Real estate trends for the Oklahoma City area have trended upwards along with the rest of the nation in recent months. RealtyTrac, Inc., a California provider of real estate data, indicates foreclosures proceedings that have been started have dropped significantly, over 33 percent, from April to May 2013.
RealtyTrac’s data also includes a sharp uptick of 16 percent in home sales for April 2013 as compared to March 2013. Oklahoma City’s median sales price of a non-foreclosure (or distressed property) was $109,000. A distressed or foreclosed property was priced at $66,400 or 39 percent under a regular home sale. The current level of vacant homes is at 12 percent.
The National Association of Realtors-Oklahoma has updated their data to reflect April 2013’s reports. According to the OKC, the total volume of closed property sales for April 2013 was 1,760 with an average price of $167,081. The median price was $142,250 with the sellers receiving 97 percent of their list price. That is less than a 5 percent difference between the listing price and the final selling price for a home. In addition, the average days on the market has decreased to 78 days, down from 84 days for April 2012. This data indicates more home sellers are getting list price or very close to list price and selling in just over 2.5 months.
Also, Trulia’s latest market snapshot, June 26, 2013, indicated an average listing price of $252,499 with median sales price at $125,000, considerably higher than RealtyTrac’s numbers. As compared to 2012, year over year, there was a 11.9 percent decrease in the overall number of property sales. Trulia also listed Quail Creek, Cleveland UCD, Shepherd Historic District, Crestwood and Downtown Oklahoma City as the top 5 most popular neighborhoods with the week ending June 26, 2013.
In addition, CoreLogic, a residential property information analysis of Oklahoma City indicated that home prices, including foreclosed or distress sales, has increased 4.6 percent in May 2013. Removing the distressed houses ticks up the percent to 4.8 in May, as compared to May 2012.
Oklahoma City home buyers can also look at a broader, nationwide perspective, from current housing data from CoreLogic’s database. CoreLogic’s chief economist, Dr. Mark Fleming said, “House price growth continues to surprise to the upside with an impressive 12.1 percent gain year over year in April.” He also indicated demand for housing in both new and existing homes has surged, most strongly in the “Western states, showing gains of 20 percent or more.” In addition, year over year comparisons indicated house prices bottomed out in early 2012 across the US and has increased each month for the past 14 consecutive months.
The spring market has concluded on a strong note, with buyers snapping up properties within a 3 percent range of full price offers. Home buyers who are cautiously considering buying a property in the Oklahoma City market will find they have missed the bottom, however, strong improvements in the overall economy, including rising mortgages rates, may help entice them to overcome their anxieties.