Embracing the Shift: A Recap of the 2023 Shawnee Real Estate Market

Dated: January 12 2024

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[video width="1080" height="1080" mp4="https://soldonshawnee.com/wp-content/uploads/shawnee-ok-real-estate-market-update-2023-year-end-animated.mp4"] The U.S. existing home market has witnessed a notable turnaround, breaking free from a five-month decline. According to the National Association of REALTORS® (NAR), sales rose by 0.8% from the previous month, marking a significant shift from the 13-year low. However, the story takes a different turn in Shawnee, where a 13.6% drop in December and a 7.3% decrease from the previous year highlight ongoing affordability challenges for potential buyers.

Market Dynamics

Most closed transactions in December were sealed in October during a two-decade high in mortgage rates, but a subsequent drop of over a percentage point since then may fuel a continued upswing in existing home sales(https://www.nar.realtor/newsroom/existing-home-sales-expanded-0-8-in-november-ending-five-month-slide)].

Local Insights

New listings in Shawnee witnessed a 20.9% decrease from the previous month but showed a positive 2.3% increase from the previous year. Pending sales locally experienced a remarkable 41.7% surge compared to 2022 and a modest 4.1% growth from November. However, inventory for single-family homes saw an 8.2% drop in December but jumped 57% compared to 2022.

Price Trends

The average sales price surged by 15.4% to $202,418 at the end of 2023. Days on the market increased gradually from 33 days in November to 35 days in December. The months' supply of inventory for single-family homes saw a 50% increase, settling at about three months.

National Scenario

Nationwide, low inventory levels impacted home sales, with 1.13 million units for sale in December. This reflects a 1.7% decrease from the previous month but a 0.9% increase from the same period last year, resulting in a 3.5 months' supply at the current sales pace. The median existing-home price rose by 4% annually to $387,600, marking the fifth consecutive month of year-over-year price gains 

🌟 Conclusion

To wrap up 2023, it's important to recognize that the real estate landscape is evolving—not just around the country but also at home, and prospective homebuyers need to stay informed. As buyer demand intensifies and inventory struggles to keep up, experts predict that home prices may remain elevated for some time. Now more than ever, it's crucial for both buyers and sellers to navigate this dynamic market with confidence and with the guidance of a local real estate pro. Are you considering buying or selling in this changing market? Reach out to a local REALTOR® today for personalized guidance and expert insights. Talk to them to see how plugged in they are to market trends and national perspectives. The skillset varies widely. I'm happy to share wit you online or off about the market as it affects you. Your dream home or successful sale might be closer than you think!
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Steve Reese

My wife, Sharon, and I live in Shawnee, where I’ve been in the real estate industry since 1994. We’re firmly planted in our little community, where Sharon teaches special education English at Shaw....

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