Metro OKC Real Estate Market Update

Dated: May 19 2023

Views: 198

May 19, 2023

Good Morning. To all of those high school seniors out there who are about to attend graduation this week, you'll just never know. Back in our day when you went to graduation, you would get to hear a Valedictorian speech crafted by a procrastinating classmate that wrote it half asleep just mere hours before the approval deadline. You would hear a speech full of borderline jokes about the Principal, Teachers and Coaches and some inside jokes about some likely criminal activity that took place without adult supervision. But now, alas, there is ChatGPT... so that procrastinating senior is going to type in a prompt at the last moment and your graduation speeches are going to sound like this opener created by the AI:

 

"Ladies and gentlemen, esteemed faculty, and fellow graduates, today we stand at the precipice of a new chapter in our lives, ready to embark on a journey of endless possibilities and infinite potential."

 

Ugh. I hope someone brings beach balls! 

 

THIS WEEK IN THE MARKET

 

NEW

LISTINGS

 

680

 

-22.8%

 

 

NEW PENDING CONTRACTS

 

624

 

-3.6%

 

 

HOMES

CLOSED

 

443

 

-28.5%

 

*All data is from MLSOK and covers Single-Family properties only. Percentages are based on year-over-year changes.

MARKET OUTLOOK: The first move-up market has be crushed by homeowners not wanting to sell their first homes they locked in at low interest rates to buy bigger homes at the higher rates. This will start to shake lose as the rates come down a bit and everyone gets more comfortable with the "new normal," but for now, we are seeing an inventory crunch nationwide!

 

Weekly Market Update Blog

Has Buyer Traffic Decreased in the Oklahoma Real Estate Market?

  • BACK TO "NORMAL": The average monthly showings per listing is down from the past two spring selling seasons. April of 2019 is our last pre-covid spring selling season and we are in pace with that season.
  • SHOWINGS TO PENDING: The showings to pending had fluctuated slightly and it has a much smaller range over the same time period. It takes about the same amount of showings to sell a house, but it may take a little bit more now that it has in the past.

  • WHAT IT MEANS FOR YOU!: We are in a fantastic market for sellers, even though it is not the same market that we have experience recently. There is plenty of buyer traffic and very low coemption. See this week's blog here.

 

WEEKEND OPEN HOUSE GUIDE

Check Out Which Houses Are Open In Each Area

 
 
 

If you are considering buying a new build in the OKC area, check out one of these builders to see what they have available!

 

LOCAL NEWS

Tour Of OKC Headlines

  • SUMMER BACKYARD PREP: Now that it is warming up and about summer time, this is the best time to revamp your backyard and patio. First, you need to look around and take note of each aspect of your yard. Next, you will need to get the right supplies for your needs for your yard. After that, you need to power wash and pick the right furniture and rugs. Lastly, plant some new flowers and plants. Read article here. 
  • STATE PARK DINING: Six different state park restaurants are going to reopen soon to the public. These restaurants are now under new management and have been revamped for their grand opening! The name of these restaurants is The Lookout Kitchen. Read article here.
 
 

LOCAL EVENTS AND HAPPENINGS

Explore OKC

MAY 19:

  • Dancing in the Gardens: Salsa
  • Oklahoma River Cruises Opening Weekend
  • Rainforest Adventure
  • Wheeler District Farmer Market

MAY 20:

  • Farmers Market at Scissortail Park
  • 2023 Summer Train Rides
  • Ukulele Open Jam

MAY 21:

  • Sunday Jazz Brunch
  • Scissortail Park Concerts

See More at Visitokc.com

 

FEATURED LISTING

8804 NW 114th Circle Oklahoma City, OK 73162 

3 Beds | 2 Baths | 2,287 SF | $330,000 

Check out this beautiful property! You'll be impressed from the minute you pull up by the curb appeal of this well cared for home. As you enter the home you'll immediately notice the openness of the layout. The formal dining room at the front of the home remains open, while still providing privacy for formal dinners or extra seating. The living room has tall ceilings and lots of natural lighting. The kitchen overlooks the living room with a beautiful breakfast bar with ample room as well as an eat in kitchen nook. The beautiful stainless steel appliances allow for a gourmet cooking experience. The primary suite has its own wing of the house and features a large en-suite bathroom with a beautifully tiled shower and separate tub and walk-in closet. One of the best features is the large upstairs bonus room. This room can be used for so many things like an office, tv hangout, or workout space. Last but not least, enjoy the large backyard patio! Don't miss out on this one! 

 
 

Thanks for spending a little bit of your time with us today! If there is anything else you would like to hear more about, feel free to reply to this emil and we will add it to the weekly round-up! 

 

Tony Graham

(405) 740-2034

tony@wrcok.com 

anthony-graham.wrcok.com

 

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Tony Graham

 Tony Graham has been a licensed REALTOR in Oklahoma since 1989 and has successfully closed more than 800 homes across Norman, Edmond, Moore, and the Oklahoma CityMetro. Averaging 23 closings per....

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