Monthly Housing Stats:
Norman, Oklahoma June, 2014
Note: Stats are for AMLSOK, which serves central Oklahoma.
June's stats seem to contradict themselves, but I believe the conflicting data is easily explained.
Comparing June, 2013 to June, 2014 shows closing are down almost 10% and the year to date closing are down almost 12%. This would make some believe prices have plateaued or we are headed into a downward market.
However, the average sales price comparing June, 2013 to June, 2014 is up 13.68% and the year to date is up 3.6%. What does this show? Seller's market.
Additionally, the average Days on Market (DOM) is down over 9% and year to date is down almost 12%. What does this show? Seller's market.
Finally, the June Inventory numbers show inventory is down almost 18% compared to June 2013 and 15.47% year to date. What does this show? Seller's market.
How am I arriving at the Seller's market determination?
- An Average Sales Price increase of more than 6% in a 12 month period. This signifies a Seller's market.
- Average Days on Market is well below 90 days, which favors Sellers.
- Housing Inventory (Supply) shows an Absorption Rate of less than 4 months. Anything below 6 months is in favor of Sellers. Note: Aborption Rate is how long it would take to sell every home currently listed assuming no new supply.
- Average Asked to Sold Ratio is still above 97%. Again, this favors Sellers and shows that asking prices have not increased outside supportable numbers.
If you have any questions about this report please feel free to contact me at number or email address below.
If you are searching for a property in McClain County (Cities: Purcell, Washington, Goldsby, Wayne, Dibble and Byars) or Cleveland County (Cities: Norman, Lexington, Noble and Slaughterville) I can help you find what you are looking for!
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