How does the Norman Market in January 2011 Compare to January 2010?
For the month of January in Norman, the average purchase price was 4.3% below the average list price for homes, and for January 2011 the average purchase price was 2.6% below the average list price. This, of course, doesn't count any other sales concessions that there might have been, so the actual number is likely higher than either of these figures. As you can see, there was a significant improvement, which is going to be the result of a number of factors: Weather at the beginning of 2011, general slowdown in the housing market from September 2010 through January 2011, and nicer weather (along with a few new listings for buyers to look at and price reductions on existing listings) in March, as well as the start to the typical selling season in Norman.
Below are some other interesting statistics for the Norman Market for January 2011:
Number of houses sold in Norman in January 2011: 40
Number of houses sold in Norman in January 2010: 39
In January 2010, the averag sales price was 2.6% below the asking price (keep in mind we had the tax credit at that point)
The average sales price in January 2011 was $165,700, and in January 2010 it was $182,371. The number is reflective of the continued difficulty that the higher price points are having in terms of buying activity. Fewer people are making buying/selling decisions in the upper price ranges.
Number of new listings in January 2011 was 153, a 10.9% increase from January 2010 which had 138 new listings. The average list price for the new listings in January 2011 was $191,798, with the median list price being $158,500, signifying that there were a number of high-priced homes listed during that time frame.
The average days on the market for the homes that sold in Norman in January 2011 was 133, a 47% increase from January 2010, in which the average days on the market for the homes that sold was 90 (a number that is more historically representative of the Norman market). This is to be compared with the homes that had contracts placed on them during January (Pending Listing Activity) which included 70 homes, whose average days on the market was 110.
The average sales price per square foot in Norman was $84 in January 2011, as compared to $88 per square foot in January 2010. Again, this figure may partially because there have been a number distressed sales (although not nearly the number as in other areas of the country), and sellers with homes that had been sitting on the market eager to make a deal during this time period that have brought down the number.
In general, 2011 is starting off more slowly than 2010, but we also had a $8,000 tax credit for first time buyers and a $6,500 tax credit for move-up buyers that made 2010 an unusual year. With the way that 2011 is trending though (albeit a rough start!), it looks like it might be another good year for the Norman housing market!
Want to see homes for sale in Norman? Click on the following link to browse through home listings in Norman by price range, or contact me and I can set up a customized listing website that will display only the listings that have the features you are looking for!
Dillard Group Real Estate
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Office: (405) 366-7707
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I am a Realtor specializing in the Norman OK, Moore OK, and Oklahoma City OK areas. I am a member of the National Association of Realtors, and have access to the Norman MLS and the Oklahoma City MLS. I can help you as a buyer broker or help you as a listing broker for your home in Norman OK, Moore OK, and anywhere in the Oklahoma City metro area. I would love to be your Oklahoma Real Estate Agent -- let me know how I can help you with your next move!