December Preston Report for 20181/28/2019
Most Closed Transactions in a year. 4406, beating 2017 by 60
Most Dollar volume closed with $1.272 Billion. $38 Million than the record set in 2015. and $63 Million more than last year.
Average sales price came in $2500 higher than the highest set in 2015. We were over $290,000 for most of the year but the end of the year it dropped to $288,000 for YTD.
Median sales price cam in at $240,000 matching the highest set in 2015.
We also have a record of the highest number of Realtors in Edmond with 945
The record could have been a little bit higher but December fell well short in numbers compared to the last five years.
Active listings are down to 1278, a good number, not back to the sellers market lows of 1050 in 2013 and 1051 in 2005. But best numbers since 2015 and a lot better than the 1900s we had in 2008 market.
Active listings is like a tale of two markets, in the same city. Different markets over and under $400,000, and under even more so under $175,000. There are only 28 active listings under $150,000. 12 of them under $100,000 and most of them are one bed condos. and only one pending in that price range. For a few years now we have had more Pending contracts in $100k to $175 then active listings. Which we never had in teh first 15 years I did this report. absorption rates for a couple of these price ranges is only two weeks. But if you are a buyer you find out it is more like 14 hours for a good house.
You get u over $400,000 and you are looking at 7 plus months for absorption rates and a year and up for over $700,000.
Pending contracts are still down from the past, but that is from the MLS cleaning up the system and fining agents for not changing status more than deals busting. last two years our pending sales haven fallen but closed sales have hit records both years.
New Homes Active listing actually gain in net active listings by almost 40. even though the entire inventory dropped. getting ready for the spring market. the New home price range of $200,000 to $250,000 went from 79 in November to 102 homes on the market. They are still down compared to overall sales from 2014 numbers. below 25% of entire sales volume compared to a third of the market which was customary from 2000 to 2013. but the over million dollar new homes have been seeing about six deals a year the last couple of years. instead of the same 5-6 homes sitting on the market.
So now it is time to start working on 2019. Listings down and prices up, maybe i will be reporting another record year next year. I know some realtors and sellers have said market is down because their numbers are down or can not sale their home. but That is why i do this report, liek Joe Friday, just the facts. Show the numbers and not what is happening to me alone is the true market.
Click here for the End of Year Preston Report for 2018