Great things continue to happen all over the OKC metro area. It is reported by Bloomberg that we are in the Top 12 of American Boomtowns. The Oklahoma City population has increased by over 3% since 2010. Other cities growing in the metro area are Moore, Edmond, Mustang and Choctaw, all with increased population of over 5% on average. Housing and schools directly benefit from the positive growth of population and this in turn creates a better environment for our children and education.
Another encouraging fact of the OKC area is low unemployment. The reported jobless rate of 4.6 percent is the lowest in the nation for large metro areas according to the U.S. Bureau of Labor Statistics. The growing business climate is exciting. Expansion of existing business and new business coming into the OKC area helps our local economy thrive. Oil/natural gas, aerospace/defense are all part of the growing and expanding business in the area.
With new jobs comes housing and the housing market is bustling with new and existing homes sales. Realtors are very busy helping families and individuals relocating for new jobs, housing needs from the devastating storms in May, and the ever changing housing needs of the local citizens. Buyers know this is a great time to take advantage of the low interest rates, which are predicted to increase just over the horizon.
Prices for single family houses and condominiums are increasing in all areas of the city. Based on data from the Oklahoma City Metropolitan Association of Realtors the greater number of pending sales compared to the amount of homes coming on the market lowers the overall absorption rate which is now at 3.62, compared to 4.58 last year 2nd quarter. This decreasing supply creates a shift from a balanced market to a seller’s market. Homes are selling faster and for an average of 98 percent of the asking price. First time buyers are willing to pay the asking price but seller and builder concessions for closing costs, home warranties and upgrades for new homes are quite popular and an acceptable practice in our market.
Take a nice drive across the great expanse which is Oklahoma City (641 square miles) and one will see that improved infrastructure, new schools, new housing additions are all part of the positive response to a city that is growing and moving in the right direction. I am very proud of the people and leaders that inspire us all in this great city.
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