My OKC Metro Life’s November Real Estate Market Update

My OKC Metro Life’s November Real Estate Market Update

Market Overview:

Active Properties: 3,826 (decreased from 3,868 last month)

Homes Sold: 1,166 (an increase from 1,123 last month)

Days on Market: 40 days (up from 36 days last month)

Average Sale Price: $335,604 (an increase from $315,513 last month)

The real estate activity in the OKC Metro Area has been relatively stable. Although the number of active listings has slightly decreased, the total number of homes sold has shown a modest increase. However, it’s worth noting that homes are staying on the market longer, indicating a shift in buyer behavior.

Buyer Insights: Currently, there appears to be a slight decline in buyer enthusiasm compared to previous months. Buyers are taking more time to make decisions and are more inclined to ask for concessions, reflecting a more cautious approach in the current market conditions.

Seller Insights: For sellers, this period presents opportunities, although properties may remain listed longer than they would during peak seasons. While there are still buyers in the market, a strategic approach may be necessary to attract offers.

Conclusion: Now may be a favorable time for buyers to enter the market with a decent inventory level, while sellers can still capitalize on the existing demand, albeit with the understanding that homes might take longer to sell. Continued monitoring of market trends will be essential as we move forward.

Recommendations:

For Buyers: Take the time needed to find the right property and consider negotiating for concessions.

For Sellers: Stay patient, and be prepared for a potentially longer selling cycle while remaining competitive with pricing and property presentation.

Keep an eye on the market dynamics in the coming months as shifts continue to unfold. If you are looking to buy or sell in this market, contact OKC Metro Group!