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

Ryan Hukill
Realtor ® Associate

Hukill Group - Paradigm Realty
16211 N May Ave
Edmond, OK 73013
direct.: (405) 802.HOME
fax: (405) 285.8428
ryanhukill@cox.net
www.YourOpenHouse.us
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3 Comments on Fenwick, Edmond, OK - Neighborhood Market Summary 2007

SEP
26
2007
130,881 Points 2 Featured Posts Outside Blog
Ryan - Glad to hear you are busy - and your business growing! I could use a Fenwick or two! :)
10:50pm • #1
1,586,571 Points 430 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Nice market analysis and presentation, Ryan. Great stuff for buyers, and sellers, to have so they can make some informed decisions.

Jeff

10:57pm • #2
SEP
27
2007
712,458 Points 118 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Ryan, the composition and perspective of your photo, with the open gate, are fantastic!

Mike in Tucson

12:01am • #3

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Ryan Hukill - Edmond Realtor®

Edmond, OK

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ShowMeOKC Team of Paradigm AdvantEdge

Address: 16301 N May Ave, Edmond, OK, 73013

Office Phone: (405) 259-6565

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The ShowMeOKC Team is passionate about helping you discover your surroundings from Yukon to Choctaw, Edmond to Moore, and everywhere in between. Serving your Real Estate needs is our business, and encouraging you to maximize life in the metro is our passion.


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