OKC Real Estate Market

[chuck5815]

For the most part, with a few exceptions, everything in that price range and above is def slowing down. You have to basically get lucky this time of year.

Yeah, I've noticed a number of properties in Edmond (particularly in new construction) that seem to be priced right and have a lot of the desired features, but are just completely stuck. Not a lot of momentum.

[Rover]

If you want some real data on new home sales instead of anecdotes: https://www.builderonline.com/local-...lahoma-city-ok

It looks like it is the under $350K homes that lag the last few years, not the above.

Interesting if you compare it to Tulsa, which really lags OKC in new home sales and prices. Wonder if that's because they are much more dependent on O&G.

[Richard at Remax]

I can see that being true for new builds since there is an over saturation of new builds $350K and under so it takes time to close all those out. Most new builds above that are custom and the ones that aren't sell at a faster rate since there is less competition. However, lump existing in with new builds the MLS says another story

For all homes, in Edmond, current Active homes above $350K have been on market an average of 90 days.
pending homes at 71 days
sold homes (past 6 months) at 60

For all homes, in Edmond, current Active homes below $350K have been on market for 58 days
pending homes at 43
sold homes (past 6 months) at 33

[OKCRealtor]

Is it just me or has the market for 300k+ homes in Edmond /NW OKC basically ground to a halt?

I would say 300k is the rough dividing line where the market begins to slow and things can take awhile to get sold. However, that is just a general rule and there is a lot of 300k competition in Edmond. Things are also still moving very quickly at that price point if they are priced right and depending on other factors.

[gopokes88]

I would say 300k is the rough dividing line where the market begins to slow and things can take awhile to get sold. However, that is just a general rule and there is a lot of 300k competition in Edmond. Things are also still moving very quickly at that price point if they are priced right and depending on other factors.

That’s the thing too, anything priced correctly leaning towards aggressive will move quickly.

I see homes in fox lake move in a weekend and others take months. All about price.

[oklip955]

The reason I ask is that I plan on selling my acreage horse property close in. (Edmond) so I watch. I just have to find the right place to buy first. Not much out there like I want or that would work. Kind of funny that there is a lot of acreage but never the right place. I guess its the same with most people, just trying to find there perfect place.

[OKCRealtor]

The reason I ask is that I plan on selling my acreage horse property close in. (Edmond) so I watch. I just have to find the right place to buy first. Not much out there like I want or that would work. Kind of funny that there is a lot of acreage but never the right place. I guess its the same with most people, just trying to find there perfect place.

What price range are we talking about? There are a lot of people looking for acreages/privacy in general. Some of the properties I've seen get the most attention from buyers have been acreages. If priced right-this is key, overall, market is healthy and things are moving well.

[OKCRealtor]

That’s the thing too, anything priced correctly leaning towards aggressive will move quickly.

I see homes in fox lake move in a weekend and others take months. All about price.

Yes. My sister in law and her family live in Fox Lake. They are probably on the higher end in there but have a pretty unique property that has been updated with a pool and I think it would go pretty quick.

[oklip955]

Ok Realtor, mine place is est in mid 500K since it is 10 ac in Oklahoma county and close in but no in Edmond city limits, hill, view, trees, privacy, horse barn w/stalls, pipe and cable riding arena, small house in good shape, but a bit dated to todays standards. Fruit and nut trees, huge fenced garden area, mult outbuildings. Fenced and cross fenced. I cannot sell without finding my next place as I cannot be out in the street with all my stuff and renting is not an option for mult buildings worth of stuff. I am trying to find a smaller acreage close in with a larger house but hate what is in style now. Love light golden oak, brass, non open concept. Need good soil and about 3 or 4 ac of which 2 needs to be tillable. good well too for a rather large size garden and orchard. Soil is a deal breaker if not good as well as a good well and painted woodwork is also a deal breaker for me. it would have to be in a dumpser and gone. Same price range and area.

[BBatesokc]

That’s the thing too, anything priced correctly leaning towards aggressive will move quickly.

I see homes in fox lake move in a weekend and others take months. All about price.

That's how it is in my neighborhood to the south of Foxlake. I like that every house is different, with many built in the 60's-80's on 1.5 to 5 acres. They come up for sell often. Those who price reasonably and are low $300's sell really fast and people fix them up. Those who have unrealistic expectations have apparently no idea how many homes compete in the $400,000 range and you can build a nice brand new large home for that. We bought our's very reasonably, but had to take it "as is" and close quickly. But we bought it within hours of it coming up for sale.

[Edmond Hausfrau]

Need good soil and about 3 or 4 ac of which 2 needs to be tillable. good well too for a rather large size garden and orchard. Soil is a deal breaker if not good as well as a good well .

Good soil in Oklahoma? Let me know when you find some.

[Rover]

There’s lots of good soil in Oklahoma. Lots of very productive farming. You have to know what you are looking at and for what.

[Richard at Remax]

If you want to know current state of higher end market look no further than Nichols Hills area.

62 homes for sale over $1 million.
0 homes under contract over $1 million.

[chuck5815]

If you want to know current state of higher end market look no further than Nichols Hills area. 62 homes for sale over $1 million.0 homes under contract over $1 million.

Is this mainly due to continued weakness in the oil market?

[Richard at Remax]

I don't think that is helping. I also thing that NH just isn't as desirable as it has been in the past. It's stupid expensive to live there and you can get more bank for your buck in so many other parts of metro.

[chuck5815]

I don't think that is helping. I also thing that NH just isn't as desirable as it has been in the past. It's stupid expensive to live there and you can get more bank for your buck in so many other parts of metro.

That's a pretty good point. $150-175/ft. gets you an updated house with some high-end features in most parts of the metro, and the commutes are easy enough from most places. I can see why Buyers wouldn't want to pay a 2 or 3x premium to get into NH.

[OKCretro]

If you want to know current state of higher end market look no further than Nichols Hills area.

62 homes for sale over $1 million.
0 homes under contract over $1 million.

I think most of those homes people have overvalued the market. They see someone down the street get 1.5, they think they should get it as well.
They look at zillow and think thats what they should get as well.

I wonder if the new tear down law in NH is hurting sales?

[Rover]

I don't think that is helping. I also thing that NH just isn't as desirable as it has been in the past. It's stupid expensive to live there and you can get more bank for your buck in so many other parts of metro.

I don't think people buy in NH looking for a bargain. If cheaper is what you are looking for, yeah, they go elsewhere.

Relative to other high end neighborhoods, I don't think NH is necessarily less desirable than it has been, but may be less affordable overall right now. Million $ plus homes are struggling all over the metro.

[okatty]

Several of the Street of Dreams Homes in NE Edmond (may now just be two) are still on the market from the 2018 SOD, all in excess of $1 mill. Been sitting there a while and are beautiful homes.

[stlokc]

I agree with Rover. People don't live in Nichols Hills because they are worried about price per square foot or how many minutes it takes to commute somewhere. Even with the tear downs, which are unfortunate, Nichols Hills has a "feel," a history and a cachet (and a deep family history for a lot of people), not to mention possibly the best geographic location in the metro.

[SEMIweather]

In terms of high-end neighborhoods, not sure I see how Nichols Hills has a better geographic location than Heritage Hills/Mesta Park.

[Richard at Remax]

Lets look at Edmond

42 for sale over $1 Million
5 under contract over $1 million
(1,073 total for sale, 408 under contract)

Mesta/Heritage/Downtown Area

8 for sale over $1 million
0 under contract for over $1 million
(66 total properties for sale, 10 under contract)

MLS OKC METRO (Residential)

182 for sale over $1 million
6 Under Contract over $1 million (5 in Edmond, 1 in Norman)

As a 35 year old, from conversations I've had with buyers around my age, no one has Nichols hills high on their radar. If they have any interest, it's usually those east side streets that run along western. However, All agree it's just not worth the prices and property taxes. Places like Mesta, Heritage Hills, Crown Heights, Edgemere, Lakehurst, Linwood, Lincoln Terrace have more positive vibes.

All of Nichols Hills, there are 73 homes for sale. 4 under contract. Two of those are under $300K, one is at $575K gut job on east Wilshire, and one is an $875K tear down. I guess I just disagree with some (which is fine) that it's still the cream of the crop. Numbers aren't showing it. The people who live there obviously don't care, there just isn't a line forming to replace them when they put their house on the market.

[oklip955]

Worthy Cook and others involved in the real estate market, is it just me or are builders building a lot more low end starter homes these days? What i am calling starter homes are ones under $200K and under 2000 sq ft more like around 1500 sq ft. Also it seems like alot of the newer homes are being built on 7000 sq ft lots or less. I am sadden that developers east of I-35 in Edmond are dozing alot if not most of the trees not in a green belt and building lots of say 7000 sq ft range.

[stlokc]

To each their own re: Nichols Hills. I don’t really have a dog in the fight. It’s a small area and will definitely have a narrower pool of buyers than some place like Edmond. In my experience the people my age (40s) that are buying there are often those that grew up there, are through their starter houses and want to go back to raise their own kids there. Or the ones that grew up in surrounding areas and have always just really loved it.

[Richard at Remax]

Absolutely. The smaller the lots, the more houses you can build. Under $200K is a price range where they can basically print money, because it's a great starter home price, PLUS it being brand new. Now that being said you get what you pay for. They usually aren't the best quality of homes and most have issues down the road.

I'm still perplexed about east Edmond and the demand. Prices are ridiculous too. Reminds me of the flight to deer creek area not too long ago. You have over inflated prices that will eventually become saturated. Then when you try to get out you are upside down.