I’ve got a quick market update to share with you today regarding the OKC metro market. Here are the latest numbers as we head into the dog days of summer.
We had a great month in May, closing just over 2,400 units. That’s 29% more closings than we had just last month. However, we saw a dip in new and pending contracts this month.
Overall, we are seeing about 8,000 active units on the market and just over four months of inventory available. That puts us in a seller’s market.
While the market as a whole favors sellers, the market shifts as you go up in price. For homes priced under $200,000, it’s a hot seller’s market. For homes priced between $200,000 and $500,000, we are in more of a balanced market. As for homes priced above $500,000, we are in a buyer’s market with excess inventory.
It’s now more important than ever to hire someone who understands the market trends, the numbers behind them, and all the marketing and pricing strategies that will help you get your home sold for top dollar.
If you’ve been on the market trying to sell a home and your activity has dropped off recently, you need to stop and evaluate to make sure you’re priced correctly. Reach out to us and we can help.
If you have any other questions in the meantime, don’t hesitate to give me a call or send me an email. I would love to hear from you soon.