ICE STORM AFFECTS OKLAHOMA CITY METRO AREA HOUSING MARKET

The severe ice storm experienced in the Oklahoma City metropolitan area in November of 2007 contributed to a slower housing market.  Many businesses were closed due to power outages, and prospective buyers did not get out in the difficult weather conditions to look at homes.  As well, many sellers decided not to put their homes on the market, but to wait till Spring instead.  Because of this, and a slow-down in new building starts, the area had a 5.5 month supply of homes at the end of 2008, down just slightly from November (The Daily Oklahoman, January 26, 2008).  This compares to a 10 month housing supply nationally at the end of the year according to the same source.   The Oklahoma City metro market has essentially remained stable, and avoided the steep declines seen in some areas.  In fact, 2007 was the fifth most active year for home building here in the last ten years (op. cit.).

According to statistics compiled by the Oklahoma City Metropolitan Association of Realtors, total home sales closed in December of 2007 were down just over 18% from December 2006.  However, the average sales price rose over 5%, with an average price of $156,089 last December compared to $148,312 the previous year.  With Spring not too far away, a clear increase in buying interest is taking place.  We both had excellent turnout for open houses held last weekend.  If Spring comes, can buyers be far behind?!

 

 
This post has been included in Oklahoma Information Oklahoma County, OK Information

4 Comments on ICE STORM AFFECTS OKLAHOMA CITY METRO AREA HOUSING MARKET

Wow Ice and snow..brrrrrrrrrr!!!  Well Here in Delaware we did not experience a slow down in real estate with snow and only had a few light dustings of snow but overall we experienced some interestingly warmer weather this year...hymm well we didn't get a huge influx of real estate customers but things are still flowing ok  here in Delaware!  My heart goes out to all of you folks losing your homes in foreclosure and I can only imagine what it is like.  I remember what it was like when my house burned down and lost everything I had and it is not fun...it takes a long long time to rebuild things so I feel any pain those of you that are going through hard times.  Well Good luck on everything.

Tom Davis Is A Fully Licensed Dover Realtor In The State Of Delaware.

Tom Davis , Agent With Delaware Home For Sale Realty, Bear, DE

No Part of this posting may be copied or reproduced in any way.

01/26/2008 10:02 AM by Delaware Real Estate :Dover Homes: Tom Davis : Delaware Real Estate Search:FREE (FREE: Home Search: Delaware: Harrington ERA Realty: DOVER:DE)


Tom,

We here in Oklahoma do not seem to get snow, just freezing rain and ice that brings everything to a screeching halt!  Sorry to hear of the loss of your home.

01/26/2008 10:06 AM by Ruth Ann and Henry Mertens-Oklahoma City Real Estate (The Mertens Group-Paradigm Realty)


Hello Ruth Ann and Henry - I spent the first 19 years of my life in the Oklahoma City area and I know that the weather can impact just about everything there.  From sweltering heat well above 100 degrees in the summer, some of the most violent tornados in the country, and massive snow drifts with ice in some winters...it is a variety of weather to contend with.  However, I must tell you that the people in Oklahoma are some of the most generous and loving people you will find anywhere.  It will always be the "heart" of America.

01/26/2008 10:08 AM by Kathi Frank (RE/MAX The Woodlands & Spring)


Kathi,

Thanks for your nice comment about us Oklahomans!  Sorry we do not count you among us any more!  As they say about the weather here in Oklahoma, if you don't like it, just wait 24 hours!  One thing it never is, is boring.

01/26/2008 10:11 AM by Ruth Ann and Henry Mertens-Oklahoma City Real Estate (The Mertens Group-Paradigm Realty)


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Real Estate Agent: Ruth Ann and Henry Mertens-Oklahoma City Real Estate (The Mertens Group-Paradigm Realty)
Ruth Ann and Henry Mertens-Oklahoma City Real Estate
Oklahoma City, OK
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Information about real estate in northwest Oklahoma City and Edmond, as well as the west OKC area, including Deer Creek, Piedmont, and Yukon. News and other helpful info about Oklahoma City, as well as general comment and discussion about issues in the field of real estate.

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