OKC Real Estate Market Update, MARCH 2023
February 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 March.
The Median home price has dropped from its January high of 238,000 ending the cold temperature month of February at 231,500. That marks a 2.7% median price decrease in the last 30 days, making February’s year over year improvement up half a percent.
Months supply of inventory dropped a low at 2.10 months supply of inventory coming out of February thats 4.5 percent lower inventory than January. This yet another sign that the local market in Central Oklahoma is returning to a more normal seasonal pattern.
Shows to pending,settled in at 8 showings prior to going under contract across Central Oklahoma. The total average showings per listing is 5.2, up slightly from January. Which may mean if your getting over 5 showings the first 7 days on market going into March you are highly likely to get under contract. Less than 5 showings and that's a strong indicator you are overpriced OR have a special property for a special buyer.
Days on market dropped to 23 from its high of 24 in January. For the last 10 years of market history in Central Oklahoma, the longest days on market for properties are normally in January and February. So there is a good chance that March and on into the summer will see falling days on market..
Negotiation power? February came out with the same score for the last 120 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 98.7 percent of the purchase price. This is the second month in a row that price point has seen closings under contract price. Also the price point below 100k seeing a steep drop to just 92% of the listing price achieved and this also marks the second month contract closing below list price in the 100k and under category.
New home construction has started dropping alot of their incentives, with companies like taber, LGI and home creations removing buyer incentives and agent bonuses off the purchase menu. A welcoming sign that the inventory glut from last months buyer specials has been sold.
Interest rates are on the rise again with the rates going into March hoving in the high 6’s with some buyers seeing 7.2 and above. Yet even with rates ticking higher, the total volume of mortgage applications still rose slightly according to mortgage news daily. though, year over year the total mortgage applications are down 42%.
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