OKC/Edmond Real Estate Statistics for December 2007

OK, it's time to see the real numbers for the end of 2007.  We all knew December was a slow month, and the numbers show it, but there's still a lot of promising information in the December 2007 home sales statistics report.

Each and every month, I post up the Oklahoma City and Edmond Real Estate statistics, and every month so far I've had some very positive information to share.  This month is no different, except that we did see a dramatic drop in overall volume.

As always, I'm posting the real, honest numbers, so you, the consumer, can judge for yourself what's really going on, rather than just believing what you hear on the news.  Here it is; the following chart shows the monthly Oklahoma City Metropolitan Real Estate statistics for December 2007 as compared to November 2007 and December 2006:

-	Dec-07	Nov-07	Dec-06	1-month change	1-year change
TOTAL CLOSED	1170	1347	1434	-15.13%	-22.56%
TOTAL $ VOLUME	$182,625,246	$197,106,320	$212,679,984	-7.93%	-16.46%
AVERAGE PRICE	$156,089	$146,329	$148,312	6.25%	4.98%
MEDIAN PRICE	$134,000	$123,000	$122,000	8.21%	8.96%
AVG. INT. RATE	5.78%	6.06%	6.11%	-4.84%	-5.71%
%SELLING PRICE TO LIST PRICE	97%	97%	98%	0.00%	-1.03%
DAYS ON MARKET	92	77	76	16.30%	17.39%
NUMBER OF LISTINGS	8783	9022	8263	-2.72%	5.92%
ABSORPTION RATE	7.51	6.70	5.76	10.78%	23.24%

Now, as you can see, December was down in overall volume and units sold. Well, that's not really a surprise.  I could have told you that, simply from the small amount of buyer traffic I personally witnessed in November and December, that time of year when everyone's focused on the Holidays and their focus is taken off of real estate. No big shocker there, but look at the average and median prices.  We're still up anywhere from 5 to 9 percent over last year!  Compare those appreciation rates to any other market in the country.  You'll find very few others who can even come close to those kinds of numbers.

Other figures to pay attention to are the absorption rate, the interest rate, and the days on market (DOM).

Interest rates are currently better than they have been in several years, while it is taking longer to sell our homes than it was this time last year.  That's mostly due to the drop in number of sales, and the increase in absorption rate.  I expect to see that number come back down as we head toward spring.

I predicted in last month's report that we'd see a spike in buyer interest after the first of the year, and I was right, as you can read in my recent post Spring Has Sprung You Say?!  The sellers who have an agent who understands what's really going on will be in position to take advantage of this "down market" over the next couple of months, so get your house ready now.

If you have any questions about Homes for Sale in Edmond, OK please don't hesitate to contact us for a free, no obligation analysis of the current market. In the meantime, you'll find a wealth of information at our Edmond Real Estate website.

**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (12/01/06) through (12/31/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.