The Edmond Real Estate market continues to show very significant signs of growth as we head into the second week of May, 2007. Last year, 2006, brought a rise in most areas of Edmond, Deer Creek and Oklahoma City and indicators are shaping up well for 2007. View the latest statistics here: (OKC Real Estate).
While preparing a CMA for a homeowner in Lone Oak Parke this week, I noticed a pricing trend that I feel I should address. The following chart shows statistics of homes sold in the Lone Oak Parke addition, located on NW 164th, west of Portland/Hefner Parkway, from May 7th, 2006 through May 7th, 2007 and compares these numbers with the respective numbers from 2005-2006:
| 2006-07 | 2005-06 | Change | |
| Number of sales | 34 | 20 | 70.00% |
| Years built | 2004-2006 | 2005 | |
| Largest home sold (sf) | 3025 | 2850 | |
| Average home sold (sf) | 2406 | 2351 | |
| Smallest home sold (sf) | 1837 | 2002 | |
| Highest sales price | $310,184 | $323,259 | -4.04% |
| Average sales price | $248,481 | $238,086 | 4.37% |
| Lowest sales price | $185,000 | $196,368 | -5.79% |
| Average list price | $248,562 | $236,119 | 5.27% |
| Sales price vs list price | 99.97% | 100.83% | -0.86% |
| Highest price per sf | $115.01 | $119.73 | -3.94% |
| Average price per sf | $103.36 | $101.19 | 2.14% |
| Lowest price per sf | $98.62 | $92.13 | 7.04% |
| Longest DOM | 360 | 284 | 26.76% |
| Average DOM | 148 | 96 | 54.17% |
| Shortest DOM | 0 | 0 | |
| Current Active Listings | 18 | ||
| Current Absorption Rate | 6.35 |
As you can see, the comparison from 2006 to 2007 is favorable for the average and lower priced homes in Lone Oak Parke, but the larger homes are lagging a little bit. The sales units saw a large increase and the average sales prices and prices per square foot saw a respectable increase, while the highest sales prices and prices per square foot actually reflect a decrease. Sometimes this is attributable to the competing new construction within the community. Whatever the reason, it's disturbing for owners of those larger homes who may need to sell theirs soon. In such cases, it is more important than ever to properly price the home to sell.
If you're curious what your home would sell for or would like a chart more specific to your home, visit our website, where you'll find Lone Oak Parke Homes and information, as well as details on many other premier Edmond neighborhoods.
**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (05/07/05) through (05/07/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy
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