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September 2018 Preston Report

10/30/2018
September saw it's usual drop to start the fall drop in sales from the summer. But this year it dropped more than usual from not only August numbers but compared to last September. We had 322 closed deals this September compared to 372 last year. a drop of 50 transactions or down 13.4%. that is almost two fewer transactions per day, compared to last year. Year to date sales are still up 59 closed transactions compared to last years record setting number. Pending contracts are down only 12 from last year though. Active listings are at the same number they were in August and way below last September, by almost two hundred listings. 

New homes sales are down 23% from last September, 67 compared to 87 last year. A trend for the last couple of years. Year to date sales is down 51 closed deals or 7%, compared to last year. As I said, total sales are up 59 closings, so existing sales are up 110 transactions from year with that much down for new homes. You have heard me say before that Sales volume for new homes accounted for about a third or 33% of the total sales volume for over 15 years. But the last couple of years it has fallen to 25% and currently at 22%.
Here is a comparison of year to date (Jan 1st thru Sept 30th) total sales and new home sales for this year, last year, and the year before the drop in new home sales.

                      Total sales           New home sales
2014                   3395                      876
2017                   3400                      721
2018                   3459                      670

Even though total sales are close to the same. new home sales have dropped by 206 closed deals in same time frame. I have wondered if it is people are DIY renovation or buying the flips that are fixed up to max like new? 

You will also notice the changes in absorption rates in new homes between $300,000 and $700,000. they all had an increase in listing and a big drop in closing which extend the absorption rate. The $700,000 to $999,999 price range saw a big drop because of the combination of a drop in active listing and a great closing month in September for that price range.

Have a good Trick or Treat

Click here for September Preston Report

August 2018 Preston Report

9/18/2018
Another great month, August was the best one we have had for six years if not ever.
451 Closed transactions for the Edmond area. up 16 over last year. Bringing Year to date closing to 3135, up 107 transactions over last years record setting year.
Active Listings dropped by 15 from July, and Pending were down 46. But in all the years I have done this report, this was the closest Sold came to Pending in most all price ranges. Most of them had as many closings as we had pending the month before. Which is great news.
Active listings may be at a good number but there is a big difference depending upon your pricing and condition of house. seems like everything is selling fast or sitting forever. It is hard to tell by days on market.
Because the days on market is just for that listings. Sellers may change realtors, or realtors reenter it to restart days on market. 
The average days on market for the 3135 homes that sold this year is 52 days with a median of only 26 days. the current active inventory days on market is 85 days with a median of 63 days. But the absorption rate for the entire market is currently at 4 months. meaning based on the last 12 months closings it would take four months to absorb the current inventory. of course we have 10-20 new listings come up daily. Pricing is so important to getting a quick sale, and even in some cases that does not even work. it has been an unusual year. Numbers show us heading to a record year but people talking about how slow it is. Of course since the last time i talked about another 100 realtors have become active in Edmond bring the total to 950. almost one out of every one hundred people in Edmond is a Realtor now!!  Interview your agent and make sure you are getting someone with the knowledge to handle your biggest investment.

New homes have been following their trend of the last two years, with new homes sales down 20% for august form this time last year. and last August was not a good month for them. Only 68 closed transactions report for new Homes in August, down 17 from last August. 

Click here for August Preston Report

July 2018 Preston Report

8/31/2018
Slow and Steady on increasing sales. On track for beating last years record numbers.

July had 28 more closed transactions than last year, an increase of 6.29%. Year to Date sales is up 89 Transactions from last year, an increase of $3.43%.
Active Listings also dropped earlier than normal for this time of year. which is great. and average prices are soaring with YTD average price up to $292,000.

But the trend for the last couple of years and holding the same, and that is new homes are down.
Even though July was the best sales July in six years, it was the worse for new homes in six years. the bar graphs will show that in the closed units for both. Which means existing sales are not only making up the fall in new home sales bt even coming in stronger to max overall sales up even with the down turn in new home closings.

Could be the prices of construction is getting to high for some, or after the last crunch people are looking for more for their money, or HGTV has a DIY attitude in buyers. wish i could say which or something else causing it. 

Still a bunch of bigger homes on the market.  YTD average sales price is $292,000 and the median is $245,000,  But to show the difference i pulled up for active listings and the average asking price is $437,100 and the median is $333,000

To check out all the numbers click Here for The Preston Report

Preston Report for June 2018

7/27/2018

June was a good month. up 26 transactions from last year and year to date sales up a total of 60. June up 5.67% and YTD up 2.79%. On track for another record year.

New homes sales had a good month as well with 95 closings. Active listings held steady again in June. Active listings have been right in between 2012 and 2013 when we were down in inventory and 2015 and 2016 when we had too many. 2014 was the changing year. Even new home actives are down to the numbers a few years back. Sales on new homes are still matching their numbers from then though.

The average sales price for the total market is up just over $10,000 from last years total. From $279,000 to $289,000. New homes average sales price is down $2000 from $335,000 to $333,000.

We keep coming closer to that threshold of having a 500 closing month in Edmond.

 

June 2018 Preston Report

 

 

Preston Report for May 2018

7/9/2018

Edmond had 451 closed transactions for May, 450 is a number we do not hit that often. That is why I am not worried about it being down 8.5% from Last May, because last may was a record setting number for any month with 493. Our Year to date numbers are up 34 Transactions for an increase of 2%.

New Homes for May was down from last year and last month. After hitting a closings last month for the first time in a couple years, May closing were only 67. Down 24 closing from last year for an decrease of 26.3% to bring Year to date closings down 15 transactions from last year (4%).

Active listing held steady even though we had a drop of 5.3% in new home active listings from last month.

Average price is up being the number of homes sold in the $300,000 to $500,000 ranges that have sold.

April 2018 Preston Report for Edmond Residential Sales stats

6/12/2018

What an April we had this year. The best April in six years. Edmond Area closed 416 Homes in April, 69 More Transactions than last April making Year to Date sales up 74 Transactions, making up for that slow start at the beginning of the year. YTD up 6.18% and April up 19.8% from last year!

Also new home closed sales hit the 100 mark for the first time in two years, since March of 2016. The average New home sales price was $20,000 to $70,000 below other months this year so volume was not much over last month.

Active listing are up 59 houses, but most price ranges stayed steady except for three $300-350k, $400-450k, and $500-700k. they accounted for 43 more listing than March. and that increase in these price ranges were mostly existing homes. Pending contracts did not increase that much, but we should have a good May!

 

Check out the numbers on The Preston Report

 

March 2018 Preston Report

4/17/2018

March sales of 375 closed transactions came up 10 short of last March. Bring year to date sales up two transactions with 852 versus last years 850.

Active Listing are up 46 from February but they are down 227 listings from march last year a drop of 13.3%. Pending contracts are up from February but down 15% from last year. This has been a trend of pendings down and sales around the same. An example is in the last six years we have had between 60 and 200 more pending sales for March then this March. But Closings for this March has only been beaten by two other Marchs in the last six years and those were by 9 and 11 transactions. the other months were as low as 30 transactions compared to this year. So Realtors are cleaning up the system or more transactions are getting to table.

New Homes pending contracts are down 27.9% from last year. Like the entire market the pending sales for new homes are down 40-186 units over the last 6 years. But unlike the entire market the closed sales are the lowest in last years for March between 1 and 31 transactions. new home Pending sales dropped a bit from February but it was mostly in the $250,001 to $300,000 where they did not replenish their number and dropped by a third since February.

Click here to view The Preston Report

 

February 2018 Preston Report

4/5/2018

Edmond area real estate sales up 32 closed transactions over last February for an increase of 13%. This makes up for the down January this year and brings year to date sales up 12 transactions or 2.5% over last year.

Active listing fell by ten listings from January. but that is down 13.3% from the number active listings we had this time last year with 221 fewer homes on the market. But these numbers are up 300 to 400 listings from the years 2013-2015.

With active listings down slightly and sales up most absorption rates improved over last month except for three. the $300,001 to $350,000 increased by 9 days and the $400,001 to $450,000 price range increased by 4 days. The $700,000 to $999,999 price range increased the most with 42 more days added to the absorption rate at this time. The $100,001 to $125,000 absorption rate is at a total of 14 days.

I pulled up the closed sales for $225,001 to $250,000 which shows a 3 month absorption rate and looked at days on market for the sold ones so far this year which was 59 days just short of two months. But I looked at the first five which showed days on market of 15,27,23,27 and 157 days on market which averaged for the five was 49.8 days. But I looked at the history of these five. The one with 15 days had been on the market with two other realtors for 184 days more than the 15. the second 27 days on market had been on the market with another realtor for 199 days on top of the 27 days. giving the actual average days on market for these five at 126.4 days instead of the 49.8 that would show in stats on MLS. Days on market can be very misleading if you do not know the whole story. And this is the only for the listings that actually sale and not taken off the market. I will giving more in depth numbers on pricing and days on market on my Facebook Business page if you would like to follow at https://www.facebook.com/edmond4sale/

New home sales are still down from previous years. New homes sales were up 40% from January but down 10% from last February. Pending sales are up from the last quarter  but pending contracts are down 12% from last February and down 50% from 2013 

Click here for the February Preston Report

Janaury 2018 Preston Report

3/21/2018

2018 in the Edmond Area starts off slow with 20 fewer closings than last January. 203 vs. 223 last year. so the market starts off down 9% from last year. The good news is that pending sales are up and active listing holding steady from months before and down from last year.

New home pending contracts are way up compared to the last couple months, but only back to numbers for January from the last couple of years and down from 2013-2015 numbers of pending. The increase in new home pending sales are under $400,000 with over $400,000 pending contracts remaining the same from last month. so that extra 50 pending contracts were all under $400,000. Existing home pending sales in the upper price range had increases in all price ranges except $450,000 to $500,000 which remained the same.

With the amount of pending contracts we should bounce back in closed sales for February and March.

Click here for the Preston Report for January 2018

December 2017 Year end Preston Report

1/22/2018

Believe it or not, we have set a record for 2017. We closed 4336 deals compared to the record year of 2014 with 4333. So yes, it was only 3 transactions. But the way people have talked about such a bad year.... it was our best ever for closed deals. It came in second in total volume behind that record year of 2015, came up 25 million short of the 2.34 billion in 2015.

Compared to last year we are up 4% with 165 more closed transaction. Average price up $4000 from last year and median price up $1100. Active listing are down 7.3%.

That is the whole market. New home sales on the other hand are down 4% from last year and down 20% from 2014

New Home sales

2017 - 907

2016 - 946

2015 - 1083

2014 - 1128

Since starting this report in 2000 every year New homes was around 33% of total volume closed. That was the tradition for 16 years. starting last year that fell to 25% of total volume was new home sales.

So if you are in the business and say how bad the market is, because your numbers are down, the numbers show we have never sold this many in Edmond before. Here is to an even better 2018

Click here for The Preston Report

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