Mustang, OK July sales less than July '07

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Real Estate Agent with not active

It looks like the real estate slowdown has hit the Oklahoma City suburb of Mustang. This bedroom community of aprox 16,000 had significantly lower sales in July, '08 compared to July, '07

July 2008 sales

30 units

Avg price: $148,875

Median price: $140,000

July 2007 sales

54 units

Avg. price: $156,920

Median price: $145,450

There are currently 188 active listings in Mustang with an avg price of $201,695, and a median price of $163,975.

Total units sold this year through July 31: 230

Total units sold last year through July 31: 310

I wonder how much of the slowdown  is due to economic conditions and how much is due to the much higher avg and median prices of active listings. One positive stat is the listing inventory sits at just over 6 months.

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Rainmaker
50,639
Bill Parecki
Hawaiian Island Homes, Ltd - Hilo, HI
RS, ABR, RDCPro, SFR, E-Pro, CFA

Aloha Stev,

Welcome to the wild world of real estate. Don't feel like the lone ranger this is something that is taking place all over america.

August 19, 2008 02:56 AM #1
Rainmaker
50,639
Bill Parecki
Hawaiian Island Homes, Ltd - Hilo, HI
RS, ABR, RDCPro, SFR, E-Pro, CFA

Aloha Stev,

Welcome to the wild world of real estate. Don't feel like the lone ranger this is something that is taking place all over america.

August 19, 2008 02:56 AM #2
Rainer
23,239
Steve Mangus
not active - Oklahoma City, OK

Bill---you're right about that. I'll be interested to see figures for other cities in the OKC metor area like Yukon, Edmond, and Moore to name a few.

August 19, 2008 08:02 AM #3
Rainer
13,944
Carole Lhuillier
Keller Williams Realty SunCoast - Saint Pete Beach, FL
Our Home Team Florida

Well, unfortunately the "real estate slowdown" has just about hit every area of the country, some of course more so than others.  Sales in metro Atlanta are quite flat, however around Tampa Bay, median priced homes are still selling well.  Beach properties are another story - nothing is moving.

Good luck,

Carole

August 21, 2008 02:37 PM #4
Rainmaker
573,877
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Steve, we would like to have a 6 month supply, ours is closer to 14 months. I like the name of  this suburb. Is that where Sally lives???  8-)

August 21, 2008 04:29 PM #5
Rainer
23,239
Steve Mangus
not active - Oklahoma City, OK

Mustang Sally? we're telling our age. How about the town just north of Mustang--it's Yukon!

August 21, 2008 08:43 PM #6
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Rainer
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Steve Mangus

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