What's going on in Edmond Real Estate?

The Edmond Real Estate market continues to show very significant signs of growth as we rapidly approach the end of May, 2007. Last year, 2006, brought a rise in most areas of Edmond, Deer Creek and Oklahoma City and indicators are shaping up well for 2007. View the latest statistics here: (OKC Real Estate).

The following chart shows statistics of homes sold in the Homestead addition, located on the NW section of Santa Fe & Danforth, from May 24th, 2006 through May 24th, 2007 and compares these numbers with their respective numbers from 2005-2006:

	2006-07	2005-06	Change
Number of sales	20	22	-9.09%
Years built	1996-2001	1996-2002
Largest home sold (sf)	2513	2645
Average home sold (sf)	2309	2443
Smallest home sold (sf)	2055	2256
Highest sales price	$231,000	$231,200	-0.09%
Average sales price	$212,170	$211,318	0.40%
Lowest sales price	$191,000	$194,000	-1.55%
Average list price	$215,054	$214,313	0.35%
Sales price vs list price	98.66%	98.60%	0.06%
Highest price per sf	$98.05	$91.27	7.43%
Average price per sf	$91.90	$86.52	6.22%
Lowest price per sf	$85.93	$81.42	5.54%
Longest DOM	96	170	-43.53%
Average DOM	26	51	-49.02%
Shortest DOM	3	2
Current Active Listings	2
Current Absorption Rate	1.20

As you can see, the Homestead comparison from 2006 to 2007 is very promising. While the number of homes sold in 2006-2007 didn't change much from the previous year, and the overall sales prices stayed level, the average prices per square foot saw significant increases and the days on market decreased substantially. These are healthy signs for Homestead and for the Edmond Real Estate community as a whole. With so many Edmond homes for sale right now, it's great to see strong appreciation figures and quicker sales and with a city-wide average absorption rate of just under 5 months, Homestead's absorption rate is VERY strong at well under 2 months.  

If you're curious what your home would sell for or would like a chart more specific to your street, visit our website, where you'll find Homestead Homes and information, as well as details on many other premier Edmond neighborhoods.

**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (05/24/05) through (05/24/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy

The Edmond Real Estate market continues to show very significant signs of growth as we rapidly approach the end of May, 2007. Last year, 2006, brought a rise in most areas of Edmond, Deer Creek and Oklahoma City and indicators are shaping up well for 2007. View the latest statistics here: (OKC Real Estate).

The following chart shows statistics of homes sold specifically in the Thomas Trails addition, located on the South side of Covell, between Kelly & Broadway, from May 28th, 2006 through May 28th, 2007 and compares these numbers with their respective numbers from 2005-2006:

	2006-07	2005-06	Change
Number of sales	27	30	-10.00%
Years built	2005-2007	2004-2005
Largest home sold (sf)	2569	2322
Average home sold (sf)	2001	1956
Smallest home sold (sf)	1805	1657
Highest sales price	$229,900	$200,650	14.58%
Average sales price	$192,269	$177,986	8.02%
Lowest sales price	$162,500	$158,900	2.27%
Average list price	$195,422	$178,009	9.78%
Sales price vs list price	98.39%	99.99%	-1.60%
Highest price per sf	$103.68	$99.14	4.58%
Average price per sf	$96.18	$91.29	5.36%
Lowest price per sf	$86.71	$76.23	13.75%
Longest DOM	312	365	-14.52%
Average DOM	122	90	35.56%
Shortest DOM	0	0
Current Active Listings	15
Current Absorption Rate	6.67

As you can see, the Thomas Trails comparison from 2006 to 2007 is very promising. While the number of homes sold decreased slightly from 2006 to 2007, the overall sales prices and prices-per-square-foot saw significant increases. The sales price vs list price stayed strong while the days on market did see an increase. In addition, the absorption rate is a little higher than the current citywide average (under 5 months), but I don't believe it's high enough to be alarmed. 

If you're curious what your home would sell for or would like a chart more specific to your street, visit our website, where you'll find Thomas Trails Homes and information, as well as details on many other premier Edmond neighborhoods.

**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (05/28/05) through (05/28/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy

Once again, residents of Edmond have validation that Edmond Public Schools are amongst the best in the country. According to a May 24th article in the Edmond Sun, two Edmond high schools are in the top 5% of public schools nationally. Of course, we already know how blessed we are to have a great school system for our kids, and Edmond property values reflect that, but seeing two of our three high schools make Newsweek's "Top of the Class" list is very satisfying. It simply backs up what we take so much pride in and tells us that we're still on the right track.

I don't know if this list is constantly changing, or if there was a typo in the Edmond Sun article, but at the time I found this, Edmond North High School is ranked 458th and Edmond Santa Fe High School is ranked 1,123rd in the list of the 1,200 top U.S. schools. This isn't the first time our schools have made this list, but each year it's still exciting to see that our great city is ranking high. Way to go Edmond Public Schools!

The Edmond Real Estate market continues to show very significant signs of growth as we rapidly approach the end of May, 2007. Last year, 2006, brought a rise in most areas of Edmond, Deer Creek and Oklahoma City and indicators are shaping up well for 2007. View the latest statistics here: (OKC Real Estate).

The following chart shows statistics of homes sold specifically in the Copper Creek addition, located on the SE section of NW 178th & Penn Ave, from May 27th, 2006 through May 27th, 2007 and compares these numbers with their respective numbers from 2005-2006:

	2006-07	2005-06	Change
Number of sales	51	65	-21.54%
Years built	1986-2003	1986-2003
Largest home sold (sf)	2118	2253
Average home sold (sf)	1802	1785
Smallest home sold (sf)	1347	1365
Highest sales price	$211,000	$178,500	18.21%
Average sales price	$152,647	$149,293	2.25%
Lowest sales price	$110,000	$118,000	-6.78%
Average list price	$154,754	$151,373	2.23%
Sales price vs list price	98.64%	98.63%	0.01%
Highest price per sf	$100.48	$91.79	9.47%
Average price per sf	$84.87	$83.87	1.19%
Lowest price per sf	$68.25	$69.22	-1.40%
Longest DOM	323	194	66.49%
Average DOM	45	38	18.42%
Shortest DOM	0	0
Current Active Listings	9
Current Absorption Rate	2.12

As you can see, the Copper Creek comparison from 2006 to 2007 is very promising. While the number of homes sold in 2006-2007 decreased in comparison to the previous year, the overall sales prices and prices-per-square-foot increased, except on the lower end homes. The sales price vs list price stayed steady while the days on market did see an increase. Normally, an increase in DOM might be considered a negative, but with an absorption rate of just over 2 months, sales should remain strong and that DOM number should come back down over the next few months. With so many Edmond homes for sale right now, it's great to see strong appreciation figures and absorption rates with a city-wide average absorption rate of just under 5 months.  

If you're curious what your home would sell for or would like a chart more specific to your street, visit our website, where you'll find Copper Creek Homes and information, as well as details on many other premier Edmond neighborhoods.

**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (05/27/05) through (05/27/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy

Although it doesn't appear to have been highly publicized, the City of Edmond announced back in April that they've started a new program to help first-time home buyers with down-payment and closing costs, up to $5,000. Their goal is to ultimately help city businesses lower their turnover rates by helping folks who work here in Edmond cut their commute time. Edmond has always been known as a commuter town, since the majority of residents work outside the boundaries of Edmond, however, in recent years, more commerce has come to the city, resulting in a lower percentage of commuters.

It's nice to see the city doing what they can to encourage these companies. I can see how this homebuyer assistance would be beneficial, not only in reducing turnover for local businesses, but also in helping more folks get started in home ownership, and spurring more growth in the Edmond Real Estate market. I applaud the City of Edmond for taking such steps and helping our overall city economy. Edmond really is a great place to live!

Many times, I bring up absorption rate with other agents and/or clients. I feel it's one of the best indicators of how our Edmond Real Estate market is performing and, more importantly, how competitively we have our listings priced.

I recently presented this topic to our national peers to see how they feel about it and if they're using it on a regular basis. I thought this would be good information to share with you, our local clients, so you can really get a good feel for what absorption rate is, how it works, and what it tells us.

If you have any questions about the use of this tool, please feel free to call or email us and we'll be happy to help!