The phone's been ringing out of control the past few weeks! I don't know if it's from all the time I've been putting into helping folks who's listings have expired with other agents, or if the man upstairs is looking out for me, but Edmond Real Estate has continued to keep me busy. I have so much activity right now that 16 hours a day just isn't enough! Many of the calls I've been getting are from homeowners in Edmond's beautiful Fenwick addition.
Ask almost anyone in Edmond and they know where Fenwick is, between Penn & Western on the North side of NW 150th St. It's one of those Edmond neighborhoods that many dream of living in... a great family community, with award-winning Edmond Public Schools (Angie Debo Elementary, Summit Middle School, Edmond Santa Fe High School) and the benefits of Oklahoma City utilities, all just a mile and a half from all the shopping and restaurants your heart could desire. Developers began building Fenwick in 1997 and there are still new homes going up there today. The homes range in size from 1900 square feet up to about 4700 square feet, and the values are currently between $180,000 & $380,000.
So, with all of the calls I've been getting from Fenwick home owners, I've been spending a lot of time researching home values in the area lately. I currently have one beautiful home listing in Fenwick and have met with 3 other home owners in the area in just the past 2 weeks. Here's what I've found:
The following chart shows statistics of homes sold specifically in the Fenwick addition, from September 25th, 2006 through September 25th, 2007 and compares these numbers with their respective numbers from 2005-2006:
| | 2006-07 | 2005-06 | Change |
| Number of sales | 68 | 84 | -19.05% |
| Years built | 1997-2007 | 1997-2006 | |
| Largest home sold (sf) | 4642 | 4672 | |
| Average home sold (sf) | 2765 | 2799 | |
| Smallest home sold (sf) | 2017 | 1931 | |
| Highest sales price | $380,000 | $380,000 | 0.00% |
| Average sales price | $261,293 | $258,841 | 0.95% |
| Lowest sales price | $183,750 | $179,900 | 2.14% |
| Average list price | $264,737 | $262,189 | 0.97% |
| Sales price vs list price | 98.70% | 98.72% | -0.02% |
| Highest price per sf | $129.55 | $113.41 | 14.23% |
| Average price per sf | $95.15 | $93.94 | 1.29% |
| Lowest price per sf | $81.59 | $74.89 | 8.95% |
| Longest DOM | 310 | 320 | -3.13% |
| Average DOM | 80 | 79 | 1.27% |
| Shortest DOM | 0 | 0 | |
| | | | |
| Current Active Listings | 43 | |
| Current Absorption Rate | 7.59 | | |
As you can see, the Fenwick comparison from 2006 to 2007 shows very positive signs. The decrease in total number of sales is most likely attributable to the neighborhood's last phase almost being completed. The sales prices haven't changed much over the past year, but the price per square foot continues to climb and the percentage of sold price versus list price remains high. The only real negative I see is that the Fenwick seems to be a little heavy in inventory right now, with an absorption rate of 7.59 months, which is substantially higher than the current city-wide average of 4.95 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 Fenwick 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 (09/25/05) through (09/25/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy
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