With each neighborhood market summary I prepare, I get another small glimpse into the strength of the Oklahoma City real estate market (
View the latest statistics here) and any coming trends. In spite of all the negative press the national real estate market receives, most of the midwest region is still growing and appreciating at very healthy rates.
Today I was prompted by a phonecall to prepare a neighborhood summary for Whitehall, a very nice Northwest Oklahoma City neighborhood made up of 2000-4000 square foot homes. Whitehall
is a conveniently located community just west of Lake Hefner, at the SE corner of Hefner and N MacArthur, within walking distance of the lake and several park areas. It's just a couple of miles off the Hefner Parkway and feeds into Putnam City North High School and Hefner Middle School.
2006 brought a significant rise in most areas of Oklahoma City and indicators are still following suit as we approach the end of August, 2007, although we are beginning to see signs of a levelling off. The following chart shows statistics of homes sold specifically in the Whitehall addition, from August 27th, 2006 through August 27th, 2007 and compares these numbers with their respective numbers from 2005-2006:
| | 2006-07 | 2005-06 | Change |
| Number of sales | 15 | 11 | 36.36% |
| Years built | 1993-2006 | 1993-2004 | |
| Largest home sold (sf) | 4067 | 3051 | |
| Average home sold (sf) | 2661 | 2446 | |
| Smallest home sold (sf) | 2068 | 2053 | |
| Highest sales price | $296,000 | $339,500 | -12.81% |
| Average sales price | $248,000 | $236,790 | 4.73% |
| Lowest sales price | $178,000 | $187,000 | -4.81% |
| Average list price | $252,800 | $240,809 | 4.98% |
| Sales price vs list price | 98.10% | 98.33% | -0.23% |
| Highest price per sf | $107.20 | $127.30 | -15.79% |
| Average price per sf | $94.40 | $96.28 | -1.95% |
| Lowest price per sf | $71.96 | $87.38 | -17.65% |
| Longest DOM | 293 | 146 | 100.68% |
| Average DOM | 118 | 61 | 93.44% |
| Shortest DOM | 8 | 4 | |
| | | | |
| Current Active Listings | 3 | |
| Current Absorption Rate | 2.40 | | |
As you can see, the Whitehall comparison from 2006 to 2007 shows some very positive signs and some that may be alarming. While the number of sales increased significantly, the high and low sales prices, as well as the prices per square foot dropped quite a bit. In addition, the overall days on the market for listings in the area doubled.
Overall, the average sales price saw a 4.98% increase and the absorption rate of 2.4 months is quite promising at this time in comparison with July's city-wide absorption rate of 5.05 months. Does this mean things are headed down? That's impossible for any of us to predict, but lower sales prices and longer days on the market are not comforting signs.
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 Whitehall Homes and information, as well as details on many other great Edmond and Oklahoma City neighborhoods.
**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (08/27/05) through (08/27/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy
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