EP117 February Market Outlook for Central Oklahoma

Oklahoma Real Estate Show

January sales numbers are in and here is your market summary of the last 30 days in central Oklahoma and what to look forward to as we enter February. Check out our current homes for sale here https://www.OklahomaRealEstateShow.com Want to watch this episode on YouTube? https://youtu.be/LXZf0O63ooM The Median home price has bounced from its bottom in December of 230,000 ending the month of January at 237,730. That marks a 3.3% median price improvement in the last 30 days making January’s year over year improvement 8.1% Months supply of inventory dropped for the first time in 12 months hitting a low at 2.3 months supply of inventory coming out of January thats 4.4 percent lower inventory than December. This yet another sign that the local market in Central Oklahoma is returning to a more normal seasonal pattern Shows to pending, hits a new high for the year at 9 showings prior to going under contract across central Oklahoma. The last time Central Oklahoma had nine showings to pending was in may of 2022. The total average showings per listing is 5.5 up from 3.5 in December. Which may mean if your getting over 5.5 showings the first 14 days on market going into February you are highly likely to get under contract. Less than 5.5 showings and that's a strong indicator you are overpriced OR have a special property for a special buyer. Days on market is coming out way up out of January with a 34% increase in time sitting on the for sale side. December ended the month 17 days on market while February ended at 24 days. However to put this into a broader perspective the median days on market pre pandemic for January was around 27 days on market so we are still well below historic seasonal average days on market. This is yet another indicator that OLD windy Oklahoma is returning to the predictable Linear housing market. Negotiation power? January coming out with the same score for the last 90 days at 100% of list to close ratio, which has held rock steady since March of 2022. Exceptions being the $500k - $1million listings whose median dropped to 99.3 percent of the purchase price. Also the price point below 100k seeing a steep drop to just 93% of the listing price achieved. Now its important to note that these figures do not include the famous buyer asking for the seller to pay their closing costs which have nearly tripled in popularity in offers over the last 90 days. Most loans allow the seller to contribute up to 3% of the purchase price or 6% on an FHA loan and 2% on investment loans. This can be a great incentive for buyers who may want to personalize the home prior to moving in, the savings on closing costs is looked at like free money to overcome objections like removing an above ground pool or repainting that “favorite” bedroom of the seller. To contact me about your home click here!! https://www.OklahomaRealEstate Show.com/contact