Whitehall, Oklahoma City, OK - Neighborhood Market Summary

By
Real Estate Agent with ShowMeOKC Real Estate Pros of KW Elite 148333
With each neighborhood market summary I prepare, I get another small glimpse into the strength of the Oklahoma City real estate market (View the latest statistics here) and any coming trends. In spite of all the negative press the national real estate market receives, most of the midwest region is still growing and appreciating at very healthy rates.

 Today I was prompted by a phonecall to prepare a neighborhood summary for Whitehall, a very nice Northwest Oklahoma City neighborhood made up of 2000-4000 square foot homes. Whitehall is a conveniently located community just west of Lake Hefner, at the SE corner of Hefner and N MacArthur, within walking distance of the lake and several park areas. It's just a couple of miles off the Hefner Parkway and feeds into Putnam City North High School and Hefner Middle School.

2006 brought a significant rise in most areas of Oklahoma City and indicators are still following suit as we approach the end of August, 2007, although we are beginning to see signs of a levelling off. The following chart shows statistics of homes sold specifically in the Whitehall addition, from August 27th, 2006 through August 27th, 2007 and compares these numbers with their respective numbers from 2005-2006:

 2006-072005-06Change
Number of sales151136.36%
Years built1993-20061993-2004 
Largest home sold (sf)40673051 
Average home sold (sf)26612446 
Smallest home sold (sf)20682053 
Highest sales price$296,000$339,500-12.81%
Average sales price$248,000$236,7904.73%
Lowest sales price$178,000$187,000-4.81%
Average list price$252,800$240,8094.98%
Sales price vs list price98.10%98.33%-0.23%
Highest price per sf$107.20$127.30-15.79%
Average price per sf$94.40$96.28-1.95%
Lowest price per sf$71.96$87.38-17.65%
Longest DOM293146100.68%
Average DOM1186193.44%
Shortest DOM84 
    
Current Active Listings3 
Current Absorption Rate2.40  

As you can see, the Whitehall comparison from 2006 to 2007 shows some very positive signs and some that may be alarming. While the number of sales increased significantly, the high and low sales prices, as well as the prices per square foot dropped quite a bit. In addition, the overall days on the market for listings in the area doubled.

Overall, the average sales price saw a 4.98% increase and the absorption rate of 2.4 months is quite promising at this time in comparison with July's city-wide absorption rate of 5.05 months. Does this mean things are headed down? That's impossible for any of us to predict, but lower sales prices and longer days on the market are not comforting signs. 

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 Whitehall Homes and information, as well as details on many other great Edmond and Oklahoma City neighborhoods.

**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (08/27/05) through (08/27/07). 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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Comments (4)

Paula Henry
Home to Indy Team @ HomeSmart Realty Group - Avon, IN
Realtor - Indianapolis Real Estate - 317-605-4174
Ryan - Very Nicely done with lots of info for those homeowners in Whithall. I find people really like the local stats!
Aug 28, 2007 06:44 PM
Sal Poliandro - NJ Bergen County Realtor
RE/MAX Properties - Ridgewood, NJ
Broker Associate

Hi Ryan,

     Nice job with the stats. Glad to hear that overall the prices are rising.  

Aug 30, 2007 02:35 PM
Gary Bolen
McCall Realty - South Lake Tahoe, CA
CRS - Lake Tahoe Real Estate Information
Ryan, Nice house. Photo. Good information. Your market is lucky to have you. Also wanted to thank you for taking your time to comment on the crest charade we did the other day. And the next one after that. It was most appreciated.
Aug 30, 2007 02:51 PM
Ryan Hukill - Edmond
ShowMeOKC Real Estate Pros of KW Elite - Edmond, OK
Realtor, Team Lead

Paula - I've found that also. It's what they're looking for and I like being the one to provide it here. Thanks for reading!

Sal - Thank you. I'm glad to see it too  :)  Thanks for stopping by.

Gary - Thank you for the kind words my friend. I absolutely LOVED the crest post and look forward to reading many many more. You've certainly raised the bar here on AR. Thanks for stopping by!

Aug 30, 2007 03:44 PM