Home sales have slowed, but not stopped by a long shot.
Things were looking up in the metro-area housing market at the end of March — the number of listings, pending contracts and prices — and now everything is up in the air because of the coronavirus pandemic.
Sales activity is down, despite a rush to remote showings, virtual open houses and other online options.
In the first three months of the year, Realtors closed 3,681 home sales, 5% more than in the first quarter of 2019, according to the Oklahoma City Metro Association of Realtors.
The average sales price for the quarter was $224,304, up 2.9% compared with January-March of last year. The median price was $192,000, up 5.2% compared with the first three months of 2019.
The number of new listings in March was up 8%, and the number of pending sales was up 4.6%, compared with March 2019, according to the association's statistics for Oklahoma City, Arcadia, Bethany, Blanchard, Deer Creek, Edmond, Harrah, Luther, Midwest City, Moore, Mustang, Newcastle, Nicoma Park, Norman, Piedmont, Tuttle, Warr Acres and Yukon.
Then the pandemic hit, businesses closed their doors, unemployment soared and people started staying in their homes, which left fewer people shopping for houses.
"We've been pulling numbers weekly. We started with a 30-50% decrease in actives three weeks ago, then last week it hit pending sales," said Kacie Kinney, an agent with Keller Williams Realty Elite in Yukon. "Every school district is faring differently. So far, it seems Canadian County is a little more sheltered. Oklahoma County and specifically OKC schools is way down (47+% on actives). Edmond is also taking a big hit.
"This week the state as a whole is down 41% in active listings, 25% in pending listings, and 25% in solds over last week in 2019."
Here is a sampling of what real estate agents are seeing and doing out there, or in there, as the case may be, amid the coronavirus.
Kathy Fowler, managing broker at McGraw Realtors:
"I'm staying home 70% of the time when I would normally be in the office five or six days a week. I'm attending inspections in my car, have shown houses to out-of-state buyers who are nervous about traveling, but still need a house in the metro."
Denise Whitehead, McGraw Realtors:
"Had a buyer who lost out on a $150,000 house in OKC last week. There were four offers on the first day. Had another sale that fell apart due to finances (COVID-19 related). First time ever in 16 years to just 'phone it in' on a listing appointment and also on a closing. It’s weird out there. I’ve been staying busy and showing properties just trying to do it wisely."
Colette Naff, Keller Williams Realty Green Meadow:
"Homes under $175,000 in Moore schools and northwest OKC are still going like hotcakes. Selling in 24 to 48 hours. Multiple offers. One house my buyer bid on had 14 offers on it. I’m struggling with an active listing since March 26, with one showing only. Over 2,800-square-foot home in Edmond. Built in 2012, move-in ready. Unreal this property has not sold. I even have the floor plan and virtual tour video so clients would not have to get out"
Kristin Knox Paradis, Lime Realty::
"So far my deals are holding steady. Was scary for a bunch of them. Lender changes. Appraisal issues. Del City just stopped doing their home inspections for occupancy. We can’t attend closings. My buyers were full force, but my listing isn’t getting traffic. It’s insane."
Lisa Marney, Metro Brokers of Oklahoma::
"We cannot attend closings. However, both my closings since this started went off without a hitch. I have another one that will close on the 30th of this month. We are waiting on the appraisal and it has been completed already. I think if you are choosing the right lenders, your deals will still be OK and on time. However, I have not had any clients need to do down payment assistance or any 'borderline' approved clients moving forward right now.
"I do feel like the homes in their certain price breaks are still going absolutely nuts with people needing to get a home. Inventory is low, buyers are still moving forward when 'their' house comes on the market because they don’t want to risk losing it. I’m still seeing a lot of multiple offers in those areas. For example, $150,000 in Edmond, or maybe four beds and a bonus room for under $300,000. I do feel like listings are holding out a bit more though, which is causing the buyers to jump because the supply is just so low."
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Related Links:
Listing + Selling Your Home During COVID
