View From Purcell, Oklahoma: Monthly Housing Stats Norman, Oklahoma: June, 2014

Monthly Housing Stats Norman, Oklahoma: June, 2014

Monthly Housing Stats:

Norman, Oklahoma June, 2014

Note: Stats are for AMLSOK, which serves central Oklahoma.

 

June's stats seem to contradict themselves, but I believe the conflicting data is easily explained.

Comparing June, 2013 to June, 2014 shows closing are down almost 10% and the year to date closing are down almost 12%. This would make some believe prices have plateaued or we are headed into a downward market.

However, the average sales price comparing June, 2013 to June, 2014 is up 13.68% and the year to date is up 3.6%. What does this show? Seller's market.

Additionally, the average Days on Market (DOM) is down over 9% and year to date is down almost 12%. What does this show? Seller's market.

Finally, the June Inventory numbers show inventory is down almost 18% compared to June 2013 and 15.47% year to date. What does this show? Seller's market.

How am I arriving at the Seller's market determination?

  1. An Average Sales Price increase of more than 6% in a 12 month period. This signifies a Seller's market.
  2. Average Days on Market is well below 90 days, which favors Sellers.
  3. Housing Inventory (Supply) shows an Absorption Rate of less than 4 months. Anything below 6 months is in favor of Sellers. Note: Aborption Rate is how long it would take to sell every home currently listed assuming no new supply.
  4. Average Asked to Sold Ratio is still above 97%. Again, this favors Sellers and shows that asking prices have not increased outside supportable numbers.

 

 

 June Stats

 If you have any questions about this report please feel free to contact me at number or email address below.

 ____________________________________________________

If you are searching for a property in McClain County (Cities: Purcell, Washington, Goldsby, Wayne, Dibble and Byars) or Cleveland County (Cities: Norman, Lexington, Noble and Slaughterville) I can help you find what you are looking for!

As a Real Estate Professional I specialize in listing and selling residential real estate.  Whether those are new homes, resales, foreclosures, Real Estate Owned (REOs) or short sales, I can help you find your new home or sell your current property.

 I also handle farms, ranches, raw land and commercial properties.

Licensed to SELL - Dedicated - Experienced - Honest - Than Maynard - Purcell, OK

Head shot

Than Maynard
REALTOR, CRB, Certified Short Sale agent, Certified Foreclosure Agent, Accredited REO Agent
Coldwell Banker Heart of Oklahoma Real Estate
1726 N Green Avenue, Purcell, OK 73080
CELL: (405) 990-8862
OFFICE: (405) 527-3012
www.cbheart.com

 

 

We never stop moving 3d

Comment balloon 4 commentsThan Maynard • July 16 2014 07:24AM

Comments

Excellent market report, thanks for sharing.

Have a Big day,

Randy

Posted by Randy Shamburger, FHA, VA, USDA and Conventional Mortgage Expert (Movement Mortgage) over 5 years ago

John

Thanks for sharing the June 2014 real estate market update for Norman Oklahoma.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) over 5 years ago

Than, thanks for the update for the Norman, Oklahoma housing market.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 5 years ago

Sounds like an analysis to me.  How many there are arriving at your conclusion?  Seems you are hitting the nail hard.

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) about 5 years ago

Participate