I never tire of hearing ‘Oklahoma is #1′ and it’s quite satisfying when compared to major coastal markets like Southern California, Seattle, and Florida. This time though, we’re not talking college football, but instead it’s a reference to the old classic tale of the tortoise and the hare.
That’s right, sales are up, but not really enough to get excited about. It’s been a strange year, with overall good news, but unpredictability is the theme. Take a look:
A 1.5% increase in homes sold from June to July isn’t great, but it’s progress, considering July was still down 16% over this time last year. The concerning thing is seeing a decrease in average and median sales prices, however slight it may be. I don’t believe this to be a trend of any kind, though. August numbers will be very telling.
On a good note, days on the market have decreased and inventory levels have dropped a little bit. In addition, home sales nationwide are up more than 3%. Hang in there home sellers… things are slowly turning around. As for you buyers, now sure looks like a good time to take advantage before things swing upward again.
**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (7/1/07) through (7/31/08). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.
This is the kind of thing I never tire of sharing…
Even though overall sales volume is down over this time last year, home values in Oklahoma City and the rest of the metro area, including Edmond, are still on the rise. In fact, the average home price is up almost 6% and the median price almost 4%. With the national average in a declining state, I’d say even a small increase would be worth bragging about, but an increase in that range is just plain strong!**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (6/1/07) through (6/30/08). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.
Due to busy-ness, it’s been a while since I posted up the monthly statistics covering the OKC metro area, and this morning I met a young lady asking about the stability of our local market, so here we go:
While overall volume of homes sold in comparison to this time last year is down, you can see that our homes are still appreciating, and we are climbing out of the slight slowdown. Volume is up over last month, rates are down, and absorption rate is coming back down to normal. Basically, the tightened mortgage requirements have caused fewer sales, but every other indicator is very positive, and we should begin to see the mortgage guidelines loosen back up over the next few months.
So, the million dollar question; Is now a good time to buy in OKC/Edmond? You know what my answer will be. Look at these figures and decide what YOU are comfortable with.
**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (5/1/07) through (5/31/08). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.
I’ve been researching recent sales activity in the Providence addition of West Edmond for Mr & Mrs M. They’ve found that Providence (located on NW 178th, between Penn & Western) offers many of the ammenities they want for their family; historical home charm, community pool, park and lots of space for the kids to play.
Here are the statistics of all homes sold in Providence in the past 6 months:
And here are the homes currently for sale in Providence:
ML#
Status
Address
SqFt
Built
List Price
LP/ SF
.
316689
Active
1704 NW 179th
3,743
2004
$416,000
$111.14
.
321095
Active
18105 Pawtucket Ln
3,679
2001
$415,900
$113.05
.
352180
Active
1721 NW 179th Ter
3,208
2003
$368,900
$114.99
.
350713
Active
18012 Providence Ave
3,054
2004
$344,000
$112.64
.
354352
Active
1701 NW 179th Ter
2,707
2006
$319,000
$117.84
.
311449
Active
1708 NW 181st
2,611
2002
$289,500
$110.88
.
316146
Active
1725 NW 179th Ter
2,509
2003
$285,000
$113.59
.
Averages
3,073
2,003
$348,329
$113.45
**All statistical and listing information provided to and compiled by MLSGateway.com, Inc. covering a period (12/27/07) through (6/26/08). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy. Listing information is deemed reliable at the time of this posting, but subject to change without notification, and should be verified through a licensed agent for accuracy.
For more information about any of these homes, or to find out how to get yours SOLD for the most in the shortest time, call or email me.
In case you haven’t had the chance yet to hear more about the ‘It’s a Good Thing You’re in Oklahoma’ Campaign, here’s some info about an upcoming segment:
Wednesday at 10:00am on COX Channel 7 you can see OKCMAR Board President Marolyn Pryor and OKCMAR CEO, Dawn Kennedy interviewed about why it’s a good thing you’re in OKC!
Marolyn and Dawn chat with Mayor Mick Cornett and moderator, Kent Myers, about the real estate industry in Oklahoma City and why NOW is a great time to invest in local real estate properties.
I’m sure they’ll be sharing some updated statistical information, so be sure to check it out if you get a few minutes.
The thing I hear that’s most surprising to families who relocate to Edmond is how affordable everything is, in comparison to what they’re used to.
According to a new OKCBusiness.com article, Edmond’s annual cost of living is 11.4% percent lower than the national average. Just another of many factors that make Edmond a great place to raise your family.
This is another piece of the outstanding ‘Defy The Trends’ effort of COHBA. Please share this information with anyone you know who’s thinking about, or discouraged by, the real estate market.
