The basic school of thought out there is that this time of year, things slow down in the Edmond Real Estate market. I'm still trying to figure out why people think that. November ended up being a bigger, busier month than October, which was a record month for me. The 4th quarter of this year is shaping up to be the most productive of the year, just like last year's 4th quarter did. Sixteen hours a day just isn't enough time anymore!
Several of the calls I've gotten this week have been from homeowners in the gorgeous Cheyenne Crossing addition in NW Edmond. You know the neighborhood... it's the one just east of Santa Fe on the south side of Covell with the beautiful homes and the fountain pond right in front. It's just across the street from Mitch Park, 
which is part of the draw of this community. You'll find lots of families in Cheyenne Crossing, as well as young executives. I think they like the close proximity to the park, walking trails, basketball courts, etc. And it doesn't hurt any that the kids in Cheyenne Crossing get to go to some of the best schools in the state (John Ross Elementary, Cheyenne Middle School, Edmond North High School).
Developers and quality builders began building Cheyenne Crossing in 2002 and they're just now about to finish it out. There are a few completed new homes for sale and one lot remaining today. The homes range in size from 2,000 square feet up to about 3,200 square feet, and the values are currently between $215,000 & $340,000.
So, with all of the calls I've been getting from Cheyenne Crossing home owners, I've been spending a lot of time researching home values in the area lately. I just sold one beautiful home in Cheyenne Crossing and have visited with 2 other home owners in the area in just the past few weeks, and here's what I've found:
The following chart shows statistics of homes sold specifically in the Cheyenne Crossing addition, from November 30th, 2006 through November 30th, 2007 and compares these numbers with their respective numbers from 2005-2006:
| | 2006-07 | 2005-06 | Change |
| Number of sales | 16 | 40 | -60.00% |
| Largest home sold (sf) | 3188 | 3080 | |
| Average home sold (sf) | 2679 | 2659 | |
| Smallest home sold (sf) | 2087 | 2279 | |
| Highest sales price | $340,000 | $328,000 | 3.66% |
| Average sales price | $267,743 | $273,388 | -2.06% |
| Lowest sales price | $215,000 | $215,000 | 0.00% |
| Average list price | $275,581 | $275,777 | -0.07% |
| Sales price vs list price | 97.16% | 99.13% | -2.00% |
| Highest price per sf | $108.06 | $111.29 | -2.90% |
| Average price per sf | $100.00 | $102.71 | -2.64% |
| Lowest price per sf | $85.70 | $92.50 | -7.35% |
| Longest DOM | 471 | 463 | 1.73% |
| Average DOM | 173 | 142 | 21.83% |
| Shortest DOM | 5 | 0 | |
| | | | |
| Current Active Listings | 8 | |
| Current Absorption Rate | 6.00 | | |
As you can see, the Cheyenne Crossing comparison from 2006 to 2007 shows positive signs, but as is usually the case as a neighborhood approaches build-out, volume has dropped, as well as slight overall price drops. These drops are not extreme and it should only take a short time for the values to begin positive appreciation again, once the last of the new homes are sold.
With an absorption rate of 6 months, the inventory level for Cheyenne Crossing is healthy, and we should begin to see a more acceptable DOM figure over the next year.
If you're curious what your home would sell for or would like a chart more specific to your street in Cheyenne Crossing, contact us directly and we'll be happy to provide one for you, with no obligation of any kind. You can also visit our website, where you'll find Cheyenne Crossing 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 (11/30/05) through (11/30/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy
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