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Selling and Flipping Properties Picked Up in Oklahoma City in January

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By : John Cutts    99 or more times read
Regular homebuyers, real estate investors and those involved in flipping properties all contributed to the rise in housing unit sales in Oklahoma City, Oklahoma, last month. Sales figures for January 2011 were higher than both the 2010 and 2009 figures despite the cold winter weather.

Sales of residential properties, including foreclosed homes in Oklahoma City, recorded a total of 848 in January, up 20.1% from the January 2010 total of 706 and posting an increase of 14.4% compared with January 2009, when 741 housing units were sold. As of the end of January 2011, the number of listed for-sale homes totaled 8,279 in the city, representing an inventory of almost seven months.

The average selling prices of houses, including non-foreclosed and foreclosed homes in Oklahoma, increased by 7.7% in January 2011 compared with January 2010. Last month's average selling price was $149,643. Median price, on the other hand, was also up by 5% from year-ago levels to reach $126,000 in January 2011. Some housing market analysts have stated that the rise in sales and prices is somewhat unexpected, given that standards in lending have been tight and requirements are higher for down payments.

Most analysts agree, however, that sales are likely to be even better in the coming spring. They stated that more homebuyers and investors flipping properties are expected to come into the Oklahoma City market since interest rates, although showing some increases, have remained relatively low. Analysts also agree that the area's housing industry is facing a better year in 2011, mainly because of lower inventories, higher sales and lower number of delinquent homeowners.

Meanwhile, although foreclosed home for sale supplies remain a big part of the market, home builders are finding room for more new dwellings as permits for home construction jumped last month. For the region covering Oklahoma City, Norman, Moore, Midwest City and Edmond, permits for residential construction increased to 260 in January 2011, up by around 12% compared with January 2010.

Despite a big number of homebuyers and investors flipping properties still looking for cheaper foreclosed homes, home builders are optimistic that housing starts will improve further in the coming months. In Oklahoma City, permits for new houses were up last month by 13.4% compared with the same 2010 period.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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