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Brian Preston

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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

May 2017 Preston Report.

7/18/2017

What a May, 97 more transactions then last may for an increase of 24.6%. This brings the year to date up 135 transactions and up 8.72%. That Makes May 2017 the highest number of sales for a month since I started doing this report monthly in 2006. Pending numbers are down and active listings are up over 1800. So hard to tell what the next few months will do.

We have been holding steady or climbing all year with sales, but a lot of people in the market say it is slow. We still have the same number or a little more of buyers. But our sellers keep increasing which is the law of supply and demand. Which increases time to sale and absorption rate. I have quit looking at Days on market because so many realtors are cancelling and reentering as a new listing which starts DOM over. I look at how many in a price range or area and how many have closed to get a better idea of how long it would take to sale.

The upper price ranges are being hit the most. The average price of a closed house this year is $270,460 and the median is $230,000. The average asking price on an active listing right now is $426,854 and the median is $318,500. which shows how many more big ones are out there.

New homes sales for May was a little better than last year but behind the four previous years, 25% from the best May. Over 90% of the increase this may was existing homes.

Click Here for The Preston Report for May 2017

May 2017 Preston Report.

7/18/2017

What a May, 97 more transactions then last may for an increase of 24.6%. This brings the year to date up 135 transactions and up 8.72%. That Makes May 2017 the highest number of sales for a month since I started doing this report monthly in 2006. Pending numbers are down and active listings are up over 1800. So hard to tell what the next few months will do.

We have been holding steady or climbing all year with sales, but a lot of people in the market say it is slow. We still have the same number or a little more of buyers. But our sellers keep increasing which is the law of supply and demand. Which increases time to sale and absorption rate. I have quit looking at Days on market because so many realtors are cancelling and reentering as a new listing which starts DOM over. I look at how many in a price range or area and how many have closed to get a better idea of how long it would take to sale.

The upper price ranges are being hit the most. The average price of a closed house this year is $270,460 and the median is $230,000. The average asking price on an active listing right now is $426,854 and the median is $318,500. which shows how many more big ones are out there.

New homes sales for May was a little better than last year but behind the four previous years, 25% from the best May. Over 90% of the increase this may was existing homes.

Click Here for The Preston Report for May 2017

April 2017 Preston Report

6/22/2017

Steady climb this year. April saw an increase of nine transactions over last April. bringing the year to date sales up 37 transactions or 3.2% better than last year. Active listings increase by 52 over March. Which is going against the national trend of less inventory. We also went over 80 homes on the market priced over one million dollars for the first time. But if you ask buyers it seems harder to find the homes they want. Pending sales dropped in April which has been an April trend the last couple of years.

New Homes sales dropped again this month. Leaning more to existing housing lately.

Zillow put out a report of the top real estate median priced zip codes for every state. They reported Piedmont 73078 as the top in Oklahoma at $193,000* (this the actual median price for that zip code in MLS, it is close to what I saw on Zillow report)

Here are our five zip codes for Edmond.

                         Median Asking Price     Median Sales Price for last 12 months from today

73003                   $179,600                                $164,999

73012                   $238,900                                $224,429

73013                   $233,900                                $210,000

73025                   $325,000                                $314,500

73034                   $295,000                                $289,900

 

Four of our zip codes out preformed piedmont and two of them by $100,000 to $120,000

When it comes to Real Estate ask a local expert and just do not take something from online as being correct.

 

Click here for The April 2017 Preston Report

March 2017 Preston Report

5/21/2017

Active listing hold steady compared to this time last year. Pending contracts are up 6.8% from February and up almost 10% from March last year. So contracts are up which will help closing numbers soon.

Closed transactions for the first quarter were up 27 transactions or 3.3%.

New home listings are down from last year which they needed to be. Pending contracts are up from last year, but way behind the previous three years at this time. And which shows in closed deals as they are still down from last year.

Some price ranges saw some big jumps this month in pending contracts like the $500,000 to $700,000 that saw a 36.8% rise in contracts from last month.

 

Click here for The Preston Report

February 2017 Preston Report

4/17/2017

As has been the case for the last few years, we roller coaster the beginning months. January was down, but February was better than last year to bring us back to last years numbers. Actually two transactions better. Pending numbers went up as well by almost 150.

Active Listings went up as well for the entire market. Up 6% from last year and from last month. Most of the increase was above the $300,000 price range. The $150,000 to $175,000 range actually had a 38% decrease in number of active listings. Which made the absorption rates change quite a bit in some price ranges.

New homes on the other hand dropped 7% in number of active listings from last month. 35 fewer active listings. But unlike the resale market the pending sales are down from this time last year.

We will have to watch the Active market and see how that goes this year and how it will effect supply and demand.

 

Click Here for the Report

January 2017 Preston Report

2/27/2017

January starts off slow for closings, down 21 transactions from last year or down 8.6% which could be seen with pending numbers for December down 14% from the year before. Good news is this month pending sales are only 2.5% to this time last year.

Active listing are up 6.1% or 90 more listings than last year. Holding more steady this year being that is up 34.1% over two years ago.

New homes sales had the best January in three years. That is not much in total sales being it is January, but it bucked the trend of new home sales slacking compared to existing home sales. This month it was the existing falling back from last year and the new improving.

Some price ranges saw some good rises in pending sales or percentages. Like new homes from $450-500k and $500-700k doubled and tripled in pending. And total sales in the price range of $225-250k also doubled from 28 to 56 pending sales.

With Pending sales back up maybe we will keep the trend the first five months of up and down sales to counter act this first month.

Click here for The Preston Report

December 2016 Preston Report

1/20/2017

The year was not as down as most think. Some call it a buyers market and others still a sellers market. It depends on the price range and area, but over all we have a balanced market.

2016 saw a 3.73% drop in closed sales from 2015. Most of this came from new construction which new home sales were down 12% for the year. The fourth quarter finished strong giving a little rebound. New homes sales were down 19% for YTD before the fourth quarter.

Active listing fell again in December keeping with tradition cycles of listing numbers falling leading into winter. Which did not happen last year and they continued to rise during the fall and winter. They settle down to 1532 active listings from the high of 1800 in June of this year.

Pending listings are down as well but compared to previous years we are still seeing better closing numbers compared to pending contracts.

The higher end market was slow this year but December saw eight closed homes of over a million dollars for a total of 34 closed for 2016.

We were down 156 Transactions from last years 4313 closed deals. As compared to 2008 when we were down 511 transactions from 3746 closed deals in 2007. A lot fewer lost transactions from even a bigger previous year.

Click here to see the Report

November 2016 Preston Report

12/21/2016

The fourth quarter is making a rebound.

November was up 19 transactions over last year or up 7.5%.  272 closings vs 253 for 2015. But it was also the best November since 2012. That brings the YTD sales down to only off 3.51% from last year.

New homes sales were also up for November. The best November for new homes in eight years if not more.

Active listings fell 16 listings, which is not the usual drip for this time of year. But better than last year when they were still rising. Pending number are still down but does not seem to effect closing numbers as much as they did in the past. Hopefully that trend will remain and more will make it to the closing table.

Absorption rates are still high in that new home price range of $250,000 to $300,000. most price ranges held steady this month. some of them had no changes at all active or pending.

Maybe with the elections over people are getting back to buying. but then again the last two months of home sales were under contract before the election. Hopefully December will follow in the small up swing for he fourth quarter.

Have a Merry Christmas and a Happy New Year.

Click here for the Preston Report

 

October 2016 Preston Report

12/8/2016

October out preformed last year by 14 transactions for an increase of 4.5% in closed sales.

This brings our year to date sales to down 4.18% or down 156 transactions from last year, from 3726 to 3570 for 2016.

Active listings is down 4% from last month. which is good to see it still falling if even only a bit.

I read this week that pending real sales nation wide was up 1.8%. We usually are ahead of nation numbers, but not in this case. Edmond is down 26% compared to the same time last year. Of course I am taking this as good news. Because closed sales is only off 4% which tells me more of or contracts are making it to the closing table. This trend has been improving for two years now.

New Home Pending sales is also down 26% to match the existing market.

To check out the numbers click below

October 2016 Preston Report

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