The Impact of Coronavirus on Oklahoma Real Estate

By this point the entire world has felt, at minimum, the economic impact of COVID-19. Many large news outlets are tracking and forecasting the outbreak in hotspots like New York and the impact it’s having in larger areas economically.

We’ve been fielding alot of questions lately regarding the impact and outlook, both short and long term, of Oklahoma real estate markets after this pandemic. So with that in mind, and in an effort to try to keep to our core values of data transparency and accessibility, we’re starting a blog and newsletter series dedicated to tracking, examining, and forecasting the impact of the Coronavirus outbreak on Oklahoma real estate and real estate investing.

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Oklahoma County Real Estate Activity By Week

Historically real estate activity in Oklahoma County is fairly predictable year over year. The graphs below show the average activity per week from 2017 through 2019 compared against the activity so far in 2020.

As it can often take around 2 weeks for market data to stabilize, the data for the last 2 weeks may still change a bit. But it’s fairly clear that the largest hit in activity so far is being felt through a slowing of new listings.

As of now closed listings per week doesn’t seem to be as far outside of it’s historical average. This leads me to believe that we will see a more rapid than normal change in market supply in coming months. The current trend suggests a possible shift towards a sellers market (contrary to what many are forecasting to date).

If that’s the case I expect the decrease in supply to insulate against any major market depreciation for now. We will be putting out more data examining the probability of a drop in market prices in the coming days.

Coronavirus Impact On Real Estate Listings

graph of listings per week in Oklahoma county

Coronavirus Impact On Real Estate Sales

graph of closed properties per week in Oklahoma county
graph of properties set pending a week in Oklahoma county

Historical Data on Oklahoma County Real Estate Activity

If you’re interested in comparing the weekly data year by year we’ve included the graphs below so you can see where the historical average line comes from.

Historical Listing Activity In Oklahoma County

Historical Sales Activity In Oklahoma County

2020 CLosed@jpg1080

Historical Pending Sales In Oklahoma County

Source: MLSOK 2020

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