MUSTANG REAL ESTATE MARKET REPORT OCTOBER 2016
MUSTANG OK 73064
AS OF NOVEMBER 6 , 2016
INFO THAT HITS US WHERE WE LIVE ... We were certainly traveling on happy trails last week following two upward trending housing market reports. New Home Sales in September went up 3.1%, just shy of a 600,000 unit annual rate. Compared to a year ago, sales are up 29.8%. If that doesn't make you happy, consider this. After experiencing a summer lull in August, new home sales in September posted their fastest sales pace since 2008, excluding July's excellent numbers. The biggest obstacle to higher sales remains low inventories. As those slid in September, it shows builders are falling behind demand, so there's lots of room to increase construction activity.
The other happy housing report? The Pending Home Sales index of contracts signed on existing homes was up 1.5% in September following its August dip. Combining readings from recent months indicates existing home sales in coming months should continue the gains made in September. The index is 2.4% ahead of September last year, its 25th month in a row of year-over-year increases.
- The average property in Mustang has been on the market for about 124 days
- The median price per square foot for homes in Mustang is about $116
- There are about 161 properties on the market in Mustang
- The median single family home price for Mustang, OK is $240,346
- With a Market Action Index as of September 30, 2016 at 29.30 (MAI Index - over 30 indicates Sellers Market; below 30 Buyers Market)
So there you have it, my Dear Reader, Mustang Real Estate Market Report October 2016.
Did you notice that the price per square foot has been staying about the same? The cost of building materials goes up but sales are slower, affecting the stats.
Also, we are leaning toward buyer's market this fall, which is reflected in MAI Index.
Are you ready to make a move? Be happy to assist you, your family & friends with home search or sale.
Looking forward to hearing from you!