July 2017 Shawnee Market Update
How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities and certain price points in the Oklahoma City Metro area, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.
Compared to this month last year, new listings of single family homes in Shawnee decreased slightly from 65 to 63, or -3.1%; pending sales increased from 45 to 46, or 2.2%; and inventory of available listings increased from 167 to 198, or 18.6%.
The average sales price for single family homes in Shawnee decreased 0.2% to $134,467; days on market decreased 27.6% to an average of 42 days for single family homes; and months supply of inventory increased 7% to 4.6 months.
For the first 7 months of 2017, Shawnee experienced a 1.7% increase in the number of closed sales of single family homes to 292 and a slight decease of 6.1% in average sales price to $137,952.
Although the unemployment rate remains unchanged at its favorable national 4.4% rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.
For a historical visualization of Shawnee housing market trends, visit the Shawnee Market Stats page of SoldonShawnee.com.
Call/text/email me for more specific information about your particular property or other market statistics questions. The data provided in this post is from a research tool provided by MLSOK. Percent changes are calculated using rounded figures.