May 12, 2023

Good Morning. As many of you know, today wraps-up teacher appreciation week. For those who didn't know until that last sentence, there is still time! We know that our teachers are a critical asset for any community and  around our Oklahoma City metro that is even more apparent. There have been plenty of documented struggles of getting and retaining teachers through fair compensation and school funding. We know Oklahoma teachers sacrifice a LOT to do what they love here in the Sooner state!, Here at Weichert, Realtors - Centennial we just want to send a heartfelt appreciation for all your do for our community and the future of our community!

THIS WEEK IN THE MARKET

NEW

LISTINGS

704

-13.0%

NEW PENDING CONTRACTS

607

+7.2%

HOMES

CLOSED

372

-33.6%

*All data is from MLSOK and covers Single-Family properties only. Percentages are based on year-over-year changes.

MARKET OUTLOOK: The market is heating up as buyers have gotten accustomed to the "new normal" of 6-7% mortgage rates. Pending contracts are up year-over-year from '22 where we had a white-hot market. Listings being down 13% while pendings are up 20% means we are headed for that same extreme seller's market for the prime selling months of the year!

Weekly Market Update Blog

How Are Interest Rates Affecting the Oklahoma Real Estate Market?

• PAST THE PEAK: We saw the average "days on market" for homes in the area reached a peak in January and has fallen since. Buyers have realized that rates are not going to change anytime soon, so the sooner the better for getting in the market.

• RANGE BY RANGE: The "days on market" will vary by area and price range like all other housing numbers. It is critical to know specifics for your situation when looking at the statistics for the market.

• WHAT IT MEANS FOR YOU!: If you are going to buy a home in the next 6 months, the best market for buyers have likely already passed. That is why we say the best day to buy a home was yesterday, but the next best time to buy is today! Read the whole blog here!

WEEKEND OPEN HOUSE GUIDE

Check Out Which Houses Are Open In Each Area

If you are considering buying a new build in the OKC area, check out one of these builders to see what they have available!

LOCAL NEWS

Tour Of OKC Headlines

• NEWCASTLE SHELTER: The city of Newcastle is soon breaking ground on a new animal shelter. This shelter will be able to house and save 27 dogs and 12 cats as they wait for their new families. Read article here.

• CLASSEN BIKE LANES: It has recently when announced by OKC officials that bike lanes will be installed on Classen Blvd from NW 10th to NW 16th. View article here.

LOCAL EVENTS AND HAPPENINGS

Explore OKC

MAY 12:

• Harpy House with Oklahannah
• KATTFEST 2023
• Scissortail Park - Night Market
• Wheeler District Farmer Market

MAY 13:

• OKC Flower & Garden Festival 2023
• Riversport Summer Music Series
• Windsor Farmer's Market

MAY 14:

• Mother's Day Brunch at Omni Oklahoma City Hotel
• Mother's Day Dessert Cruise
• Sunday Jazz Brunch

See More at Visitokc.com

FEATURED LISTING

3517 Black Mountain Way Norman, OK 73069 

3 Beds | 2.5 Baths | 1,996 SF | $315,000 

A charming move-in ready home on a corner lot providing excellent privacy (fully fenced) and space. This home has three bedrooms and two and a half bathrooms and will provide ample living space. The home also has a dedicated office/study. The open-concept floorplan is an excellent feature, allowing for a seamless flow between the kitchen and living areas. The covered backyard is also a great feature, providing a shaded space to relax and enjoy the backyard. The large shed is a bonus, offering plenty of storage space. The home is within minutes of shopping, entertainment, restaurants, and the University of Oklahoma. **Buyers to verify schools.