Hello OKC Metro Friends! We’re entering into the fall months. And while things generally start to slow down in Real Estate, we are still seeing a lot of activity in the OKC Metro. So stay tuned for this edition of OKC Metro Market Update: September 2021 Results!
September results show the average sale price decreased from $282K in August to $255K, or 9.6%. Looking at this metric, without taking into account other important metrics, may lead one to believe there has been nearly a 10% drop in demand. But there is more to it than that since we are clearly still in a Seller’s Market. This drop in average sales price could simply mean there are less multiple offer situations driving up sale prices. But still significant demand to still consider this a Seller’s Market.
Days on the Market
The Days on Market (DOM) metric increased 123% from 13 days to 29 days! The last time DOM increased from the prior month versus decreasing, was way back in February 2021! The results for September compared to August indicate homes are staying longer on the market, and again, the number of multiple offer situations may be decreasing. This could also indicate there may have been an injection of homes onto the market by builders, or sellers wanting to get in on the Seller’s Market “action.” Remember, it’s all about supply and demand.
This OKC Metro Market Update also shows there has also been a decline in the Active Listing from last August’s 1716 to September’s 1510, which is a 12% decrease. This is a very important metric to consider in our analysis. As indicated above, DOMs may increase if there is more supply. But now reviewing the Active Listings metric and realizing that it also has gone down, the overall picture may be showing us that buyers and buyer demand may in fact be waning a bit. There are less houses going into the market and still DOM has increased. This could mean that while houses are still selling in the OKC Metro area rather quickly, the “Buyer Frenzy” may be slowing down. They may be taking their time as compared to earlier in the year.
Homes Sold last month also dropped by 4.7%, from 1858 to 1771. This is not surprising now that we have carefully reviewed the other metrics. But note the drop in homes sold is 4.7% compared to the drop in new active listings is 12%. This may simply be indicating that while there is a slight overall slowdown of the market, houses hitting the market are much lower than the actual demand for homes, since homes sold only dropped by 4.7%. Bottom line…homes are still selling at a very strong and steady rate here in the OKC Metro area.
The Bottom Line
The OKC Metro is still doing very well. It continues to be considered a Seller’s Market. However the speed in which homes are selling and at premium prices appears to be slowing down.
What this means for Seller’s is that it is still THE BEST TIME to list and sell your home or property.
For Buyers, especially those that have struggled all year competing with multiple offers, this may be YOUR best time. Or at least the best it’s been all year for buyers.
All of these changes affect home values, including yours and now may still be THE BEST time for you to SELL YOUR HOME or BUY A HOME! And that’s where I can help. As an experienced real estate professional in the OKC Metro I’m here for you. If you’re thinking about making a move, I can help & guide you through the process. No pressure, no sales tactics and no gimmicks. Just the help and guidance you need.
Just reach out. You can call or text me at 210-279-7990 or email me at [email protected]
I am also co-owner of OKC Metro Group.
For other market updates CLICK HERE!