What is our Current Market Data Saying?
November 19th, 2008The most recent data available for review on MLSOKC.com (our local realtors association web site), which you can access through okcrealtors.com is from September of this year.
According to the report, the overall real estate market is not too much different on the macro scale than it was one year ago:
Average days on market have gone up from 81 to 85,
The number of listings has increased from 9598 to 9890, and
The median price has decreased from $130,000 to $126,500.
These data are really a picture of the market on a regional scale. They indicate a still fairly strong retail market. It will be interesting to see if that trend maintains itself through the end of the year, or those numbers start to change in a more negative direction.
Obviously, this in not an indication of how, for instance, the lower end of the market is doing. If you look at the $50,000 price range, retail sales of those properties has definitely slowed. I can’t point to any statistical information to prove that out, I just see that in the market.
However, there is still a very strong rental market for those properties. It has probably picked up due to the difficulty in those potential buyers obtaining financing.
We’ll see where it all goes from here.