Oklahoma City Real Estate Market Update - November 2023 by Realtor Josh Barnett with eXp Realty

Oklahoma City Real Estate Market Update - November 2023 by Real Estate Agent Josh Barnett with eXp Realty

If you're considering a move to Oklahoma City or have a stake in its real estate market, understanding the numbers is crucial. In this November 2023 update, we delve into key indicators to give you a comprehensive overview.
**1. Impressive Dollar Volume:
Despite market fluctuations, October 2023 witnessed a robust real estate performance in Oklahoma City, with a staggering $1.5 billion in total sales. This signals continued activity and investment in the local market.
**2. Positive Price Trends:
Home values in Oklahoma City are holding strong, as indicated by a 2.3% increase in median sales prices and a 3.2% rise in average sales prices. These positive trends bode well for both sellers and investors.
**3. Inventory Dynamics:
The market experienced a 12.6% decrease in new listings, while the inventory of homes for sale increased by 26.9%. This suggests a shift in dynamics, with homes staying on the market longer, impacting supply and demand equilibrium.
**4. Market Performance Metrics:
Pending sales were down by 19.1%, and closed sales saw a notable 22.4% decrease year-over-year. Despite this dip, it's essential to note that the market is approximately 10% below last year's performance. This emphasizes the importance of understanding the nuances behind the numbers.
**5. Market Conditions Favorable for Sellers:
As of October 2023, the market remains somewhat favorable for sellers, with a mere 1.6 months of supply. This low supply indicates a continued seller's market, where demand may still outpace available inventory.
Additional Insights:
The price per square foot is on an upward trajectory, increasing by 5%, showcasing the overall appreciation of property values in the region.
Days on market have seen an 80% increase, but this should be considered in the context of previous pandemic-related anomalies. The market's current nine days on market still indicate a relatively swift turnover.
Conclusion:
In summary, while certain metrics may show a decline, the Oklahoma City real estate market maintains its resilience. Whether you're a potential buyer, seller, or investor, understanding these dynamics can guide your decisions in navigating this dynamic market.
For personalized insights into your real estate needs or to delve deeper into these statistics, schedule a one-on-one consultation. The market is ever-changing, and being informed is the key to making sound real estate decisions.
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