Oklahoma Real Estate Markets Affected By COVID-19

As Oklahoma begins the process of lifting restrictions enacted to curb the spread of COVID-19, it seems like a good time to dive into some market data again and see what we can learn from recent market activity about the impact of the SARS-COV-2 pandemic on Oklahoma City and Tulsa real estate markets.

We will start by examining how market activity has looked this year, week by week, compared to the median activity seen in that week in 2017, 2018, and 2019. Then we will try to decipher the most recent market data and examine graphs to determine if housing prices are dropping.


COVID-19's Impact On Oklahoma Real Estate Activity

The graph below shows the total number of new listings in Oklahoma County and Tulsa County each week compared to the median of the last 3 years.

As you can see we’ve been trending below the historical median in both OKC and Tulsa for most of the year, besides the single week spike in Oklahoma City in week 8. Since the 8th week of this year Oklahoma City has continued to trend downward on indicators of future market supply.

Source: MLSOK 2020

The next graph shows the weekly closings in Oklahoma County and Tulsa County and probably paints the most accurate picture of the economic impact the COVID-19 pandemic has had upon real estate sales, and sales agents, in the state of Oklahoma. It is yet to be seen if will we see a spike back up in activity or a longer plateau.

Source: MLSOK 2020

We will be continuing to track these figures in both Oklahoma City and Tulsa markets over the coming weeks. If you’d like to receive updates on market data as they become available please sign up for our monthly market data newsletter.

COVID-19's Impact On Real Estate Prices In Oklahoma

One of the biggest concerns I’ve heard from real estate investors lately is the possibility of depreciation of real estate markets, especially those tied to oil and gas.

In general it’s hard to predict with any level of accuracy the extent of damage on a market by an event while the event is still occurring. In most scenarios you really can’t tell with certainty the scope of damage at any point in time until weeks have passed, giving data time to be entered and stabilized. 

Median Closed Price Of Homes In Oklahoma Over the Past 4 Years

The graphs below show a few interesting things. The rate of appreciation in OKC and Tulsa seems to be increasing year over year. Also, the median sold price of a single family home in Oklahoma County peaked above 200k for the first time in history this year, just before closures began due to COVID-19.

Source: MLSOK 2020

The same graph for Tulsa County tells a similar story of accelerating appreciation over the first quarter, and then the beginning of a decline with the start of COVID-19 closures.

Source: MLSOK 2020

Median List Price Of Homes In Oklahoma Over the Past 4 Years

The good news all around looking at these graphs seems to be that we have had a good 180 to 360 days in the major real estate markets in Oklahoma. COVID-19 is obviously going to cut into those gains a bit in the short term but a rally is not out of question.

Source: MLSOK 2020

Source: MLSOK 2020

Homes are selling closer to list price and in record time

Below I am placing 3 final graphs for both Oklahoma County and Tulsa County. I suspect that what they show is a preference for well priced homes and for negotiating for closing costs during this pandemic.

It should be noted that compared to the last 3 years, 2020 was showing signs of being a better than average year before the pandemic began, which could have given the market a little extra cushion.

This first graph compares the final sale price of a home to the original list price. 

Source: MLSOK 2020

Source: MLSOK 2020

This next graph shows the recorded number of days between listing and sale for homes by the week they sold. 

Source: MLSOK 2020

Source: MLSOK 2020

Finally, these graphs show the number of days between listing and accepting an offer recorded on the day the sale closed.

Source: MLSOK 2020

Source: MLSOK 2020

Got Questions?

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The graphs above lag behind by about a week in order to give time for listings to be updated. As new changes slow and data stabilizes we occasionally update these pages.

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Feedback is appreciated

Let me know what you think and if there’s anything you’d like to see specifically in future updates.

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