September 2017 Shawnee market update
Here is a snapshot of the Shawnee market update for September, 2017. Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although buyers are out on an increasing number of showings, there remains a limited number of desirable listings. With mortgage rates remaining enticingly low, home prices in Shawnee, Oklahoma have skirted the national trend reaching unaffordable levels for many new entrants into the housing pool.
The increase in months it would take for all the current homes for sale on the market to sell illustrates there is less dominance by homebuyers in Shawnee’s housing market and becoming more balanced with home sellers.
Compared to September last year, the number of closed sales dropped 12.5% to 42; new listings of single family homes in Shawnee increased from 55 to 70, or 27.3%; pending sales decreased from 48 to 38, or 20.8%; and inventory of available listings increased from 167 to 228, or 36.5%.
The average sales price for single family homes in Shawnee decreased 2.7% to $122,126; days on market increased by one day, or 1.9%, to an average of 54 days for single family homes; and months supply of inventory increased 34.1% to 5.5 months.
Looking at the first nine months of 2017, the Shawnee housing market experienced just a 0.3% decrease in the number of closed sales of single family homes to 384 and a slight increase of 2.0% in average sales price to $136,763.
Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.
Shawnee, Oklahoma continues to experience a healthy market that mostly increases in strength. 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.
