If you have been watching the higher end of the market in Yukon, Mustang, Tuttle, or Newcastle, July gave buyers something they have not had in a long time. Options. Room to negotiate. And time to make a smart decision instead of a rushed one.
Where the inventory actually is
Canadian County, which covers Yukon and Mustang, is sitting at 10.7 months of supply in the $600K to $650K range. The $800K+ ranges are running 10 to 11 months. Tuttle is holding at 8 to 10 months across the $500K to $600K range.
Anything above 6 months of supply favors buyers. At these price points, you are in a buyer's market.
What that means in real terms
Sellers at these price points are increasingly willing to negotiate. A Yukon-area home over $1M closed at 74.2% of list price. A Tuttle home in the $865K range closed at 86.8%. Those are the deals that happen when a home has been sitting and the seller is ready to move.
Seller-paid concessions are also up across the board. That can mean help with your closing costs, a rate buydown, or repairs credited at closing. All of it puts real money back in your pocket.
But here is the nuance
Correctly priced homes at these price points are still moving quickly. A Newcastle home in the $850K range closed above asking in a single day. A Tuttle home in the $640K range closed at full list in 28 days.
So the strategy is not just to wait for every seller to drop their price. The strategy is to know which homes are overpriced and sitting (where you have room to negotiate hard) and which homes are priced correctly and will move fast (where you need to be ready to write a strong offer quickly).
What buyers should be doing right now
Get your financing lined up before you start looking seriously. Know your comfort zone on monthly payments, not just purchase price. And work with someone who knows the difference between a home that is priced to sell and a home that has been sitting because the seller was unrealistic.
If you are looking to buy in Yukon, Mustang, Tuttle, or Newcastle, this is one of the better windows we have seen at these price points in a while. Let me know if you have any questions.
Want a full breakdown of the buying process before you start looking? Download my Buyer Guide for everything you need to know about financing, offers, inspections, and closing in the OKC metro.
FAQ
Is Yukon, Oklahoma a buyer's or seller's market right now?
The overall Canadian County market (which includes Yukon and Mustang) sits at 3.6 months of supply, still technically a seller's market. However, in the $500K+ range, months of supply climbs to 8 to 11 months, which favors buyers at those higher price points.
How long does it take to sell a $500K home in Newcastle or Tuttle?
Correctly priced homes are still moving fast. In July, a Newcastle home in the $850K range sold in a single day at 109.5% of list price. A Tuttle home in the $640K range sold in 28 days at full list. Overpriced homes at these price points sat for 100+ days.
What is the average days on market in Canadian County right now?
Canadian County's median days on market for July was 52 days, up from 36 days last year.
