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December 2021 OKC Real Estate Market Update
Dated: December 6 2021
Views: 2709
This time I’d like to do a simple “year in review”, and look back over the past year at how our market has changed I’ll point out 3 indicators that we are still in a great market!
- Active listings—this number tells us what kind of inventory we have available for sale. If we look back to last year, our inventory has risen almost 500 homes from 2611. We took a dip through our busy season, March and June to 1625, which was a historical low. But if we look back to pre-pandemic, that number in Jan of 2020 was 4271. So we are still below where we would typically be, but more inventory is great for buyers and is an indicator we are moving towards more of a balanced market.
- Homes sold in the past 6 months—this number is a lag indicator as to what the market is doing in actual homes closed. In December 2021 number is at an all-time high of 15,565. In December of 2020, we had sold 13,994 - so we are up over 1500 homes in the past 6 months closed. If we go all the back to Jan of 2020 - pre-pandemic - that number was at 11308. This is a great indicator that homes are still selling!
- The final number I want to chat about is the Median Sales home price—While we have seen some nice gains over the past 24 months, this number seems to be evening out. We started in Jan 2020 with a sales price of 319000, we hit an all-time high in March 2021 of 347,473, and have leveled out it seems at 345000 for the month of December. This number I think directly points back to the available homes for sale, and is also an indicator that we may have reached our peak - more numbers are needed to verify this!
Overall, I think we are still in a great position in our market, most homes are still selling VERY quickly, and many homeowners are realizing a nice increase in value over the past 24 months.
Amy Chambers
Amy Chambers is a Managing Broker and trusted Realtor serving Southwest Oklahoma City and Moore, OK. She understands that homeownership is a big deal—and that getting there is both exciting and ....
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