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Oklahoma City housing inventory shrinking

Increasing homes sales and decreasing supply are tipping the advantage from buyers toward sellers in Oklahoma City.
by Richard Mize Published: November 24, 2012

Buyers shaved more slivers from the local housing inventory in October, putting the supply — just barely — under five months, tipping the market advantage even more toward sellers.

Realtors in the Oklahoma City area handled the sale of 1,544 houses last month, 7 percent more than in September and 20 percent more than in October 2011, according to the Oklahoma City Metro Association of Realtors. The figure reflects the majority of sales but does not include those sold directly by builders or other owners.

But the number of homes listed for sale at the end of October defined the changes in the market here, with more than 1,000 fewer homes for sale compared with a year ago.

October ended with 7,444 houses on the Realtors' Multiple Listing Service, a 12.1 percent drop of 1,025 compared with 8,469 listed a year ago.

Compared with September, the number of homes on the MLS last month was down by 93, or 1.2 percent, according to the Realtors' statistics.

It comes to a five-month supply, according to The Oklahoman's calculations, which consider only sales by Realtors, not by builders directly.

Of course, it's an estimate, but here is some conversation fodder for close market watchers:

That five-month supply was rounded. Taking the 7,444 houses for sale at October's end, and dividing by 1,490.83 — the monthly average sales for the past 12 months — yields an inventory that would last 4.99319171 months if the sales pace sustained and no more houses went on the market.

Buyers still maintain the edge, said Lorna Koeninger, president of the Metro Association of Realtors and a broker associate with Paradigm AdvantEdge Real Estate.

Rich and Marlene Deatherage, retirees from a Detroit suburb, contributed to demand for houses this fall in the Oklahoma City area. The couple moved into a new custom home just finished by Two Structures Homes northwest of Pennsylvania Avenue and Covell Road. They bought it with assistance from Paula Thurman of Metro First Realty.

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by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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