June 2017 Shawnee Market Update
Even though we haven’t seen it in the Shawnee housing market—or in Oklahoma as a whole, there has been a general slowdown in sales across the country. This isn’t being blamed on negative economic news. Unemployment remains low and wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row. We’re seeing strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale in many areas of the Oklahoma City Metro. As has been the case month after month—and now year after year—low inventory is the primary culprit for any sales dip rather than lack of offers.
Compared to this month last year, new listings of single family homes in Shawnee increased from 65 to 70, or 7.7%; pending sales increased from 43 to 53, or 23.3%; and inventory increased from 161 to 185, or 14.9%.
The average sales price for single family homes in Shawnee increased 8.4% to $137,193; days on market decreased 19.4% to 54 days for single family homes; and months supply of inventory increased 4.9% to 4.3 months.
For the first half of 2017, Shawnee experienced a 4.2% increase in the number of closed sales of single family homes to 247 and a slight decease of 0.4% in average sales price to $137,504.
With job creation increasing and mortgage rates remaining low, the pull toward homeownership is expected to continue. Yet housing starts have been drifting lower, and some are beginning to worry that a more serious housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high. Homebuilder confidence suggests otherwise, so predictions of a gloomy future should be curbed for the time being.
For a historical visualization of Shawnee housing market trends, visit the Shawnee Market Stats page of SoldonShawnee.com.
The data provided in this post is from a research tool provided by MLSOK. Percent changes are calculated using rounded figures. Call/text/email me for more specific information about your particular property or other market statistics questions.