Months Supply of Inventory (MSI) Increases
The total housing inventory at the end of December 2023 rose 8.88% to 2,526 existing homes available for sale. Over the last 12 months, this area has had an average of 1,027 closed sales per month. This represents an unsold inventory index of 2.46 MSI for this period.
Average Days on Market Lengthens
The average number of 34.35 days that homes spent on the market before selling increased by 5.45 days or 18.84% in December 2023 compared to last year’s same month at 28.90 DOM.
Average Sale Price Going Up
According to the preliminary trends, this market area has experienced some upward momentum with the increase in Average Price this month. Prices went up 3.01% in December 2023 to $293,793 versus the previous year at $285,222.
Sales Success is Positive
Overall, with Average Prices going up and Days on the Market increasing, the Listed versus Closed Ratio finished weak this month. There were 983 New Listings in December 2023, up 5.36% from last year at 933. Furthermore, there were 865 Closed Listings this month versus last year at 976, a -11.37% decrease. Closed versus Listed trends yielded an 88.0% ratio, down from the previous year’s, December 2022, at 104.6%, a 15.88% downswing. This will certainly create pressure on an increasing Month Supply of Inventory (MSI) in the months to come
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February 2024- Oklahoma Market Update
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