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Brian Preston

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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

November 2017 Preston Report

1/3/2018

The year is closing out with good numbers so far. After October being up, November came in 10% over last year with 27 more closing in Edmond area over last November. That brings 2017 year to date numbers up 4% with 161 more closings than 2016.

Active listing dropped as well. down 15% from last year this time. and back to 2015 numbers. but still a couple hundred listing ahead of the years. But a good start. It will interesting to see if the house off the market will be coming back on the market in the spring and send our numbers back up.

Our year totals should make sales volume the second best year ever. Number of sales will probably come in third best. But close enough that a good December good overtake second or even a record. It would have to be the rest December ever but not by much. 2014 and 2015 came close to the numbers needed. But third would still be nice and heading in the direction.

Click below for

The Preston Report for November 2017

 

October 2017 Preston Report

12/24/2017

October sales were steady for 2017 overall, only down 6 transactions or 1.8%. Which brings year to date sales up 134 transactions or up 3.74% On the other hand new homes sales were down 23.68% from last October. With only 58 Closed transactions on new homes for October which tied with January for the lowest number of closed new homes.

Active Listings dropped more than usual with more homes going off the market, either giving up or taking it off the market for the holidays. pending contracts were down over 100 transactions from last year. Will be interested to see if that effects November closings or if it stays with the trend of not effecting closings numbers as much in that past.

The $700,000 up to a million dollar properties had a great October. Accounting for 21% of the closed transactions for the year with 13 closed deals. I looked up to see what the sales prices compared to list price was to see if dumped. the average closed price was only 1.93% less than list price for all 13. Then I only looked at existing properties. The average Original list price was $947,146 and List Price at time of contract had been reduced an average of 6.73% to $883,425. Then they took 3% off that for average closed price of $856,813. The closed price was not that far from the overall average. But from Original list price to list price at contract came down more than usual.

To view the Number Click below

Preston Report for October 2017

September 2017 Preston Report

11/7/2017

September fell short of last year by 43 transactions or down 11% in closed sales. Bring our Year to date Closings up 4% or 131 more closed deals then last year.

Active Listings dropped only 14 but at least they went down and not up. It is also down from this time last year by 41 fewer listings. But it is up between 250 and 550 more homes on the market then we saw for the years between 2012 and 2015.

It is a strange market this year with some homes or price ranges going like crazy and other homes or price ranges sitting and not selling or even being looked at. I hear a lot of people in the business talking like they did in 2006 of how bad the market is. We do have more inventory than in the past, which is taking longer and have to be better priced than usual. But unlike other down years the sales have not dropped.

Below is a comparison of this year to our top and bottom years for the last ten years. 2010 was our bottom year for both sales number and Closed sales volume. 2014 was our top and record year for number of closed transactions, and 2015 was our record year for closed sales volume.  These number for every year was Year to date numbers through the end of September of that year.

                          Active Listing     Closed Transactions          Average Price            Sales Volume

2010                     1698                    2310                             $234,089                $540,745,590

2014                     1158                    3395                             $270,524                $918,428,980

2015                     1449                    3416                             $285,773                $976,200,568

2017                     1701                    3384                             $276,294                $934,978,257

 

Only 11 closed transactions off from 2014 and 32 off from 2015 but over a 1000 more than a down year like 2010.

Sales volume we were ahead of 2014 by 16.5 million but behind to 2015 by over 41 million. 2014 was the bigger closed number because of a fantastic October, 2015 out preformed 2014 in November and December but came up short to 2014 record numbers. We are not far behind either of these years in closings.

The big difference is active listings. We are not as high as 2008 and 2009 when we were flirting with hitting 2000 homes on the market but way up compared to a few years ago.

Another stat just like in 2006 is the number of Realtors in the business. Not as bad percentage as 2006 when we went form 500 to 600 Realtors, But this time last year the Edmond Board of Realtors had 744 Realtor members and as of today they have 835 Realtor Members. Which spreads the numbers out between more people and distorts what think of the market.

All that with numbers it is still strange, when I hear one realtor say they have a $175,000 in Edmond sitting and not selling, and another a 1.3 million dollar buyer finally decides to make an offer and their top two picks went under contract that week.

To check out the numbers click Below

The Preston Report for September 2017

 

August 2017 Preston Report

10/27/2017

August 2017 was right on to last years number with one more closing that August 2016.

Making our year to date sales for Edmond up 6% or up 172 transactions over last year.

Active listing also feel from July by 93 listing or down 5.1%

July 2017 Preston Report for Edmond area Real Estate stats

8/28/2017

July this year held steady on sales with 11 more closed transactions more than last year or up 2.5%. Bringing the year to date sales up by 6.78% more than last year, or 164 more closed transactions. 2580 in 2017 compared to 2416 for 2016 through July.

Active listings dropped for the first month since December, even though they are higher than this time last year. But better than increasing like it has for the last two years.

The big tell is that even though the average closed sales price is up $2,700 from last year, the median sales price has gone down $4,900 from last year. The Median for year to date is $229,000 for 2017.

For all the numbers

Click Here for the Preston

June 2017 Preston Report

8/15/2017

June sales were up 3.6% over last June or 16 more closed transactions. making year to date sales up 151 transactions or up 7.6%.

Number of active listing held steady only going up 12 active listings to 1828. That is still a big number, especially in the upper price ranges.

If you look at how many houses sold in the first month compared to the current active inventory we have over a six month and way higher in every price range from $300,000 and up. even the $225,000 to $300,000 the numbers are only 7 to 28 more closed for first half of the year compared to active listings.

The average days on market for these homes that sold this year is 59 days, the median is 33 days. Now this does not take in consideration relisting with new realtors or taking it off and putting it back on to get a new start on days on market. Over $300,000 the average is 73 days and median is 46. Over $500,000 the average is 103 days and 64 median. none of these averages come close to the absorption rate which is higher on all the prices over $300,000. not far off on the lower price ranges.

Days on Market only reflects the successful sales, not the ones who sit that are not selling. Which seems to be quit a few. the average days on market for active listing right now is 82 days on the market with a median of 61 days.

New homes were almost on last years first half numbers. closing 455 this year compared to 457 last year.

Click here for the Preston Report

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