Monthly Housing Stats Norman, Oklahoma: June, 2014

By
Managing Real Estate Broker with Coldwell Banker Heart of Oklahoma OREC#86951

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?

  1. An Average Sales Price increase of more than 6% in a 12 month period. This signifies a Seller's market.
  2. Average Days on Market is well below 90 days, which favors Sellers.
  3. 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.
  4. Average Asked to Sold Ratio is still above 97%. Again, this favors Sellers and shows that asking prices have not increased outside supportable numbers.

 

 

 June Stats

 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!

As a Real Estate Professional I specialize in listing and selling residential real estate.  Whether those are new homes, resales, foreclosures, Real Estate Owned (REOs) or short sales, I can help you find your new home or sell your current property.

 I also handle farms, ranches, raw land and commercial properties.

Posted by

Licensed to SELL - Dedicated - Experienced - Honest - Than Maynard - Purcell, OK

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Than Maynard
REALTOR, CRB, Certified Short Sale agent, Certified Foreclosure Agent, Accredited REO Agent
Coldwell Banker Heart of Oklahoma Real Estate
1726 N Green Avenue, Purcell, OK 73080
CELL: (405) 990-8862
OFFICE: (405) 527-3012
www.cbheart.com

 

 

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Rainer
198,783
Randy Shamburger
Movement Mortgage - Greenville, SC
FHA, VA, USDA and Conventional Mortgage Expert

Excellent market report, thanks for sharing.

Have a Big day,

Randy

Jul 16, 2014 03:08 AM #1
Rainmaker
3,247,813
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

John

Thanks for sharing the June 2014 real estate market update for Norman Oklahoma.

Good luck and success.

Lou Ludwig

Jul 17, 2014 11:02 AM #2
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Than, thanks for the update for the Norman, Oklahoma housing market.

Jul 17, 2014 09:50 PM #3
Rainmaker
1,846,965
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Sounds like an analysis to me.  How many there are arriving at your conclusion?  Seems you are hitting the nail hard.

Jul 17, 2014 10:42 PM #4
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Rainmaker
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Than Maynard

Broker - Licensed to List & Sell - 405-990-8862
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