OKC Real Estate Market

[chuck5815]

How is the $600K+ market doing?

[Bellaboo]

How is the $600K+ market doing?

I was at a womans home Sunday in Norman. She put her home on Zillow prior to listing with an agent. She had 2 face time walk throughs and a contract within 48 hours. This one was in excess of $600 thousand but less than $700 k.

[Jersey Boss]

How has Covid impacted the market in the metro? Condos harder to move? Suburban market more desirable? No changes, etc.?

[Roger S]

How has Covid impacted the market in the metro? Condos harder to move? Suburban market more desirable? No changes, etc.?

I've been cranking out grading plans for new subdivisions since this all started and have way more work than I can handle right now. Have even been turning work away due to the backlog.

[sooner88]

How has Covid impacted the market in the metro? Condos harder to move? Suburban market more desirable? No changes, etc.?

I work with a home builder who focuses on the $250-350k purchase price, and they can't build homes fast enough. Between historically low interest rates and people wanting to get out of the confines of apartment dwelling, they are hitting record numbers. Investment properties have taken a hit due to a large portion of the tenants (at least for my customers) working in the hospitality industry and unable to make rent payments.

[Bill Robertson]

Just an observation but our area of neighborhoods is about half a square mile of 130 to 250 thousand dollar houses. Up until a few weeks ago everything seemed to sell within a couple weeks of a sign popping up. It seems like it's come to a screeching halt. The ten or so houses I can think of that are for sale have had signs for weeks.

[Richard at Remax]

It is starting to slow down as it usually does this year, but still the market is humming at a good pace. With no end in sight of interest rates being historically low, expect it to roll through to the spring.

[Jersey Boss]

It is starting to slow down as it usually does this year, but still the market is humming at a good pace. With no end in sight of interest rates being historically low, expect it to roll through to the spring.

Did you observe a noticeable uptick in houses in sub divisions say post March or a noticeable down tick in condo sales for the same time frame?

[Jersey Boss]

It sounds like all housing types have been strong. Thanks.

[MikeLucky]

We just put our house on the market last Tuesday. We've had a showing everyday since it's been listed. We're listed at $325. Our realtor doesn't expect it to last longer than 30 days. We'll see.

Side note: Anyone looking for a 5 bedroom home in a tree lined neighborhood? Tree pruning has been done recently. lol

[thunderbird]

Our has been listed since the middle of March, still not sold. It's in the higher price range and our realtor and others who have viewed it agree the price is right if not a hair low. It has an upstairs bedroom and I think that is killing the market on it which skews older since it's a bit pricey.

We had one buyer but they backed out because it needed two piers. Apparently that's too many issues for a completely remodeled 82 year old house.

All that said, the neighborhood we are moving to can't build houses fast enough, new construction is flying off the shelf - Even the ugly ones.

[oklip955]

Just me watching realtor.com but it seems that acreage properties esp in the Edmond area are selling fast. Someone in the know, let me know if I am right.

[BoulderSooner]

Just me watching realtor.com but it seems that acreage properties esp in the Edmond area are selling fast. Someone in the know, let me know if I am right.

yes they are selling fast and prices are up about 15% in the last year

[Bellaboo]

In July we sold our house in 4 days. Got $ 297 k which was $ 2 k less than full asking price. Closed first week of August.

[OKCRealtor]

In a nutshell it has created less supply and more demand with the historic interest rates. With a few exceptions homes are selling within a couple weeks (and thats a long time) if priced correctly. Even some of the higher end stuff I've been in multiple offer situations on. Tons of multiple offers, particularly under 200k. Condos of course move a little slower but still not bad because of all the buyers out there, with the exception of the Norman market. Basically it's been a great time to sell most of the year and looks to continue for awhile. Average days on the market is 11 right now, up only 1 day from last month. It's still hot even for this time of the year just not quite as crazy as a couple months ago.

[Jeepnokc]

In a nutshell it has created less supply and more demand with the historic interest rates. With a few exceptions homes are selling within a couple weeks (and thats a long time) if priced correctly. Even some of the higher end stuff I've been in multiple offer situations on. Tons of multiple offers, particularly under 200k. Condos of course move a little slower but still not bad because of all the buyers out there, with the exception of the Norman market. Basically it's been a great time to sell most of the year and looks to continue for awhile. Average days on the market is 11 right now, up only 1 day from last month. It's still hot even for this time of the year just not quite as crazy as a couple months ago.

Is the Norman market bad or good right now for condos?

[OKCRealtor]

Is the Norman market bad or good right now for condos?

It's been tough and slow moving compared to the general market. I had a listing which was pretty nice and completely remodeled not long ago and had to basically give it away. So many of them are investor owned and rent to the college population and there has been a lot of pull back and uncertainty with Covid.

[FighttheGoodFight]

It's been tough and slow moving compared to the general market. I had a listing which was pretty nice and completely remodeled not long ago and had to basically give it away. So many of them are investor owned and rent to the college population and there has been a lot of pull back and uncertainty with Covid.

It does *feel* like a lot of places are for rent now where usually most places are just full. Maybe landlords or rental companies are feeling the pinch of students who stayed home and did online.

[MikeLucky]

We just put our house on the market last Tuesday. We've had a showing everyday since it's been listed. We're listed at $325. Our realtor doesn't expect it to last longer than 30 days. We'll see.

Side note: Anyone looking for a 5 bedroom home in a tree lined neighborhood? Tree pruning has been done recently. lol

Well, we got an offer on Thursday and accepted. $316, each side pays own closing, close December 30. It came exactly 3 weeks after listing. We had like 8 or so showings right in a row then absolutely nothing until Thursday. They saw it that morning, requested another showing for the next day, then about an hour later submitted the offer. Completely shocked but very happy. Nest is empty and I got laid off in October so this was needing to happen. Already found a place very near 23rd Street so we are going to do the fun, urban living for a bit and see how we like it.

[Bellaboo]

My neighbor across the street listed his and sold, got a contract for $450. He said he got near asking price. He closes Jan 5.

[C_M_25]

I can’t figure out this market right now. I have seen many houses go up and sell within hours in the north side of the city. There isn’t much inventory out there right now...at least in my price range and location preference. Everything just seems artificially hot right now and I can help but wonder if we have a bubble forming.

New builds are through the roof because of lumber shortages. Extremely low rates. Limited inventory for older homes. I was even told that there are a lot of people borrowing against their 401k’s to finance their homes!!!

Interest rates will go up. Lumber will catch up as covid wanes. More people will eventually feel comfortable selling their homes (hopefully). If this all happens, I could see home prices correcting a bit. They need to because they’re getting out of control right now.

[oklip955]

Yah, I think you are right about a bubble. When the lumber shortage is over then a lot of new homes will be built. People upsizing and downsizing. I think then alot on the market will drive down prices and will be a buyers market. I'm not in real estate, just an older lady who watches the market and seeing a lot of new building going on the east side of Edmond right now. I see the signs for homes stating at..... and cannot believe the price for the square footage and tiny lots. cookie cutter homes, all the same.

[OKCRealtor]

The market won't stay like this forever and will level out at some point but I think we see more of the same into 2021. There has never been a better time to sell and there's a lot of pent up demand with extremely low inventory. There are a ton of people relocating here from the coasts and we still have one of the lowest average housing prices in the country so really only one direction to go IMO.

[SouthOfTheVillage]

Surprising, to me, that the Builders think they can throw hollow-core doors in new construction at $180+/ft. Are the margins really that tight or do the buyers just not care?

[bucktalk]

The market won't stay like this forever and will level out at some point but I think we see more of the same into 2021. There has never been a better time to sell and there's a lot of pent up demand with extremely low inventory. There are a ton of people relocating here from the coasts and we still have one of the lowest average housing prices in the country so really only one direction to go IMO.

You are correct about a lot of people moving into the area. I work in the hospitality industry and can testify many, many people are relocating here for various reasons, from wanting to be in a red state to cheaper real estate prices and other reasons as well. But believe me -they are moving in and a large portion of them are paying cash for their new house.