Market forces
Home sales, prices and listings were up, and days on market were down in May in the Oklahoma City area.
Home sales were up heading into summer compared to last year in Oklahoma City, but as usual, activity varied depending on price range.
Realtors reported 2,441 closed transactions in May, an increase of 12.5 percent compared with May 2016, according to the Metro Association of Realtors.
Homes sold six days faster on average, in 53 days, compared with 59 days in May of last year.
The average price was $197,538, up 7 percent, and the median price was $165,000, up 3.1 percent, the Realtors reported.
May ended with 5,512 houses listed for sale with Realtors, up 13 percent from May of last year.
Realtors reported sales brisk at investment and typical firsttime buyer levels, then getting stickier as price increases.
Jessie Teehee of Metro Brokers of Oklahoma in Edmond said auctions are moving “properties that need rehab to resell or hold, and these are far and few, typically (below) $100,000.”
Auction turnout is usually “20-plus with bids from three to five buyers and prices at or above expected,” he said.
It’s not for everybody, he said.
“A lot of wannabe investors create this market. This is our niche market. Not popular by the public due to lack of understanding the benefits, and not an option for many agents for various reasons,” Teehee said.
Houses at $100,000 to $200,000, “priced well, presented in aboveaverage condition, are bringing top dollar in under 10 days, usually with multiple offers,” Teehee said. “This is the strongest market range, statistically, because money is still cheap and inventory low.”
Kathy Griffith of Prime Realty Inc., 1530 SW 89 Street, Suite A1, said “nice, clean 3/2/2’s” — three bedrooms, two baths, two-car garage — at $120,000 to $160,000 are getting several showings and multiple offers.
“Storm shelters are on the wish list, as are smaller yards,” Griffith said. “Walkability is getting some attention and, of course, desirable school system is the main attraction.”
The $200,000$275,000 range “gets a bit tricky and pricing strategically is priority one. Condition and how it’s presented are a close second,” Teehee said. “Still seeing steady showings in our listings in this price point and the offers (come) usually within three to five weeks and (after) about 10 showings.”
Federal Housing Administration lending guidelines “change the game at $275,000-plus,” he said, “and buyers are more savvy. Price and condition are key factors, location a close second, even into the luxury market.”
Sellers at $300,000 and up still have challenges and “are still needing a Realtor with a strong marketing approach,” said Michele Corral of Crossland Real Estate, 8901 S Santa Fe Ave., Suite C. “Those holding out for the highest price in the neighborhood are still holding.”
But, Corral said, “It has been a great start to summer. Every client I’ve walked through the homebuying process with has been pleasantly surprised with the interest rate they were able to obtain. Increased buying power and new properties hitting the market make it a great time to start your serious home search.”
Buyers of new construction are tending to go for completed speculative homes or those underway with the option of choosing their own colors and finishes, said Lindsay Haltom, director of marketing for Homes by Taber, 305 W Memorial Road.
“We have had a recordbreaking year with sales and the summer has proven to start off no different,” she said. “Outlook is optimistic.”