OKC Real Estate Market

[LocoAko]

It looks like the animation you posted is no longer working. Can you post again?

Sorry, I'm having issues with it since it is so large.

Here's a link to the full animation, which I much prefer to the static image: https://i.imgur.com/ITDsJBd.gifv

In lieu of that, here's just the 2020 (final) map:

[Pete]

^

What does yellow indicate?

[Canoe]

^

What does yellow indicate?

I believe it is 2020 to date.

[LocoAko]

Yep. I wanted it to stand out since it's an incomplete year.

[Richard at Remax]

Awesome Map. when I moved to Edgemere Park in 2009 it was on the tail end of the remodels. I bet it you extended this back to 2005 it would light up like a christmas tree.

[GoGators]

That’s a great visual. I love looking at stuff like that. Awesome job.

I think there will be a ton of new yellow ones by the end of 2020 all over this map. I counted out 9 current “flips” in progress in a 4 block radius of my house last month (Gatewood)

[AP]

I agree with Richard. I’d love to see data going back a little further. I think there are a few neighborhoods that were ahead of the curve.

[LocoAko]

I agree with Richard. I’d love to see data going back a little further. I think there are a few neighborhoods that were ahead of the curve.

Very cool. I'll extend it back at some point and update it accordingly. Now that I have the code written it shouldn't take too long!

[AP]

Thanks for you work on this. Super insightful!

[Bits_Of_Real_Panther]

Any updates from industry folk?

[Pete]

These are national numbers but shows existing home sales down substantially:

https://www.nar.realtor/research-and...ing-home-sales

[gopokes88]

Was told by my realtor Edmond is on fire.

[Drake]

More buyers than properties. Multiple offers have been common. Helping to push the prices up

There was 1413 less houses on the market in May 2020 than May 2019. Just think homeowners are being more cautious about selling what they have.

[OKCretro]

https://www.cnbc.com/2020/06/29/coro...nt-in-may.html

realize its national but still

[sooner88]

I re-if’d my house and closed Friday. The notary for the title company said he’s been personally closing ~150 homes a month the past 4 months. While a portion of that is refinancing, he said this is the hottest he’s seen the market in some time.

[ditm4567]

The Village is on absolute fire. I believe my neighbor who is a realtor posted that homes in the Village are on the market for less than 10 days. My family just sold a rental property in here for $20k over what we paid for it in 2017.

[OKC Guy]

I know someone who lives in Plano area (Texas) and they had a hard time finding a house. They were looking in McKinney and it took them 5 houses before they finally got one. Keep in mind they bid $5-$10k higher than list on all of them. One house was posted on a Mon night they viewed on Tue and made an offer $10 over and it was refused due to another higher cash offer. This house sold in less than 1 day. They finally got one ($357k) at $7k over on 5th try. This is all within the past 4 weeks. Its crazy on fire there. His agent said in addition to new jobs moving in there is huge increase in people moving out of core Dallas. Plus Covid slowed down new home construction. So the suburban market is on fire down there.

[jedicurt]

I know someone who lives in Plano area (Texas) and they had a hard time finding a house. They were looking in McKinney and it took them 5 houses before they finally got one. Keep in mind they bid $5-$10k higher than list on all of them. One house was posted on a Mon night they viewed on Tue and made an offer $10 over and it was refused due to another higher cash offer. This house sold in less than 1 day. They finally got one ($357k) at $7k over on 5th try. This is all within the past 4 weeks. Its crazy on fire there. His agent said in addition to new jobs moving in there is huge increase in people moving out of core Dallas. Plus Covid slowed down new home construction. So the suburban market is on fire down there.

that seems to match up right with a family member i have in the Frisco area who is looking at new homes. and talks about how they keep getting outbid, and houses are going off the market in days

[emtefury]

Same in DC area. I have relatives who are trying to buy a house there. To be competitive they had to offer than the asking price and within three days of the house posting for sale.

[Pete]

I bet the buying competitiveness is coming at the lower end of the market, though.

This was already happening around OKC before Covid-19.

I live near Penn Square and there have been tons of flips in the last couple of years with most of them being snatched up within weeks of listing. But these are all in the $250K-$350K range.

[OKCRealtor]

The market is hot, inventory is still low overall and strong buyer demand due to interest rates. Running into tons of multiple offers, it's a really aggressive market overall. It's a great time to both sell and buy for different reasons. I wasn't really sure what to think in March as Covid was unraveling but have been pleasantly surprised overall. Very gratefully I have been fortunate enough to be ahead of where I was last year through June.

[gopokes88]

The market is hot, inventory is still low overall and strong buyer demand due to interest rates. Running into tons of multiple offers, it's a really aggressive market overall. It's a great time to both sell and buy for different reasons. I wasn't really sure what to think in March as Covid was unraveling but have been pleasantly surprised overall. Very gratefully I have been fortunate enough to be ahead of where I was last year through June.

Is there a flight to Edmond like we’re seeing in other metros? My realtor think there is but he says Edmond is always busy so hard to tell

[OKCRealtor]

Is there a flight to Edmond like we’re seeing in other metros? My realtor think there is but he says Edmond is always busy so hard to tell

Edmond is always in demand due to school system and overall high standard of living but I don't think any more so than normal and I'm in Edmond myself. There are generally more buyers out there at the moment but not everyone who wants to buy can, especially in an aggressive market like this.

[LocoAko]

Can also confirm. We just sold our house on the "low" end of the market and it was explosive -- 9 offers in the first day with more on the way before we cut it off, all AOA asking, after which a bidding war ensued, etc. I guess inventory in the $100-150K price range was just very low because while we knew it was a seller's market the competitiveness of it surprised even us.

[ShadowStrings]

I just bought a $250K house without looking at it in person (was out of town) because of how quickly houses have been selling. There were a couple I had been interested in that sold the same day they were listed.