Local Real Estate Information

 

Sept. 6, 2022

August Home Sales 2022

August home sales for the Duncan area markets are slightly down from July.  But it's nothing to indicate an adverse market condition.  Yes, the sales for 2021 were higher, but it's reflective of a high market.  What we may be getting ready to experience is the adjustment to what is typical for our market.  Hold steady if your house is on the market and you are experiencing little activity!  Typically, we see the fall season increase in sales.  However, this being an election year and higher interest rates, it might be slightly slower this fall.  We don't see it as an adverse situation, just an adjustment to what is normal for the Duncan, Marlow, and Comanche real estate market.

The following information has been taken from the multi-list system of the Duncan Association of REALTORS (DAR). These are sales made by the REALTOR membership.  The areas include Duncan, Marlow, and the surrounding communities.

Fifty-four homes are recorded as sold in August 2022.  Sixty-six homes were recorded in August of 2021.  This is the breakdown of these numbers:

Price Range 0 - $100,000  was 22 sales
The average price is $68,591
The median price is $77,300
The average days on the market was 58

Price Range $100,00 - $200,000 was 21 sales
The average price is $148,136
The median price is $149,900
The average days on the market was 97

Price Range $200,000 - $300,000 was 7 sales
The average price was $259,333
The median price was $271,500
The average days on the market was 64

Price range $300,000 - $600,000 was 6 sales
The average price was $472,500
The median price was $480,00
The average days on the market was 47

This information was collected on 9-6-2022.  This report does not include land sales or local sales made by REALTORS who are not members of the Duncan Association of REALTORS. These numbers can change if August sales are posted after this report is published.

If you would like to know how much your home can sell for just reach out to one of our REALTORS.  We can provide you with a current market analysis and if you are thinking about selling, we can provide you with a Home Selling ConsultationOur REALTORS would love to help you achieve your real estate needs and dreams.

Posted in Home Sales Report
Aug. 19, 2022

July Home Sales

The number of homes sold in July 2022 reported within our multi-list system is 57.  Last July, the reported home sales were 62.

This is a breakdown of these numbers:

Price Range 0 - $100,000  was 21 sales
The average price is $59,286
The median price is $57,500
The average days on the market was 82

Price Range $100,00 - $200,000 was 23 sales
The average price is $174,012
The median price is $146,000
The average days on the market was 127

Price Range $200,000 - $300,000 was 7 sales
The average price was $243,114
The median price was $239,000
The average days on the market was 71

Price range $300,000 - $600,000 was 6 sales
The average price was $380,583
The median price was $350,500
The average days on the market was 76

These are sales made by the Duncan Association of REALTORS membership, which includes Duncan, Marlow, and other surrounding communities.  It does not include land sales or sales made within the area that are not recorded within our local multi-list system.

If you are considering placing your home on the market, let us help.  Contact us for a Home Selling Consultation.  It will equip you with the knowledge to plan and prepare for when you are ready to put your home on the market.

Posted in Home Sales Report
Dec. 27, 2021

2022 Real Estate Forecast

At Preferred Real Estate, we are optimistic about Duncan and Marlow's real estate market for 2022.  We are convinced that home and land values will remain high, but we realize that sales may be fewer than what we experienced over the last two years.  This is a typical cycle for real estate as the trend of real estate activity rises and declines before it rises again.

Across the nation, and in our local market, there is a shortage of houses to list on the market, mainly resulting from the buying frenzy in 2020 and 2021.  Though listings may be fewer this year, there is still a strong local and out-of-state buyer interest, and we are confident that the desire to purchase and live in the Duncan and Marlow areas will remain strong for years to come.   The freedom to work from home has spiked the demand for housing in rural communities.   And, since we are just 35 minutes to Lawton/Ft. Sill, this short distance makes the Duncan and Marlow areas a strong attraction to military families.

This may be the year that we see an increase in foreclosures hitting the market due to the Foreclosure Moratorium lifted in July 2021.  These properties can offer housing and investor opportunities.  Still, we don't see this foreclosure market as solid competition for home sellers because foreclosure properties tend to be listed high and need a significant amount of repairs. You can read about 2022 Foreclosure Predictions at this link.

Interest rates are expected to rise this year, and though it may result in more cautious buyers, we do not see it slowing down the market in a big way.    Today, the current US average interest rate is 3.29%.  Interest rates could rise a few points and still be considered low.  When I purchased my first home, the rates were as high as 12%.   During my 25-year real estate career, the highest I’ve seen 30 year fixed rate mortgage interest rates is 4.75%.  So, I’m very optimistic that interest rates will remain favorable for consumers. To watch the rise and fall of interest rates, you can follow it on our website.

Low inventory is painful for buyers and REALTORS, but it’s great for sellers.   This is because you have less competition which means your property may sell quickly, for more money and more favorable terms.   Is 2022 the year you want or need to sell your home?   If so, we would love to help!  Just reach out to one of our REALTORS for a home selling consultation.  Or, if you merely want to know the potential value of your property but are not ready to call a REALTOR, you can use the property valuation tool on our website.  It will give you a range of value within seconds.  (this tool only works for in-town properties)

Preferred Real Estate has seven full-time REALTORS serving the Duncan and Marlow areas, and we are enthused about helping you achieve your real estate needs and dreams in 2022.

Courtesy of Susan Shaffer
This information is deemed reliable but not guaranteed

Posted in Market Updates
Dec. 2, 2021

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Posted in Market Updates