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Oklahoma City home sales zoom

Low inventory and high demand trimmed listings’ average days on market to 58 in May, according to the Oklahoma City Metro Association of Realtors.
by Richard Mize Published: June 28, 2014
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Home sales took off here in May, with the average listing taking just 58 days to sell, which could be a post-1980s record.

Such quick sales have not been seen here in recent memory.

The average sale in May came 10 days faster than in April and eight days faster than in May 2013, the Realtors reported.

The median sale last month was in 25 days, 11 days faster than May a year ago, the Realtors said.

Such speed comes on low inventory at a time of high demand, said Steve Mann, MLSOKC board president and an auctioneer and agent with Paradigm AdvantEdge Real Estate. MLSOKC is the Realtors’ multiple listing service.

Inventory at the end of May decreased 16.5 percent to 6,829 homes listed for sale. Dividing that figure by the average of 1,652 closed sales per month the past year yields a 4.13-month supply, the Realtors said.

Land developers still catching up from the standstill at the bottom of the recession have few buildable lots, keeping builders from growing as fast as some would like, while a lack of first-time buyers has some builders building at higher price points than they might otherwise.

On the demand side, newcomers moving here for jobs in energy, healthcare and other strong sectors are snatching up new and existing homes. Investors, local and from out of state, are buying houses to rent out.

And Mann said he’s seeing more cash buyers than ever. Cash-in-hand buyers can act fast.

Homes priced from $135,000 to around $155,000 aren’t listed long before they sell, he said.

“If it’s a good, clean house, it’s history,” Mann said.

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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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