June 2023 Housing Market Update

Erica Garvin — Wed, 14 Jun 2023 05:38:05 +0000

The data is in! What exactly is happening in the Oklahoma market? Is it a great time to sell my home? Is it a good time to buy a home? It’s no surprise that the housing market in Oklahoma is under pressure. Some sellers are receiving multiple offers over asking while other sellers are seeing their homes sit on the market to no avail. What if I told you that what it comes down to is the price point, a clear and definitive marketing plan, and the addition of minor upgrades to your home is what it takes to have your home swept off the market by a buyer? The good news is that overall the housing inventory in Oklahoma is at an all-time low. Buyers are still looking to buy, but due to the increase in interest rates buyers’ price ranges are much smaller causing a bigger pool of buyers at certain price points.

What Is Happening To The Inventory?

The total housing inventory at the end of May 2023 decreased by 27.56% to 2,457 existing homes available for sale. Over the last 12 months, there has been an average of 1,140 closed sales per month. Overall, in comparison to the end of May 2022 there has been a steady decline, which may be a great outlook for sellers. In hot-pocket price ranges (250k & below) sellers may find that buyers may still be bidding over asking. This is definitely true in highly sought-after neighborhoods and homes located near desirable areas. It is a great time to sell your home in this market as an increase in inventory is needed to stabilize the market! Sellers may find that they are receiving top dollar for their homes without having to provide any buyer incentives. Interested in a FREE home evaluation? Click the link: https://ivykeyteam.com/sell/

How Long Are Homes Sitting On The Market?

Homes are sitting on the market for an average of 29.30 days. This has increased by 9.97 days (51.59%) in comparison to May 2022. Although homes are sitting on the market longer in comparison to last year, days on market has decreased by an average of three days in comparison to April’s numbers. Selling your home this summer has both its pros & cons:

Pros of Selling Your Home This Summer:

Increased buyer activity: Summer is a popular time for homebuyers, as many people take vacations and have more flexibility to search for homes. This increased buyer activity can potentially result in more showings and offers on your property.
Curb appeal: During the summer, your home’s exterior can look its best with lush landscaping, blooming flowers, and vibrant greenery. The attractive curb appeal can create a positive first impression for potential buyers.
Longer daylight hours: The longer days in summer provide more daylight for showing your home, making it easier to showcase its features and create a warm and inviting atmosphere.
Better weather for home repairs and renovations: If your home needs any repairs or improvements before selling, summer offers better weather conditions for outdoor projects. It allows for easier maintenance, painting, or staging tasks.
Families on the move: Summer is an ideal time for families with school-age children to relocate. They prefer to move during this season to settle in before the new school year begins, increasing the pool of potential buyers for your home.

Cons of Selling Your Home This Summer:

Increased competition: While summer brings more buyers to the market, it also means more sellers listing their homes. This increased competition can make it harder to stand out among other properties, potentially leading to a longer time on the market or a need for competitive pricing.
Vacation season: Many potential buyers may be away on vacation during the summer months, which can limit the number of available buyers during specific periods. This reduced buyer pool can affect the speed of the sale.
Higher buyer expectations: With increased competition, buyers may have higher expectations for homes listed in the summer. They may expect well-maintained properties, updated features, and attractive outdoor spaces. Failing to meet these expectations could make it harder to sell your home.
Hot weather challenges: Depending on the location, summer can bring hot and humid weather conditions. This can make it uncomfortable for both buyers and sellers during showings and open houses. Keeping the home cool and comfortable may require extra effort and expenses.
Potential for delayed closings: The summer season is a busy time for real estate professionals, including lenders, appraisers, and inspectors. The increased workload can sometimes lead to longer processing times for necessary paperwork, potentially delaying the closing process.

Pressure On Oklahoma’s Housing Market

Ready To Start the home selling process? Contact one of our certified listing professionals and download our home selling guide here: https://ivykeyteam.com/sellers-guide/