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Brian Preston

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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

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

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