Months Supply of Inventory (MSI) Increases

The total housing inventory at the end of February 2024 rose 8.20% to 2,389 existing homes available for sale. Over the last 12 months this area has had an average of 1,031 closed sales
per month. This represents an unsold inventory index of 2.32 MSI for this period.

Average Days on Market Lengthens

The average number of 40.93 days that homes spent on the market before selling increased by 5.45 days or 15.35% in February 2024 compared to last year’s same month at 35.48
DOM.

Average Sale Price Going Up

According to the preliminary trends, this market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 5.38% in February 2024 to $297,067 versus the previous year at $281,890.

Sales Success Is Positive

Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished strong this month. There were 1,092 New Listings in January 2024, down 8.85%
from last year at 1,198. Furthermore, there were 740 Closed Listings this month versus last year at 700, a 5.71% increase. Closed versus Listed trends yielded a 67.8% ratio, up from the previous year’s, February 2023, at 58.4%, a 15.98% upswing. This will certainly create pressure in the months to come.

Erica Garvin

The post February 2024- Oklahoma Market Update first appeared on Ivy Key Team .