Hello everyone! Here is your December/January Market Report for North Central Oklahoma from your Ponca City Real Estate Expert, STEVE HERMANN. Information gathered from NCBOR MLS.
In December, total volume of sales in the area totaled 3.3 million, with 31 closings at 94.6% of list price. Average price for those 31 closings is about $106,000. The Average Days on Market was 146.
The Absorption rate is 181 current listings divided by 31 sales equals 5.8 months, which is a very normal and reasonable rate. Supply and demand is stable.
Current inventory in January is 181 homes at a value of 19 million. Average price is $105,000 and the Average Days On Market is 110.
In Summary, the Ponca City area market continues to buck the National trend as average sales price is stable, absorption rate is normal. Average days on market has been extended slightly, but the winter months and national media subrime scare could be the cause.
As usual the Heart of America is a great value when buying real estate. Happy January, everyone.