OKC Real Estate Market

[kukblue1]

What is days on market looking like?

The signs in my neighborhood are starting to linger.

Same in my neck of the woods. Interest rates might kill the market? Maybe?

[chssooner]

Same in my neck of the woods. Interest rates might kill the market? Maybe?

The market won't be killed. But it was too explosive to keep up with. Hence high prices and rents. With less activity, it can allow supply to begin to build up again, so prices can level off. Not be killed.

[Bits_Of_Real_Panther]

We just sold our house in 5 days but there's a lot of houses hitting the market between in the $250k-$299k range that ours sold for. We didn't get a ton of offers but were able to get list at least.

Did you give up a low fixed rate mortgage?

Seems most sellers (if selling then buying another place) would be trading a lower mortgage rate for a higher mortgage rate.

Incentive there would be to stay put...

[PoliSciGuy]

We're fortunate to not see too much of a change in our interest rate, and the equity we've made over 7 or so years gives us a significant enough down to make it a wash essentially.

[OKCRealtor]

What is days on market looking like?

The signs in my neighborhood are starting to linger.

Average DOM is 16 days while the median DOM is still a remarkable 4.

Like Richard mentioned the supply of homes is higher than it has been in a long time - couple years roughly. 1.7 months total supply which is still pretty low overall.

It's not quite the feeding frenzy that it was on the buying side but if you have a nice property and it's priced in the range it should be it will still sell for a good price quickly.

While a lot of people have been priced out of buying all together it really has gotten a lot easier to get deals done without so much competition.

These are MLS wide statistics at the end of June just FYI.

[Bellaboo]

We put my mothers house on the market July 11. Built in 1963 in Yukon. In 5 days we had 3 offers. We took the bid that was $5,000 over listing price.

Close is set for August 17.

[OKCRealtor]

I also forgot to add that prices went up 13.9% in June so they are moderating overall and starting to come down.

[jccouger]

Any general updates on housing prices/inventory/days on market?

[OKCRealtor]

Any general updates on housing prices/inventory/days on market?

Prices more or less staying stable, still up quite a bit y/y. There have been a lot of price reductions this month, sellers having to be more realistic now that the market has shifted.

Inventory has been up the last couple months but still a shortage overall and looks to be staying relatively flat now.

Median DOM is still only 6 and average is 18 - MLS Wide. These have ticked up a little but still pretty hot by historical norms.

There's still a supply/demand imbalance and will be interesting to see what happens going forward, the general market conditions are likely only going to exacerbate the issue.

[josefromtulsa]

I am 23 and probably wont be buying for another 3-5 years. What areas of OKC will be ripe for revitalization in that time?

Maybe Capitol Hill will be on the upswing by then.

[Pete]

I am 23 and probably wont be buying for another 3-5 years. What areas of OKC will be ripe for revitalization in that time?

Maybe Capitol Hill will be on the upswing by then.

I would keep an eye on Metro Park, which is south of 10th and west of Classen.

There is already some movement there but still way cheaper than anything north of 10th, the Classen-Ten-Penn area that has tons of tear-downs and new construction.

Also Military Park, on either side of 30th and west of Classen. And May-Penn, north of 36th and west of Penn. Sequoyah, south of 36th and west of Penn.

I think the Britton neighborhood just south of the old town of Britton (which is really taking off) is still relatively affordable and it's a great location not that far from the Village and Nichols Hills.

There is a great little neighborhood just east of Broadway and south of NE 63rd called Wildwood. Really, lots of great little pockets on the NE side, some on some very pretty lots.

[oklip955]

Hey, OKC realtor what are acreage properties doing right now? More specific in the Edmond/Arcadia area. thanks.

[OKCRealtor]

Hey, OKC realtor what are acreage properties doing right now? More specific in the Edmond/Arcadia area. thanks.

Edmond area is still doing pretty good and properties are moving pretty quickly overall if they're priced/marketed appropriately. Got beat on several multiple offers still in Sept- most of them in Edmond area/north OKC.

[OKCRealtor]

Median DOM now with Sept data in is 9 days and average DOM is 24 days.

Statistically these are both up quite a bit but compared to historical norms it's still a pretty hot market. Macro & economic conditions deteriorating but economy remains strong & resilient. Still not back to a pre-covid market yet but things continuing to normalize as long as rates keep going up. Much easier for buyers to get a deal done now, last couple years it took a lot of cash to win which many simply don't have.

[Soonerinfiniti]

While looking for a house in the South of I-44, west of I-235 area, we previously saw multiple contracts, cash offers the day of the open house. 813 NW 54th is a good example. In the past, this type of house in this location would go fast. They have now had to drop the price twice. I realize it is anecdotal, but we only know what we see....

My anecdotal feeling is in the past when people paid with cash, they likely borrowed it from a family member, etc. Where are all the cash buyers now? You wouldn't think an interest rate increase would affect the cash buyer. I don't think real cash buyers are out in force. Or they realize the market has turned and they are waiting for prices to go down even further.

[Pete]

^

I don't think many people pay with cash.

They do often use cash in order to finance the property after the appraisal comes in lower than the asking price.

[Bill Robertson]

There are 2 houses within a couple blocks of mine that have had signs for a couple months. That wasn't happening last year.

[Richard at Remax]

It's bad out there folks. Buckle up for the next few months

[Bill Robertson]

I'm really glad I don't have to worry about it. Our house will be paid off in January. My daughter has informed me that she doesn't want me to leave her anything that she has to deal with. So when my wife turns 62 we're going to look into reverse mortgages. Now if I could just stop the "I want to buy your house" texts. We're leaving when the last one of us is taken out.

[Jersey Boss]

It's bad out there folks. Buckle up for the next few months

How does the # of mortgage applications in Oct compare to previous Octobers?

[Edmond Hausfrau]

I'm really glad I don't have to worry about it. Our house will be paid off in January. My daughter has informed me that she doesn't want me to leave her anything that she has to deal with. So when my wife turns 62 we're going to look into reverse mortgages. Now if I could just stop the "I want to buy your house" texts. We're leaving when the last one of us is taken out.

I'm confused. If you are paid off for the mortgage in a few months (congrats), why get a reverse mortgage? There are better ways to get an annuity payment that don't risk your home. Can you sell a home that has a reverse mortgage if you need to liquidate? I'm genuinely asking as I always assumed reverse mortgages were bad news.

[Bill Robertson]

I'm confused. If you are paid off for the mortgage in a few months (congrats), why get a reverse mortgage? There are better ways to get an annuity payment that don't risk your home. Can you sell a home that has a reverse mortgage if you need to liquidate? I'm genuinely asking as I always assumed reverse mortgages were bad news.

I have heard bad things also. I've also heard positive stories. That's why I'm going to thoroughly research. I have a couple years to research.

[warreng88]

I'm really glad I don't have to worry about it. Our house will be paid off in January. My daughter has informed me that she doesn't want me to leave her anything that she has to deal with. So when my wife turns 62 we're going to look into reverse mortgages. Now if I could just stop the "I want to buy your house" texts. We're leaving when the last one of us is taken out.

Paid off our house in February and we live in the Crestwood area (down the street from Bullbear). We were looking to purchase a new house and keep the house as a rental, but can't find the right thing in the right area and don't want to move to the burbs. I, honestely, don't care as much about the rate as a lot of people as I would prefer to get a good deal on the purchase and then refi down the road. I would rather pay 2% higher on a rate that can be refinanced in the future than pay $50,000 more for a property that might not appraise for that amount and have to bring that much cash to the table.

I have noticed a significant slow down of the call/text/email/mail/carrier pigeons saying they want to buy our house. Have you?

[Bill Robertson]

Paid off our house in February and we live in the Crestwood area (down the street from Bullbear). We were looking to purchase a new house and keep the house as a rental, but can't find the right thing in the right area and don't want to move to the burbs. I, honestely, don't care as much about the rate as a lot of people as I would prefer to get a good deal on the purchase and then refi down the road. I would rather pay 2% higher on a rate that can be refinanced in the future than pay $50,000 more for a property that might not appraise for that amount and have to bring that much cash to the table.

I have noticed a significant slow down of the call/text/email/mail/carrier pigeons saying they want to buy our house. Have you?

As far as the call/text/email/mail/carrier pigeons saying they want to buy our house definitely no slowdown. If anything it's getting worse and they're getting pushier. As in I can block one number and they use another.

[OKCRealtor]

Median & Average DOM for October were 12 & 27 days respectively. Despite higher rates things still moving pretty good overall.

It's not a bad market it's just a different market/norm now. Buyers can now get into a home again for little to no money out of pocket in a lot of cases if they can afford the higher payment.