By Angela Cutrer
In April, Realtor.com reported that the median listing home price in Oxford was $380,000 during the month of March, “trending up 46.2 percent year-over-year.” The median listing home price per square foot was $205.
Good news for sellers, but not so bad for buyers, either. The market is tight right now because inventory is low, so buyers are warned they must make quick decisions on houses that interest them.
(Ian McDonald/Unspash)
Alison Alger of Cannon Cleary McGraw reports in her most recent market watch that the Oxford condo market is very active, a situation that can be attributed to rising rents pushing buyers toward purchasing. Her report said that though the student population is still very strong and bringing in more condo buyers, February saw a “massive jump from its current record of 49 condos sold in March, compared to 43 sold in February,” and that this previous February had been the most active February on record.
“The Oxford market is still filled with buyers and although there are some properties that are sitting on the market longer than normal, the good ones are still going quickly,” Alger said.
Her last market report said there were 151 condos under contract. “As of March 14, it increased to 169 condos under contract, still showing stronger than normal activity,” she said. “Condo inventory went up from 41 active for sale in February to 50 for sale as of March 14.
“However, with the strong increase in condo sales in the month of February, Oxford buyers absorbed many of the listings, actually tightening the relative supply. There [were] approximately six to seven weeks of inventory last month and currently it is down to four weeks, increasing the already strong sellers market.”
Alger suggested potential buyers should not hesitate. “Have your pre-qualification letter or proof of funds letter ready to go because the first thing most sellers want to know is ‘if they take your strong offer, can you perform?’” she suggested.Last year, 39 homes sold in February. This year, 37 in that same month. This year, 110 condos were under contract as of March 14, which was down from 113 on Feb. 13. The following shows how strong the home market in Oxford as been in that month:
February 2022: 39 Sold
February 2021: 24 Sold
February 2020: 34 Sold
February 2019: 36 Sold
February 2018: 30 Sold
February 2017: 26 Sold
February 2016: 24 Sold
February 2015: 27 Sold
February 2014: 32 Sold
February 2013: 27 Sold
There are 69 active homes on the market. “We are seeing more homes come on the market, but buyers are still facing stiff competition on the homes that are fairly priced,” she said.
The average list price was $467,673, while the average sold price was $452,708. The average number of days on the market was 84.
As of March 14, there were only 69 active homes on the MLS. No home under $150,000 sold during that same time period and only two homes between $150,000 and $200,000 sold. Eight homes sold between $200,000-$250,000, while another eight were between $250,000-$300,000. The rest were above $300,000.
The market has gone from a three-month supply to just under a two-month supply, Alger said, with the same amount of inventory yet higher sales volume. This is with interest rates that have come down to the 6 percent range.
Andrew and Heather Richardson of Remax agreed that the market is tight and buyers need to have all their ducks in a row when bidding on a house. “It’s a tight inventory, which creates all kinds of stress,” Andrew said. “Some buyers are doing what we really don’t want them to do, which is to remove contingencies as part of the buying process.”
He further said higher interest rates were delaying a lot of moves, with some sellers wanting to cash out and move on. “We’ve seen some home searches that don’t last an hour,” he said of the process. “You have to be ready.”
Richardson said that the Oxford region remains a strong market because of its locality, arts and education, but also because of the lifestyle afforded by living in a “small” town.
“The Oxford market is hot, that’s for sure,” he said. “People want to move here. The home prices seem cheap compared to the cities they’re moving from, and they’ve heard about Oxford, Ole Miss, and the lifestyle here. They want in on it.
“And I think the market will remain healthy,” he added. “As long as Oxford stays small we think the area won’t slow down in its growth. It feels like a community here. I think having the same zip code has something to do with it. From one end to the other, wherever you go, you’re still in your ‘neighborhood’.
“From affordable housing to high-end condos, the market will continue to do well. The positive things about Oxford right now are going to just get better in the future. It’s a positive, growing place with a lot to do for everyone.”
