October 2017 Shawnee market update
Here is a snapshot of the Shawnee market update for October, 2017. For residential real estate this year, the news has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1 percent for October 2017, which means joblessness has not been this low in the U.S. since December 2000. Another positive sign is mortgage rates have held steady at or near 3.9%. Historically, the average rate has been around 6%. These factors help to keep the pool of potential buyers full, even during the so-called off-season for home sales.
Compared to October last year, the number of closed sales was exactly the same as last year with 39; new listings of single family homes in Shawnee jumped way up from 39 to 61, or 56.4%; pending sales are also up from 37 to 51, or 37.8%; and inventory of available listings increased 1/3 from 157 to 209 from last year.
The average sales price for single family homes in Shawnee increased 24.3% to $148,560; our days on market decreased 31.9% to an average of 49 days for single family homes The months supply of inventory in Shawnee increased 28.9% to 4.9 months over last year, however that number is down slightly from September, so we’re still in a pretty balanced market.
Looking at the first 10 months of 2017, the number of closed sales of single family homes in Shawnee was nearly the same as last year with 425 sold. The average sales price in Shawnee had a slight bump of 3.7% up to $137,605.
Shawnee, Oklahoma continues to experience a healthy market that mostly increases in strength. Shawnee offers an incredible value for home prices and cost of living compared to Oklahoma City and it’s immediate suburbs. I like to monitor closely what our market is doing so I can answer the questions people like you have. 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.