While a few markets around the country are seriously struggling and values declining, the Real Estate market in Edmond, Oklahoma and the overall OKC metro area is still strong. However, for the first time since I began publishing these monthly reports here, I do have less-optimistic numbers to show you.
The following chart shows the monthly Oklahoma City Metropolitan Real Estate statistics for July 2007 as compared to June 2007 and July 2006.
|
|
Jul-07 |
Jun-07 |
Jul-06 |
1-month change |
1-year change |
| TOTAL CLOSED |
1848 |
2031 |
1879 |
-9.90% |
-1.68% |
| TOTAL $ VOLUME |
$282,607,094 |
$315,551,833 |
$285,826,355 |
-11.66% |
-1.14% |
| AVERAGE PRICE |
$152,925 |
$155,367 |
$152,116 |
-1.60% |
0.53% |
| MEDIAN PRICE |
$132,000 |
$130,000 |
$129,900 |
1.52% |
1.59% |
| AVG. INT. RATE |
6.24% |
6.19% |
6.49% |
0.80% |
-4.01% |
| %SELLING PRICE TO LIST PRICE |
97% |
97% |
98% |
0.00% |
-1.03% |
| DAYS ON MARKET |
76 |
74 |
67 |
2.63% |
11.84% |
| NUMBER OF LISTINGS |
9328 |
8955 |
8725 |
4.00% |
6.46% |
| ABSORPTION RATE |
5.05 |
4.41 |
4.64 |
12.65% |
8.01% |
As you can see, the total transactions closed and total $ volume is about 1% lower than this time last year, however, the average price and median price are still appreciating in comparison. You'll also notice that, in spite of the current problems in the mortgage industry, the average interest rate is better than that of July 2006.
The other figures are only slightly changed, while the absorption rate has jumped. It's still at a healthy number below 6 months though, so I don't see need for alarm there. In comparison to 2006, it's only up about 8%, which seems like a very small amount considering the negative perception of the national real estate market.
In summary, these figures show us that the Oklahoma City metro area Real Estate market and the Edmond Real Estate market are holding steady, despite the wariness of many consumers. With 9,328 homes currently on the market in the metro, and 1,848 sold in July, we have a 5.05 month inventory on hand.
Buyer traffic seems to have tapered off the past week, which is typical of back-to-school time. We'll likely see another surge of buyers in 1-2 weeks looking to get moved before the underwriting changes in the mortgage industry make it less likely for them to get qualified. If you have any questions about Homes for Sale in Edmond, OK
, please don't hesitate to contact us for a free, no obligation analysis of the current market. In the meantime, you'll find a wealth of information at our Edmond Real Estate website.
**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (07/01/06) through (07/31/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy
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Looks like great information plus I like the fact that you only have a little more than 5 month inventory on hand. In the central Florida market, we are not fairing as well. Overall, it seems like you have a good market in the area. Best of luck to you and continue to publish worthwhile information.