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?
- An Average Sales Price increase of more than 5% in a 12 month period. This indicates 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 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.
- Average Asked to Sold Ratio is just under 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!
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.