What's going on in Edmond Real Estate?

The Edmond Real Estate market is growing stronger as we head into the spring season. 2006 brought a rise in most areas of Edmond and indicators for 2007 look great. View the latest area statistics here: (Edmond Real Estate).

The following chart shows statistics of homes sold in Fenwick from March 25^th, 2006 through March 25^th, 2007 and compares these numbers with the respective numbers from 2005-2006:

	2006-07	2005-06	Change
Number of sales	46	58	-20.69%
Years built	1997-2006	1997-2006
Largest home sold (sf)	4642	4672
Average home sol (sf)	3015	2882
Smallest home sold (sf)	2153	1880
Highest sales price	$380,000	$375,000	1.33%
Average sales price	$270,362	$255,845	5.67%
Lowest sales price	$183,750	$169,000	8.73%
Highest price per sf	$102.52	$99.55	2.98%
Average price per sf	$90.13	$89.60	0.59%
Lowest price per sf	$79.75	$74.89	6.49%
Longest DOM	307	338	-9.17%
Average DOM	77	72	6.94%
Shortest DOM	0	0

As you can see, the comparison from 2006 to 2007 is very favorable for Fenwick in Edmond. While the average Days on Market were slightly longer, the overall sales prices and prices per square foot saw a significant increase.

If you’re curious what your home’s worth or would like an updated chart, visit our Edmond Real Estate website for a free estimate.

*These statistics are based on information provided to and compiled by MLSGateway.com, Inc. covering a period (03/25/05) through (03/25/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy

Many Edmond residents are letting it be known where they stand on the recent annex talk. Reportedly, Mayor Saundra Naifeh, at the March 12th council meeting, called for a look into the possibility of annexing certain areas outside Edmond city limits that are commonly considered a part of Edmond. On Monday, the 26th, dozens of Edmond residents made an appearance to let their voices be heard, opposing the idea.

Apparently, the largest complaint is the expenses it would impose on local business owners and several of these residents have retained legal counsel to fight the action. It appears that, at this point, the issue has been dropped and no action was taken by the city council.

You can read the entire story published by the Edmond Sun here.

The latest foreclosure reports indicate some very positive activity, countering the doomsday reports we're bombarded with by the national media every day.

According to this month's foreclosure report published by RealtyTrac(TM), Oklahoma ranks 19th lowest in the rate of foreclosures nationally. This averages to one foreclosure for every 1,074 households, down 7.14% from last month and 15.43% lower than this time last year.

While the national foreclosure rate is still higher than we'd like to see, these figures are especially positive for our local Oklahoma Real Estate Market, including the Oklahoma City and Edmond Real Estate markets. 

If you or someone you know is facing the possibility of foreclosure, PLEASE remember, you have other options! The banks DO NOT want to foreclose. They would much rather work with you to find a mutually beneficial solution. If we can help give you some answers or ideas in this regard, please don't hesitate to contact us. Time IS of the essence in these situations.

The following chart shows the monthly Oklahoma City Metropolitan housing statistics for February 2007 as compared to January 2007 and February 2006. This is just another great example of how the media's negative reports of the national Real Estate market do not fairly reflect our local Oklahoma City Real Estate market. As you can see, more transactions were closed this February than February 2006. In addition, the average and median sales prices were higher than this time last year and the percentage of selling price to listing price is even higher. You'd have to really want to see negatives to notice that the average interest rate went from 6.10% in 2006 to 6.12% in 2007 and the "days on market" went from 78 to 88. Overall, these figures show us that the Oklahoma City metro area Real Estate market and the Edmond Real Estate market are still going strong, despite the wariness of many consumers caused by continual negative media attention. With 8,161 homes currently on the market in the metro, and 1,314 sold in February, we have a 6.2 month inventory on hand. Spring is here and, while it's still a buyer's market, things also look very positive from a sellers standpoint. If you have any questions about buying or selling Real Estate in Edmond, OK, please don't hesitate to contact us for a free, no obligation analysis of the current market.

February-07		January- 07	February-06
TOTAL CLOSED	1314	1086	1296
TOTAL $ VOLUME	$190,617,821	$151,688,126	$168,547,341
AVERAGE PRICE	$145,066	$139,675	$130,051
MEDIAN PRICE	$123,000	$123,383	$114,000
AVG. INT. RATE	6.12%	6.17%	6.10%
%SELLING PRICE TO LIST PRICE	98%	97%	97%
DAYS ON MARKET	88	88	78
NUMBER OF LISTINGS	8161	8143	7113

Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (02/01/07) through (02/28/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy