Months Supply of Inventory (MSI) Decreases

The total housing inventory decreased 0.36% to 2,503 existing homes available for sale. Over the last 12 months, this area has had an average of 1,044 closed sales per month.

Average Sale Price Going Up

The Oklahoma market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 2.38% in September 2023 to $300,765 versus the previous year at $293,788.

Average Days on Market Lengthens

The average number of 29.90 days that homes spent on the market before selling increased by 9.30 days or 45.14% in September 2023 compared to last year’s same month at 20.60 DOM (days on market).

Summary

Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished weak this month. There were 1,423 New Listings in September 2023, down 6.13% from last year at 1,516. Furthermore, there were 1,064 Closed Listings this month versus last year at 1,348, a -21.07%
decrease Closed versus Listed trends yielded a 74.8% ratio, down from the previous year’s, September 2022, at 88.9%, a 15.91% downswing. This will certainly create pressure on a decreasing
Months Supply of Inventory (MSI) in the months to come.

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The post October 2023- Oklahoma Housing Market Update first appeared on Ivy Key Team .