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OKC MARKET UPDATE: January 2023
Dated: February 13 2023
Views: 1833
OKC MARKET UPDATE: January 2023
Based on single-family homes & condos/townhouses in Oklahoma City MLS. Data courtesy of MLSOK.
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The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, making it the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of REALTORs. Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.
New listings increased 5.1 percent for Single Family homes and 21.9 percent for Townhouse-Condo homes. Pending Sales decreased 14.2 percent for Single Family homes but increased 35.4 percent for Townhouse-Condo homes. Inventory increased 101.4 percent for Single Family homes and 38.8 percent for Townhouse-Condo homes.
Months’ Supply of Inventory Increases
Month’s Supply of Inventory increased 144.4 percent for Single Family homes and 60.0 percent for Townhouse-Condo homes.
Median Sales Price Increases
Median Sales Price increased 8.1 percent to $239,900 for Single Family homes but decreased 3.5 percent to $126,000 for Townhouse-Condo homes.
Average Days on Market Increases
Days on Market increased 46.4 percent for Single Family homes and 90.5 percent for Townhouse-Condo homes.
As sales slow, time on market is increasing, with the average home spending 26 days on the market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.
Content courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2023/02/Jan_2023_Broker_Stats.pdf
Jennifer Cody
Jennifer Cody (Arsenault) is a lifelong Oklahoman and seasoned real estate professional who has been serving her community since 1998. As the founder and Broker Associate at Flotilla Real Estate Partn....
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