Park Lane Estates, Edmond, OK - Neighborhood Market Summary 2007

I spent most of this past Saturday driving around Northwest Oklahoma City and Edmond with some delightful clients of mine (who found me here on Active Rain). They're moving here from Maryland in the next couple of months, so our quest has been to find them a new place to call home. We set out Saturday morning to tour 17 different homes in hopes of finding the right one. When all was done, Mr & Mrs G liked about 12 of the 17 we saw, and I was sure it would take them some time to narrow that list of potential candidates down to just 2 or 3. Well, I was wrong! I got an email early this morning with a list of their 3 favorites and the one at the top of the list is in a great neighborhood in NW Edmond, called Park Lane Estates. So, I started digging to see what's been going on with values in the neighborhood, so I can give Mr & Mrs G a clear picture of where Park Lane Estates has been and where it's going.

Park Lane Estates is located on the south side of Danforth, between Santa Fe and Kelly Ave. This area was developed between 1986 & 1995, consisting of homes in the 1400-2200 square foot range. It's conveniently located near plenty of shopping, retail and restaurants and just a couple of miles from Downtown Edmond.

As you drive through Park Lane Estates, you'll find nicely-manicured lawns and well-maintained homes strategically placed in this small quiet neighborhood. Being located within Edmond Public Schools district makes it a great place for families and anyone else looking for a nice place with a sense of community. Most children here attend Ida Freeman Elementary, Central Middle School and Edmond North High School.

The following chart shows statistics of homes sold specifically in the Park Lane Estates addition, from September 23rd, 2006 through September 23rd, 2007 and compares these numbers with their respective numbers from 2005-2006:

As you can see, the Park Lane Estates comparison from 2006 to 2007 shows very positive signs. The number of sales decreased slightly, while sales prices prices per square foot saw significant increases. You'll also notice that the percentage of sales price versus list price is quite high and the absorption rate of 4.36 months is healthy and below the current city-wide average of 4.95. These are all positive indicators. The decreased number of sales and longer days on the market are pretty standard throughout the metro in the current market. 

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 Park Lane Estates Homes and information, as well as details on many other great Edmond neighborhoods.

**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (09/23/05) through (09/23/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy