Includes: Arcadia, Bethany, Blanchard, Choctaw, Deer Creek, Edmond, Guthrie, Harrah, Jones, Luther, Midwest City, Moore, Mustang, Newcastle, Nicoma Park, Norman, Oklahoma City, Piedmont, Tuttle, Warr Acres, and Yukon
As Oklahomans prepared for the start of a new school year, the housing market saw the tiniest decrease in activity in August compared to July. This tends to be common year after year, so it’s nothing to be worried about. The number of homes that went under contract dropped by 106*, while the number of closed sales dropped by 186*. In turn, the average number of days on market jumped from 33 to 35.
(*compared to July 2019)
Looking at the overall picture, this is not a substantial dip in the market. Rather, it’s a minor speed bump that we expect to happen every year. Since we know it correlates with the beginning of school, Realtors and homeowners have ample time to prepare for the dip. Recognize that many homebuyers are focused on back-to-school shopping, as opposed to house shopping. We suggest sellers plan to take that vacation they meant to do all summer, or take a break from the hustle of weekly open houses for a couple of weeks.
But don’t get TOO comfortable just yet, the weather is still warm and the serious buyers will continue to hunt for the perfect house! If you receive an offer on your home during this time, you know the buyers mean business.
|Average Days on Market||35|
|Average Sales Price||$227,807|
|Average Percent of List Price Received||98.4%|
|Total Inventory of Homes For Sale||4,029|
|Months Supply of Inventory||2.6|