August 2018 Preston Report9/18/2018
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