The Stats are in for January, and once again, we’ve got good news to report here in Central Oklahoma. Hopefully this will help you decide for yourself what the market’s really doing, rather than buying into the false perception that’s so easy to follow these days.
Check this out:
As you can see, we saw about a 7% drop in the number of homes sold compared to this time last year. For the negative nellies out there, that’s the stat you’ll want to hold on to, because every other category looks good:
- Average sales price is up 8%. That’s good news for every home owner!
- Median price stayed level, showing that there’s been a slight shift to lower-priced homes, and fewer higher-priced homes sold.
- The average interest rate obtained was down considerably. Lower interest rates typically equate to more buyers taking the leap, which is a good sign for the coming months.
- The percentage of sales price vs list price increased. If we were seeing a drop in the market, you’d see a substantial decrease here.
- Days on the market increased so slightly it’s hardly even worth mentioning.
Really, the only number that concerns me at all is the absorption rate figure. Inventory levels are a bit higher than I’d like to see, but with the buyer traffic we’re seeing right now, this number should drop next month.
By the way, I attribute the 7% drop to a couple of things.
- The weather we experienced this January played a big part, keeping would-be buyers off the roads.
- The negative media-fed perception is keeping a lot of buyers on the fence until they feel safe again.
Overall, these numbers are just another feather in the cap of central Oklahoma real estate. While a few markets around the country are seeing decreasing values and slow markets, we’re still enoying an 8% annual appreciation rate. Are you still sitting on the sidelines??
About Ryan Hukill
First off, thanks for posting this information. I am scoping out the Edmond area and keep hitting links that bring me back to your site. Great stuff.
I would love to see some of your metrics graphed out month-to-month for a rolling 12 month period. Maybe include prior year months in this graph, too. That would help me as a buyer to understand more about the actual trend versus the current month's snapshot. Also, it would be great to see the neighborhood graph overlayed onto a graph of Edmond, of the greater OKC metropolitan area and anything showing a national average. (Yeah…the sun, the moon, the stars…)
Thanks again for the info!
S, thanks for dropping by and being the first to comment on the new blog.
More importantly, thanks for the suggestions. I actually have a few graphs in the works and hope to have them perfected soon, so I can share them with the world. Nothing's better than hearing directly from the people I hope to benefit, so please keep the suggestions coming.
I may not be able to give you the sun, the moon and the starts all at once, but if you'll bear with me, hopefully I can provide that and more sometime soon.
By the way, have you subscribed to my monthly e-newsletter yet?
I will subscribe shortly and drop you a quick email. Thanks again for the site and the work you are doing here.