Big jump in average sales price last month in Shawnee OK
The average sales price in Shawnee for May 2018 jumped considerably from April due to a combination of some much higher priced homes and fewer sales skewing what we see in an average month. The 12.5% increase over last May’s average sales price is more indicative of the healthy growth Shawnee is seeing.
And just like last year at this time, prospective homebuyers should expect a competitive housing market for the next several months. With wages trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains strong. Given the fact that gradually rising mortgage rates often create urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.
Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. As lower days on the market and higher prices persist year after year, one might expect a change in the outlook for residential real estate. The reality is the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago.
As always, Shawnee offers an incredible value for home prices and cost of living compared to rest of the Oklahoma City metro area. I keep a close eye on our local market trends so I can answer your questions and be a resource. For a historical visualization of Shawnee housing market trends, visit the Shawnee Market Stats page of SoldonShawnee.com.
If you’d like to discuss your particular property and how recent sales affect your home’s value, just call/text me at (405) 585-6580 or email Steve@SoldonShawnee.com.