December 2017 and year end Shawnee market update
The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers.
Compared to December last year, the number of closed sales was down 10% to 36; new listings of single family homes in Shawnee also dipped 19% from 42 to 34. Pending sales—houses for sale that received acceptable purchase contracts—are up rather significantly from 31 to 43, or 35.5%, and inventory of available listings jumped 27.6% from 145 to 185 from last year.
The average sales price for single family homes in Shawnee had a slight 12.4% decrease to $118,942 from December 2016. Shawnee’s days on market increased to an average of 81 days for single family homes, up from 61 days in November and from December 2016. The months supply of inventory in Shawnee increased almost 23% to 4.3 months. That’s a decrease from November’s 5.1 months, putting Shawnee back more solidly in a seller’s market. We had been in a 10-month increase, which indicated a trend toward a shift in the direction of a buyer’s market.
The number of closed sales of single family homes in Shawnee was up a very slight 1.2% from 2016 with 507 sold. The average sales price in Shawnee had a 3.1% increase to $138,738.
Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always to levels that match home price increases. Yet housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018. Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism.
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 the questions people. For a historical visualization of Shawnee housing market trends, visit the Shawnee Market Stats page of SoldonShawnee.com.
If you would 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. The data used in this blog post is from a research tool provided by MLSOK.