans. Sure it makes it tougher for those looking to jump into home-ownership, and it slows sales to some degree, but a large part of the foreclosure problem in this country is due to homeowners’ lack of vested interest in their homes, making it far too easy for them to walk away when the going gets tough. A correction is in order, and will make a stronger market in the long run.
In addition, I have to take Yvonne Mitchell’s statement, “If you price your house just a little bit below market value, it’ll sell quickly,” to task. Very simply put, your home’s market value is dictated by what buyers are willing to pay for it. Therefore, if you have to price it lower to sell, then the market value has dropped.
While I’ll argue all day against the idea that Edmond and/or Oklahoma City is in a metro-wide decline, we have to be honest that some pocket areas are experiencing a downtrend.
This is the kind of thing I never tire of sharing…
Even though overall sales volume is down over this time last year, home values in Oklahoma City and the rest of the metro area, including Edmond, are still on the rise. In fact, the average home price is up almost 6% and the median price almost 4%. With the national average in a declining state, I’d say even a small increase would be worth bragging about, but an increase in that range is just plain strong!**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (6/1/07) through (6/30/08). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.
Due to busy-ness, it’s been a while since I posted up the monthly statistics covering the OKC metro area, and this morning I met a young lady asking about the stability of our local market, so here we go:
While overall volume of homes sold in comparison to this time last year is down, you can see that our homes are still appreciating, and we are climbing out of the slight slowdown. Volume is up over last month, rates are down, and absorption rate is coming back down to normal. Basically, the tightened mortgage requirements have caused fewer sales, but every other indicator is very positive, and we should begin to see the mortgage guidelines loosen back up over the next few months.
So, the million dollar question; Is now a good time to buy in OKC/Edmond? You know what my answer will be. Look at these figures and decide what YOU are comfortable with.
**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (5/1/07) through (5/31/08). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.
In case you haven’t had the chance yet to hear more about the ‘It’s a Good Thing You’re in Oklahoma’ Campaign, here’s some info about an upcoming segment:
Wednesday at 10:00am on COX Channel 7 you can see OKCMAR Board President Marolyn Pryor and OKCMAR CEO, Dawn Kennedy interviewed about why it’s a good thing you’re in OKC!
Marolyn and Dawn chat with Mayor Mick Cornett and moderator, Kent Myers, about the real estate industry in Oklahoma City and why NOW is a great time to invest in local real estate properties.
I’m sure they’ll be sharing some updated statistical information, so be sure to check it out if you get a few minutes.
This is another piece of the outstanding ‘Defy The Trends’ effort of COHBA. Please share this information with anyone you know who’s thinking about, or discouraged by, the real estate market.
OK, so every once in a while, my sinful, prideful side comes out, as was the case just a few minutes ago when I read one of the latest by Richard Mize.
I can’t help but take a little pride and almost soullessly chuckle when I’m reminded of how, just a few short months ago, everyone was telling me the sky was falling, yet the statistics I shared were somehow oddly contradictory.
