How does our current OKC market compare with where we were last year?
From July 2016 to July 2017, the number of new listings hitting the market increased 8.6%, the number of pending sales increased 16%, and the number of closed sales increased 4.7%. What’s interesting about these statistics is the falloff between pending sales and closed sales, and it’s definitely something to keep an eye on throughout the rest of the year.
Year to date, new listings are up 10.7%, pending sales are up 8.1%, and closed sales are up 5%. Ideally, we’d like to see the numbers of sales keep pace with the number of new listings. This gap means inventory is rising and we’re continuing to shift toward a buyer’s market. If you’re a seller, now would be a good time to put your home on the market to maximize its potential return.
When we look at the housing affordability index, July 2017 experienced a 2% drop compared to July 2016. Year to date, housing affordability has dropped nearly 6%. Although 6% doesn’t seem like much, that number can mean a significant difference in the lower price ranges, so that’s another thing we’ll pay attention to for the rest of the year.
If you have any questions about our market or you’re thinking of buying or selling a home, don’t hesitate to give us a call or shoot us an email. We’d be glad to assist you.