Oklahoma City Housing VAlues 2007 (From OAR Website)
OKLAHOMA CITY HOME VALUES INCREASE BY 4.7 PERCENT IN 2007
Home values in Oklahoma City increased in 2007 by 4.7 percent, according to a report released today by the Oklahoma City Metropolitan Associationof REALTORS®. The report, based on local and statewide polling sponsored by the OklahomaAssociation of REALTORS® (OAR), contradicts national media coverage on a national residential housingdownturn.
The report is part of OAR’s “Good Thing You’re in Oklahoma” campaign, a research-based effort
to inform home buyers and sellers about the facts in Oklahoma’s housing market.
Oklahoma City residential real estate bucked the national trend in home values in ’07. The
average sales price for an existing home in Oklahoma City rose by 4.7 percent last year, from $144,368
in 2006 to $151,128 in 2007. Statewide, the average sales price for an existing home in Oklahoma
increased by 4.46 percent in 2007, from $143,669 in 2006 to $149,653 in 2007.
“While the real estate industry in some parts of the country is facing some serious challenges,
today’s report underscores the fact that home ownership throughout Oklahoma continues to be an
affordable, stable and secure investment,” said Tammy McCullar, OAR president. “Our ‘Good Thing
You’re in Oklahoma’ campaign is designed to present the facts about the Oklahoma housing market,
which remains a source of value as a long-term investment.”
Since 2002, the average sales price of an existing home in Oklahoma City has risen by an
average of six percent per year. The average sales price for an existing home in Oklahoma City in 2007
reflects a 34 percent increase from the 2002 average sales price for an existing home of $112,831.
“The housing market in our part of the state is trending in a positive direction and not reflecting
what's happening on a national level. That's why we believe it’s important that Oklahoma City residents
know the facts about our community,” said Marolyn Pryor, 2008 president of the Oklahoma City Board of
REALTORS® – one of the 25 OAR local boards in the state. “The most important fact emerging from ourresearch is that home values remain a bargain, compared to almost any housing market in the nation,
and a great investment in terms of the increasing value of our residential property.”
Home sales were down slightly in 2007 based on a year-by-year comparison. The Oklahoma City
Board of REALTORS® reported sales of 19,142 existing homes in the Oklahoma City MLS (multiple listingservice) area in 2007. However, the average annual sales total of existing homes in Oklahoma City over
the three-year period of 2005–2007 is 13.5 percent higher than the average sales total in the previous
three-year “window,” 2002–2004. An average of 19,520 homes sold per year from 2005-2007, compared
to 17,201 homes sold per year between 2002 and 2004.
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Oklahoma City Home Values Increase in 2007
March 25, 2008
Page Two
The 2007 increase in home values in the Oklahoma City area and across Oklahoma is in sharp
contrast to the national home real estate picture. The National Association of REALTORS® recentlyreported that the national median existing home price for all housing types decreased by 1.4 percent in
2007, from $221,900 in 2006 to $218,900 last year.
McCullar says homeowners in our state should be confident about the value of their homes, given
that 2007 marked the seventh year in a row in which Oklahoma home values have appreciated. The
Association’s consumer Web site, WhyRealtorsWork.com, will be a source of information regarding thebenefits and value of home ownership throughout the “Good Thing You’re in Oklahoma” campaign.
“Comparing our local board and statewide reports to the national picture is a great reminder that
real estate is local,” said McCullar. “It’s also a reinforcement of OAR’s belief that Oklahoma is one of the
most affordable states to live and work in and that our outlook for the coming year should be as positive
as ever.”
The Oklahoma Association of REALTORS® is a professional trade association that representsnearly 11,000 of Oklahoma’s real estate professionals involved in all aspects of the real estate industry.
The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribeand adhere to a strict code of ethics as members of the National Association of REALTORS®. TheseREALTORS® are also members of OAR as well as their local board or association of REALTORS®,including the more than 3,000 real estate professionals who are members of the Oklahoma City
Metropolitan Association of REALTORS®.- 30 -
Contact:
Beth Payne, Director of Communications
Oklahoma Association of REALTORS®
405.848.9944 (office) 405.206.5204 (mobile)
beth@oklahomarealtors.com
OKLAHOMA ASSOCIATION OF REALTORS® 2002-2007 SUMMARY
HOMES SOLD AND AVERAGE SALES PRICES IN OKLAHOMA CITY MLS
Year
Homes Sold
In Oklahoma
City
Average
Sale Price
Annual Change (%)
In Avg. Sale Price
2002 15,487 $112,831 --
2003 17,371 $118,555 5.07%
2004 18,744 $126,706 6.88%
2005 19,793 $136,754 7.93%
2006 19,624 $144,368 5.57%
2007 19,142 $151,128 4.68%
GOOD THING YOU’RE IN OKLAHOMA
GENERAL TALKING POINTS
BIG PICTURE TALKING POINTS
Oklahoma’s housing market is bucking the national trend.
While sales are down nationally 23 percent, our state saw the
third best year on record for home sales in 2007.
Home values in Oklahoma also increased by 4.2 percent last
year.
However, polling conducted by the Oklahoma Association of
REALTORS® shows that media coverage of the national
downturn is impacting Oklahomans’ perception of our housing
market.
The “Good Thing You’re in Oklahoma” campaign is designed to
change that perception with facts and figures proving that
Oklahoma real estate has grown steadily in value in recent
years and will continue in 2008!
LOCAL TALKING POINTS
Facts to share in Oklahoma City:
Oklahoma City residential real estate bucked the national trend in home values in
’07. The average sales price for an existing home in Oklahoma City rose by 4.7
percent last year, from $144,368 in 2006 to $151,128 in 2007. Statewide, the
average sales price for an existing home in Oklahoma increased by 4.24 percent
in 2007, from $143,669 in 2006 to $149,758 in 2007.
Even though OKC homes sales and values continue to climb, polling by the OAR
shows many OKC residents think our housing market here is following the
national trend.
43% of OKC residents believe the market is fair or poor – while 50% of
Oklahomans across the state believe it’s fair or poor.
Even more telling is that 47% of OKC residents believe that now is the time to
buy a home and only 7% believe it’s time to sell – which again indicates a
perception that the market is down when in fact it’s not here in OKC or in our
state.
Since 2002, the average sales price of an existing home in Oklahoma City has
risen by an average of six percent per year. The average sales price for an
existing home in Oklahoma City in 2007 reflects a 34 percent increase from the
2002 average sales price for an existing home of $112,831.
While home values around the country have risen and fallen dramatically in
recent years, Oklahoma’s real estate has avoided these sharp increases and
declines. Slow and steady is how we’ve come out on top in this race.