Monthly Housing Statistics from the Norman Board of Realtors
All data compiled by RE STATS Inc from the AMLSOK
The majority of the data is very positive. The housing inventory or supply is now below 5 months, which typically signifies a seller's market. Closed Volume Sales was up an astounding 31.61%, but this number was greatly influenced by the 22% increase in Closed Unit Sales. All three of these stats are great news for sellers.
The median days on market increased by 12 days to 90 days for the Year to Date DOM, which was the only bad news for sellers.
As far as the averages go they are pretty similar to the median numbers.The biggest difference is in the Average Sales Price (ASP), which increased by 7.76% compared to only 4.47% on the median ASP.
Which numbers do you put the most stock in? I suggest looking at the data as a whole and seeing the overall trend in the market. The current trend, in my opinion, is a seller's market. I believe this is even being reflected in the negative data for Days On Market (DOM). More sellers are willing to wait longer to get their asking price and buyers are being slow to adjust. (With DOM you have to assume all houses are correctly priced to begin with and we know that is not always the case.)
The second group of number I am looking at is the Closed Unit Sales Year to Date. There have been 156 more closing in the first two months of 2013 and home prices are increasing while housing inventory is decreasing.
Low interest rates, lower inventory and increasing sales prices. If you are sitting on the fence waiting for that 'steal' you may have waited to long. Get of the fence and get into a new home!
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