Monthly Housing Stats: Norman, Oklahoma August, 2014

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

 

 Monthly Housing Stats:

Norman, Oklahoma July, 2014

Note: Stats are for AMLSOK, which serves central Oklahoma.

 

Another month showing strong seller's market. Last month's report showed good statistics for sellers and this month is more of the same.

If you are looking or thinking about buying then waiting is only costing you money. The steals and deals are pretty much gone.

 

 

 

Comparing August, 2013 to August, 2014 shows closing are down more than 5% and the year to date closing are down over 12%. Year to date volume is off 10.05%. These are very similar numbers to last month.

Some would believe this means the market has slowed. In this case that would be completely wrong! The following will explain:

The average sales price comparing August, 2013 to August, 2014 is down an insignificant 0.77% and the year to date is up 3.24%. What does this indicate? Seller's market.

Additionally, the average Days on Market (DOM) is down over 12% and year to date is down 11.48%. What does this indicate? Seller's market.

Finally, the August inventory numbers show inventory is down almost 12.8% compared to August 2013 and there is less than a 5 month's supply of inventory. What does this indicate? Seller's market.

How am I arriving at the Seller's market determination?

  1. An Average Sales Price increase of more than 5% in a 12 month period. This indicates 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 5 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 just under 97%. Again, this favors Sellers and shows that asking prices have not increased outside supportable numbers.

 

Norman, Okalhoma Real Estate Statistics August 2014

 

 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

Head shot

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

 

 

We never stop moving 3d

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Rainmaker
3,126,268
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Sellers, now is a terrific time to sell your Norman OK home. A sellers market means the buyers are out and about!

Sep 17, 2014 11:08 PM #1
Rainmaker
845,955
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Hey Than-I can hear those prices creepin higher from here!

Sep 20, 2014 06:57 AM #2
Rainmaker
417,264
Debbie Malone
Londeree's Real Estate & Property Management - Lynchburg, VA
From Lynchburg To The Lake (434) 546-0369

Hi Than, Excellent market report for August 2014. Sellers would be wise to call you to list their Norman OK home!

Sep 22, 2014 02:33 PM #3
Rainmaker
1,728,464
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Than ....very nice update ....I know your area will continue will improve!

Have a great night!

Sep 24, 2014 06:00 AM #4
Rainmaker
2,050,755
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Than, yeb Sellers market as lower inventory availability and average days on the market dropping indicated exactly that. Thanks for the market report. 

Sep 29, 2014 07:11 AM #5
Rainmaker
924,016
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Supply and demand goes hand in hand. Low in inventory, less option for buyers to choose from also may cause home prices going up. Now is time to buy call Than for your real estate needs.

Sep 29, 2014 10:54 AM #6
Rainmaker
4,796,551
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 comprehensive update for the Norman, Oklahoma real estate market.

Sep 29, 2014 09:48 PM #7
Rainmaker
799,841
Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

Than, Does your report include condos and townhouses in Norman, Oklahoma or only single family residences?

 

Sep 30, 2014 08:27 AM #8
Rainmaker
799,841
Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

P.S. Love your format of including your explanation of what the statistics mean. I may have to borrow that idea! :)

 

Sep 30, 2014 08:28 AM #9
Rainmaker
592,740
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Diana Zaccaro - Your Coastal Connection Yes, condos and townhomes are included. These are a very small market in our area. Although the condo market has grown substantially the last few years as investors have been building large complexes for the college.

Thanks! Feel free to borrow the idea. I see too many market reports that just don't make sense to the average person. Lots of numbers are percentages, but what do they mean?

You explain to a seller why the market is down when you are listing a property or explain a buyer why waiting is not a good idea. Put it in writing and they can refer back to it anytime.

Sep 30, 2014 11:13 PM #10
Ambassador
1,470,575
Toni Weidman
Sailwinds Realty - Trinity, FL
26 Years Selling Homes in New Port Richey, FL

Buyers should all Than Maynard for information and guide cue on the Nirman, OK market.

Oct 01, 2014 05:08 AM #11
Ambassador
1,484,735
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Than Maynard 

Thank you for sharing this local real estate market report.

This is excellent information for buyers and sellers alike.

Best wishes for a productive week ahead!

Oct 06, 2014 02:47 AM #12
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Rainmaker
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Than Maynard

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