March 2020 Market Report.

I hope you enjoy this data and please like and share with others. If you want custom data in other counties or with land please let me know. Spencer@allovertexoma.com

Professional opinion: March was better than February which is what history shows us. With COVID 19 going on we will likely see the affects of this in 2-5 months ahead. The first time buyer market under $200,000 was very strong in March young families were still active in the market. We saw in increase in sold per sq foot which tells us the market in March was continuing to go up. Sellers got 96% on average of what they listed so to me that is also confirmation in having a sellers market. Will we see that change in the future?

 

What will April and the following months look like? I believe we will lose many looky lou's or buyers who were on the fence. Houses will continue to sell and the buyers that remain active will be solid legit buyers not wasting anyone's time during these crazy times of staying distanced. We will have more listings come available with sellers struggling to make ends meet during job loss and pay suspension, as of now we don't have clarity on loan forgiveness programs from banks but this will not be as severe as it was in 2008, Oklahoma won't have the major real estate market crash nor do I think anyone nationally will (compared to 2008). Vacation areas may take a harder hit then non tourist locations. In real estate its very hard to lose value but I do anticipate more listings to hit the market and maybe an adjustment to a buyers market which will force sellers to be more aggressive in their price. Please follow the {Percentage of sold price to listing price} on our data sheets to track that.

 

Please stay safe and lets get through this together! If you need anything call or text us 580-706-3006 and we can get you some numbers to sell or start searching the market for you.

Houses sold 28
Avg sq footage 1,894
Avg sold price $172,811
Percentage of sold price to listing price 96%
Built in 1980-2020 Avg cost per square foot $108
Avg cost per square foot $96
Avg Days on market 42 days
Avg bedrooms 3
Avg bathrooms 2
Current listings on market 112
Avg price of current listings $344,860

**The following data is provided by the averages per category in months of 2020. Data source provided by Texoma Board of Realtors via MLS**