Oklahoma Housing Market Analysis - August 2024
The Oklahoma housing market in August 2024 presents a complex landscape with a mix of positive and negative trends. The data reveals a nuanced picture of the current state of the market, reflecting both growth and challenges.
Price Trends
The Median Sales Price for homes in Oklahoma stands at $251,800, marking a modest year-over-year (YoY) increase of 1.1%. Similarly, the Median List Price has risen to $260,200, up by 1.0% YoY. These figures indicate a stable yet slow appreciation in home values. The median Price Per Square Foot has seen a more significant rise, reaching $149, which is a 3.7% increase YoY. The Median List Price per square foot has surged by 6.9% YoY, now at $154.
Sales and Inventory
The number of Homes Sold in August 2024 is 4,523, reflecting a 3.8% increase YoY. However, Pending Sales have decreased by 4.8% YoY, totaling 4,622. New Listings have grown by 3.3% YoY, with 5,370 new properties entering the market. Inventory levels have seen a substantial rise, up by 22.0% YoY, now standing at 13,292 homes. The Months of Supply, a critical indicator of market balance, has increased by 40.0% YoY to 2.9 months, suggesting a shift towards a more balanced market.
Market Dynamics
The Median Days on Market for homes in Oklahoma is 35 days, which is a 10.0% increase YoY. This indicates that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio has decreased by 0.6% YoY, now at 97.5%, suggesting that homes are selling slightly below their list prices. The percentage of Homes Sold above list price has dropped significantly by 7.0% YoY, now at 20.7%.
Price Adjustments and Off-Market Activity
Price Drops have increased by 1.6% YoY, with 31.9% of listings experiencing a reduction in price. Additionally, the percentage of homes going off-market within two weeks has decreased by 5.6% YoY, now at 32.7%. These trends indicate a market where sellers may need to adjust their expectations and pricing strategies to attract buyers.
Conclusion
Overall, the Oklahoma housing market in August 2024 shows signs of both stability and adjustment. While home prices continue to rise, albeit modestly, the increase in inventory and Months of Supply suggests a shift towards a more balanced market. Sellers may need to be more flexible with pricing, as indicated by the rise in Price Drops and the decrease in Homes Sold above list price. Buyers, on the other hand, may find more opportunities and negotiating power in this evolving market.
