Each time someone decides to purchase a home there is an average of over 88,000 economic growth spurring from home selling into the cities and towns where the homes are sold. In fact, in Oklahoma, around $55,000 in economic growth is added into the economy, propelling the economy in a positive direction.
According to NAR, the National Association of Realtors, they calculated the total economic impact of real estate related industries in the state economy, as well as the expenditures that result from a single home sale. This includes all aspects like home construction cost, real estate brokerage, mortgage lending, and title insurance.
The average positive economic impact of the sale of just one home in the U.S. is $88,416. In fact, home sales are going to help our economy recover as it generates income for various industries. So how does this affect us locally?
Well, let’s take a look at the Creek County housing market. The Creek County housing market is strong, but inventory is low. June housing statistics are mirroring what we’re seeing across the United States, low inventory, and high buyer demand. In Creek County, the average days on market is 32 days, down 22% from this time last year. The average sales price is down 1.6% from this time last year, but up over 6,000 from last month at $166,713.
The 105 new listings in May put the Creek County inventory at a 3.38 months supply, which is down over 42% from this time last year. And there’s more to the story. For a three to four-bedroom home priced between $80,000 and $480,000 the month’s supply of inventory is less than two months. Now, remember, a healthy housing market has a five to six month supply of homes for sale, closed sales are up 21%, and pending sales are up over 57% from this time last year.
One thing is clear, with average prices going up and the amount of inventory going down, selling your Creek County home right now could be a great choice. This all means that sellers in most cases have a lot of power. It’s a seller’s market. Buyers are having to compete, and we are seeing multiple offers going at an above asking price, especially in the lower price points between $120,000 and $270,000.
If you live in Kiefer 74041, Mounds 74047, or Sapulpa 74066 and have been on the fence about selling, now might be a perfect time. With buyer demand high and inventory low, consider selling your home to take advantage of our equity and historic low-interest rates. Really, now is a great time to move up.
The Creek County housing market needs more homes on the market to meet buyer demand. So now let’s really dig down in some numbers. In Kiefer’s school district, 74041, and 74066, there is only one active home on the market. In the past 30 days, three homes have gone under contract, which we refer to as pending and six homes have closed.
If you live in Kiefer and you have been throwing the idea around about moving, or moving up, reach out to me. It is a perfect time to sell. In Mounds, Oklahoma 74047 there are currently 16 active homes on the market. In the past 30 days, 10 homes have gone under contract and 10 homes have closed. And the average days on market is 51 days. The interesting thing about Mounds is that there are three school districts in the 74047 zip code. Some homes in Mounds are in the big space school district or the local school district.
In Sapulpa, Oklahoma 74066, there are currently 36 active homes on the market, 43 homes are pending and 31 have closed in the past 30 days. The average days on market is 34 and the average price is $213,284. Now, these local numbers are based on current data (July 26th, 2020).
So, if you were thinking of selling or buying in Kiefer Oklahoma 74041, Mounds Oklahoma 74047, or Sapulpa Oklahoma 74066, or you just simply want to explore your options, I am here to be your guide, your real estate expert, and your representative, I’d love to discuss some options for you. Now more than ever who you hire matters. I’m gonna give you some tips on how to maximize the value of your home and get the best possible price and terms. Set an offer deadline date, request your highest and best terms prior to reviewing the offer, and have a strong counter offer that protects you and your best interest.
Any questions or concerns, always reach out to us at Homes by Sabrina, as we would love to serve you.