MUSTANG REAL ESTATE MARKET REPORT SEPTEMBER 2016
MUSTANG OK 73064
AS OF SEPTEMBER 30, 2016
INFO THAT HITS US WHERE WE LIVE ... Those aiming for perfection in the housing recovery would agree it is indeed quite elusive. Last week's reports proved to be anything but perfect. New Home Sales were down 7.6% in August, to a 609,000 annual rate. But let's remember, home sales data are extremely volatile month to month and they shot up in July to their fastest rate since 2007. In August, that pace remained relatively strong. If you take out July's numbers, August posted the fastest sales pace since 2008, ending UP 20.6% compared to a year ago. And the bulk of those sales were for homes that have yet to break ground, so demand is clearly ahead of supply.
Note that the New Home Sales report is for single-family homes. Multi-family deals (condos, co-ops) aren't counted. Pending Home Sales, an index of contracts signed on existing homes dipped 2.4% in August following a 1.2% gain in July. Media naysayers jumped on the pending home sales declines in three of the past four months, and warned of an impending stall in the housing recovery. Yet the National Association of Realtors projects existing home sales will hit 5.36 million in 2016, up 2.1% from 2015 and the highest annual pace since 2006. Though not perfect, the housing recovery remains one of the few bright spots in the otherwise lethargic U.S. economy.
- The median price per square foot for homes in Mustang is about $116
- There are about 159 properties on the market in Mustang
- The median single family home price for Mustang, OK is $234,550
- With a Market Action Index as of September 30, 2016 at 33.16 (MAI Index - over 30 indicates Sellers Market; below 30 Buyers Market)
So there you have it, my Dear Reader, Mustang Real Estate Market Report September 2016.
Did you notice that the price per square foot has been steadily going up? The cost of building materials drives it up.
Also, we are in a seller market this summer. However, the MAI Index is leaning slightly toward Buyer's Market.
Are you ready to make a move? Be happy to assist you, your family & friends in a home search or sale.
Looking forward to hearing from you!
About the Author:
The above information was provided by Bo Kociuba a long time resident of Canadian County, Ok. As Broker’s Associate Bo helps people sell & buy homes in OKC Metro. She works together with her partner, Buster Elliott. They Live & Love OKC! .Bo and Buster are multi-million producers with over 50 years combined real estate experience.
Bo loves photography and is an avid supporter of shooting sports.
We serve OKC Metro Areas: Yukon, Mustang, Bethany, Piedmont, Tuttle, Blanchard, Edmond, Oklahoma City and Moore.
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