Hello Everyone! Welcome to my April 2008 Ponca City Real Estate Market Report.
The information below is collected from the North Central Board of REALTORS MLS>
Market data for April made a BIG CHANGE for Ponca City. The number of Active lisitings rose from 60 in March to 94 in April. The average list price is $122,585 with an average Days on Market of 98 days. This increase in listings is normal for mid-Spring and with a shortage in previous months should improve sales for May.
Closings slowed slightly in April to 22 sales. The average sale price was $114,000 with an average Days On Market of 116. Total sales lowered this month to 2.5 million.
The overall analysis is that the Ponca City market is opposite of the National trend and one should avoid associating the national media articles with Ponca City. In the previous months Ponca City has had a shortage of Active listings on the market, contrary to the National Media reporting a surplus in larger markets.
We are beginning to over come that listing shortage with the coming of mid-spring, but the absorption rate is still at a low rate of 4.27. This means at the present rate the current inventory will be depleted in 4.27 months. This rate still suggests a sellers market.
I will go out on a limb and predict that listings will increase in the month of may which will result in increased sales and a lower Days on Market in June Statistics, as present buyers are just waiting for that perfect home to pop up on the market.
Don't Forget, for any other information you need, Please call Your Ponca City Real Estate Expert, Steve Hermann @ 580-763-4853, or email firstname.lastname@example.org.