Oklahoma Association of Realtors discuss the state's housing market
By Andrew W. Griffin
For The Transcript
OKLAHOMA CITY -- Wanting to clear up any misconceptions the public in Oklahoma may be having about the state's housing market, the Oklahoma Association of Realtors held a press conference Tuesday to assure everyone that the housing market is quite healthy within the borders of the Sooner State.
Lisa Yates, who heads OAR, used a PowerPoint presentation called "Good Thing You're In Oklahoma" to show how home values in Norman, Oklahoma City, Edmond and the surrounding areas have appreciated, continuing a trend going into its eighth year.
Yates pointed to a poll conducted by OAR showed that despite the healthy housing market, many Oklahomans have had their view of the situation colored by negative national stories which tend to focus on wealthier states like Florida and California where the bubble has burst.
For instance, in Norman, 49 percent of residents polled believed the economy was doing poorly. Similar numbers were evident among residents in other metro-area communities.
"It's a case of perception not meeting with reality," Yates said of the poll results.
But when it came to the housing market specifically, Normanites were feeling more positive, with 30 percent believing it was fair-to-poor. And when it came to the media's job in informing people about the economy 22 percent felt they were doing a poor job relaying the message.
"Norman came in much more positive in their numbers," Yates said.
Continuing, 2007 was particularly good, despite a shaky fourth quarter, Yates said. Pointing to a press release, the average sales price for an existing home in Norman rose by 2.5 percent last year, from $150,909 in 2006 to $154,616 in 2007. This goes in line with a trend noted since 2002 where the average sales price of an existing home in Norman has risen by an average of 4.5 percent per year.
That, included with the positive numbers coming out of Oklahoma City, Edmond, Midwest City, Del City, Moore and even places like Weatherford, means Oklahoma is indeed a great place to be if you're a homeowner.
"This paints a very positive picture for Oklahoma and the real estate market as a whole," Yates said.
Added OAR President Tammy McCullar; "Oklahoma is one of the most affordable states to live and work in and our outlook for the coming year should be as positive as ever."
Elsewhere in the United States, the news isn't as rosy. The National Association of Realtors has reported this season 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.
In attendance at Tuesday's meeting was Maxine Bates, president of Norman Board of Realtors.
"What's going on in Norman is not what you're hearing nationally," Bates said. "Now is an excellent time to buy real estate" with interest rates at record lows and prices are stable.
Bates said she and her fellow Realtors have been working diligently to educate the public about the upbeat housing news in Oklahoma and specifically Norman.
"Norman is a good place to live," she said.
For more information, visit www.whyrealtorswork.com.
