My Blog

June 2022 Preston Report

What a change, still busy enough not to get report out on time, but a lo of changes in the last month.
Sold houses for the Edmond area were down 6% for June, 503 vs 533 last year. Back to numbers before covid, actually would be a high before the last two years. year to date sales are down 10.7% with 280 fewer sales thru June in 2021, a record year.
Average prices though were up for June.
The big chances were Active and pending contracts.
Active listings rose from 474 listings to 740. almost three times as much as we started the year with. But we started the year at an all time low. Since 2000 up to Covid we had not been below a 1000 active listings, so still under where we have been in the past. Most of them in the upper price ranges but all price ranges had increases and some sitting on market even in the lower price ranges.  asking too much price or too much for condition. 
Pending contracts are down 14% from May with 122 fewer and down 20% from last June with 188 fewer contracts than this time last year.
A big difference is the days to sale, priced right are still at 3 days on market, where the active listings, the ones still available and have not sold yet have an average of 52 days and Median of 32 days.
Things are still moving, but asking what you want no matter the condition is over.
Absorption rates up in every price range but $700,000 to a Million because they had a real good closing month, almost matching how may sales we had the first five months of the year.

Click Here for The Preston Report

The Preston Report for May 2022 for the Edmond area

May sales were down 9 Transactions from last year almost matching their numbers. With 474 this year compared to 483 last May. Bringing YTD sales back up to 12% down through May as compared being down 23% through April.
Pending contracts fell 36 from April with 860 contracts waiting to close. We usually do not see a fall off in contracts until September. But we had that same drop for May last year as well. We are only down 16 contracts from same time last year.
The drop is most likely for the number of new houses that finally got finished and closed in May, they had most likely been waiting on final materials to finish.
New homes had 131 closed deals in May compared to 96 in April.
Inventory increase 25% from April raising from 377 homes to 474 in May. almost 100% increase in $350,000 to $400,000 price range in inventory. Most increases in the upper price ranges. But those ranges are still doing well. With already 55 closed deals over a million for n average of 11 closed deals a month. I do not see down turn like many are predicting for months with supply and demand. Still getting multiple offers by the dozens under $300,000 with that much demand and still 60% below our lowest supple levels this century, supply and demand still shows strong markets

Click here for the May 2022 Preston Report

The Preston Report for April 2022

April had 418 Closed transactions. down 64 Closing from last April for a decrease of 13.2%. Year to date sales are down 15.6% with 251 fewer sales. 1349 for 2022 and 1600 in 2021. Average price is just about to reach $400,000 for the first time. Just $741 short. Pending contracts are down 2.1%, just down 20 with 896 this year compared to 916 last year. 417 of these are new homes, which is more than closed new homes for the first four months (349).
Active listing for the second month has increased over the same period last year. for the first time in five years. There are currently 377active listings. up 30 from last March, and up 82 from last April for an increase of 27.8% from last April. Our increase from March is all new homes with an increase of 31 new home listings from March.

Click here for the April 2022 Preston Report

March 2022 Preston Report for Edmond stats

March 2022 for Edmond, Deer Creek and Oakdale schools had 369 closed residential transactions. Which is down 110 from last year for a decrease in 23%. Year to date transactions are down 17% or 187 transactions. March closing was actually the lowest amount in at least six years. It must be taking longer to close them because even though pending contract are down 5% from last year, or 43 fewer contracts compared to last year. But compared to previous four years we have between 135 to 282 more contracts than those years.
Active Listings were up 58 Listings from last month. Also up 48 listings from March of last year. Making this March the first time in over 5 years that this month had more active listings than the same month the previous year. That being said we are still way down in active inventory. as much as 70% or more compared to the last two decades. That increase is almost all new homes with 50 more active listings from last month in new homes. being new homes most of the new listings are over $400,000

Click here for the March 2022 Preston Report

February 2022 Preston Report

February closings almost matched last years, came up just 5 shy with 302 Closed Residential deals for the Edmond area. But With January so far behind we are down 12% for Year to date closings.
Inventory still way down with 289 Active Listings. At time of search there were only 4 houses under $200,000 and none under $150,000. 
807 Pending contracts and over half of them over $350,000.

This will be a short blog because I have so far behind.

Click here for February 2022 Preston Report

The Preston Report for January 2022

We are starting off the year behind last but ahead of previous years. Closed sales for January were 259 transactions. Down 22% from last years 332 closed deals. Active Listings is down even more, with only 259 listings, down 176 listings from January 2021 or a 40% decrease. Even with inventory down 40% Pending contracts is only down 4% from last year. with only 28 fewer contracts. Even thought down in contracts compared to 2021, we are up 80 to 100 contracts compared to previous years.
In Pending contracts, the $500,000 to one million dollar price ranges had an increase of 50% in contracts just from last month. going from 100 homes under contract to 153 waiting to close.
With such short inventory making abortion rates so low, I have added another page on report for absorption rates for price ranges $400,000 and below in weeks instead of months, because you can not read the graph. Most are a week or less and could be figured in days. actually most months have a price range that has no absorption rate, because there are no listings to absorb. 
New home inventory is at a record low for decades with only 146. Which if you take those 146 listings away from total inventory we only have 113 existing homes currently on the market. At time of report there were only 4 new home listings under $300,000. On the other hand we also have a record number of new homes under contract with 402.  So, if the builders can get materials delivered we just have some good closings in the upcoming months. Before 2014 when new home sales started a decline, this report sales volume for new homes was about a third of total volume. That declined to 20% to 25% of the sales volume when sales were down. But since new home sales came back in Edmond they are just over 25%. that comes from the increase over that period of the average price of existing homes. The average price range is less than $20,000 apart now. 

Click here for the January 2022 Preston Report

Preston Report for December 2021

It is hard to believe, for how busy everyone has been this year, we did not set a record for sales in Edmond (Edmond, Deer Creek and Oakdale schools)
we missed beating the record year of 2020 by 123 transactions. Closing 5380 in 2021 and 5503 for 2020. Down 2%. December was down 4% from last December with 17 few contracts closed.
Existing houses were about the same because new homes sales were down 150 closing from 2020.for a decrease of 11%. 
Some may say we can not have as many sales when we are down in inventory. Being we ended the year with 307 active listings. But look at our numbers in 2021 for Pending contracts. May was the only month in 2021 that was behind 2020 numbers. so we had more homes under contract in 2021 but not as many closings. Some of these busted deals came from appraisals keeping up with price increases. others from repairs, in this market sellers expected not to do repairs and some buyers expect many or all repairs for prices given, not realizing another buyer was waiting in the wing. Some buyers just used these as an excuse for buyers remorse. I do not seeing anything changing this year with inventory still be very low and with talks of interest rates rising. 
We did set a record for sales dollar volume with $1,944,937,810 is closed volume in 2021 compared to $1,760,695,161 in 2020. Even though down in sales but the average and median prices were higher. both were the biggest increases in the last ten years. The average price went from $319,952 in 2020 to $361,512 in 2021. The median price went from $271,774 in 2020 to $302,400 in 2021. This not only came from higher prices but a lack of smaller houses and a record high of big sales. We had a record last year of 106 homes closed over one million dollars, compared to 65 in 2020. Which was almost as many sales as the $125,001 to $150,000, and almost twice as many as the price ranges under $125,000.
Smaller homes are not being built being we only had 17 new homes under $200,000 closed in 2021. and price increases has moved the smaller m=homes into higher price ranges.
You will also notice that overall price range has almost caught up with new home average sales price, only short by $12,000.
With this new market and shortage in inventory, some people think you can ask what you want and get it. Everyone sales in hours and not days. which most do, but i ran days on market to show that is not always the case even in this market, be it price or condition there are still homes on the market for some time.
Price Range                  Average Days on Market     Median Days on Market      Max(longest days on Market)
$200,000 and under                     8                                      2                                       162
$200,000 to $300,000                  16                                    4                                       353
$300,000 to $400,000                  23                                    6                                       265
$400,000 to $500,000                  32                                    8                                       348
$500,000 and up                          45                                   15                                      1268

I did not give lowest time on market, because it was 0 in all ranges, selling the day it came on the market. The max shows that there are homes that will sit on market from 5 months to a year or even 3.5 years in upper price range. These was a combination of active pending and sold homes. so the max numbers may be an active listing and still has not sold. The median days on market was only days for most ranges and just two weeks over $500,000. Which 15 years ago would take that long to get a showing let alone sale.
It was an outstanding year and looking forward to what happens in 2022

Click here for The Preston Report for December 2021

November 2021 Preston Report for Edmond real estate stats

The trend for being behind last year continues. We were down 7% from last year for 30 fewer closed transactions. Down 2% for year to date sales through November or down 111 closed transactions. Still way ahead of previous years as much as 70 or more closed transactions compared to the previous 4 record setting years. We still have had more pending contracts per month compared to 2020, just not the same number of closings. 
On the volume of closed dollars though we are ahead of last year. YTD thru November we were down 111 transactions compared to 2020, but this year thru November we have already passed last years Volume for the entire year. setting a new closed sales volume. Compared YTD date volume we are $170 Million ahead of last year. And YTD volume in November already beat all of 2020 by $26 million. So all closing volume in December will just add to the record. Shows the difference not only in lack of smaller houses but the increases in prices. YTD average price also went over $360,000 for the first time, Hopefully we can keep that after December numbers.
Bigger homes sales are up as well with 473 closed so far between $500,001 and $700,000 and a record of 91 over a million dollars. 16 pending contracts on homes over $1 million, hopefully 9 will close in December and it 100 for the first time. We already 26 ahead of last years record numbers of 65 closed.
Active inventory has dropped again to 386 active listings. With at time of report there were only six active listings under $225,000 in all of Edmond, Deer Creek and Oakdale school districts.

Click Here for The Preston Report for November 2021

October 2021 Preston Report for Edmond Stats

Sales for October 2021 was down 79 transactions from last October. Down 15% in sales from the record setting year. Year to date sales are down 84 Transactions or down 2% from 2020. These last few months have been behind last year, but are way ahead of previous years, but last year was so extraordinary that we are falling behind that record year. 
Active Listings fell to 419 in October, which is customary this time of year but still way down to any other year for the last 22 years. Buy 60% or more depending upon the year. Down almost 80% compared to the 2009-2010 time period of our highest listing numbers. 
Absorption rates are still down across the board, even the $700,000 to $999,999 is below 2 months for the first time this month. over Million dollar home sales have set a yearly record with 80 closed homes. and we still have two months to count up.
under $200,000 we actually hit double digits for active inventory, a whole 10 houses on the market at time of report. Some months we have had only 3. The days on market would be in hours if sellers took first offer but they usually give a couple days for all offers to come in. some offers made site unseen. It has been a very interesting year or two really. I have seen things which i have seen before. 

Click here for the October 2021 Preston Report

September 2021 Preston Report

September 2021 had 475 Closed transactions compared to 548 last year. 73 fewer a decrease of 13% from last year. That also brought year to date closing just behind last year with 16 fewer closing than this time last year. 4096 this year and 4112 last year. Last year was an exceptional year, as this year has been as well. To compare to the previous record setting years of 2017-2019. we have closed, thru September, 400-700 more homes than those years. YTD for those years were 2017 3400, 2018 3479, 2019 3673. So way ahead of previous years, and just behind last year. 
Pending contracts dropped a bit from August as usually does this time of year. But September was way ahead of any other year for homes under contract. Active listing held steady from August. but do not need to tell anyone that we are way down from previous years. At the time of searching there were only three homes on the market under $200,000 out of the 431 active listings. Absorption rates are so low you can not read them on bar graph. Some are 0 because no houses to sale, makes nothing to absorb. 
it is still an unbelievable market, trying to explain to an agent who retired who was buying, "you have never seen a market like this"

Click here for the September 2021 Preston Report
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