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October 2022 Preston Report for Edmond real estate stats

October Closing down 93 for 20% decrease from Last October. This brings year to dates sales down 524 transactions from last year for a decrease of 11%. Average price is still up and has not decreased.
Active inventory even though just up 8 houses from September is up 91% from last October. Most of these, actually over half are new construction homes. New home inventory is back to usual numbers before covid. Existing homes are still way down.
Pending contracts are down 20% from September, which is usual this time of year to start the winter decline. But contracts are down 47% from last October.
It is way down, but anyone who has been around would say the last two years were not normal or even close to normal. We are still up compared to previous years but we should be as we go year to year with more homes and more people as Edmond grows. But that is the same point I try to make about inventory and how short we still are in this area. We are up to 800 homes on the market. compared to as low as 250 in the last year. But we set a record of 5400 sales last year and going to be in the high 4000 this year. 800 homes is low compared to over a 1000 homes on the market when we would sale 3500 homes in the past. so the percentage of homes compared to sales are way down. and that was our low number we would usualy have 1300-1500 homes and as high as 1985 homes on the market. Could be existing owners still do not want to put on the market because of rates or lack of inventory and can not find anything to move to after selling.

Click here for the October Preston Report

The Preston Report for September 2022

The Real Estate stat report the the Edmond area, Edmond, Deer Creek and Oakdale school districts.
September 2022 closed sales were down 18.6% compared to last year or down 91 sales. This brings year to date sales down 10.5% with 434 fewer closings than the same period of 2021.
Pending sales dropped another 51 from August with 510 pending contracts. This is the time of year we usually drop and still ahead of 2017-2019 but well behind 2020 and 2021. Active inventory rose by 27 to 793. Way ahead of the 259 we started the year with but still low for two decades. 
Yes things have slowed up especially compared to he last two years but compared to "usual' we are still doing great. The big price ranges are having an outstanding year. Matter of fact through September, the first 270 days of the year we closed 108 homes over a million dollars. that is one closed every 2.5 days. We never had a 100 closings in a year until last year. And even with things slow there are 23 under contract waiting to close. If you have been following this report for more than two years than you know 10 or 11 month absorption rate in this price range is way under what we have been use to. The old absorption rates would be great at 21 months and a high since 2000 was at 5 years. So still better than ever. 
I will be the first to say yes the market has changed and things are slower than the last two years. But prices are holding, absorption rates low, inventory low, closed sales and pending sales are down but percentage down is not as much as 2008 or 2009. And inventory rose to a high of 1985 listings in that down turn. We also have a record high number of Realtors, as we always do when things get good. The Edmond Board has 1208 members. So even less business per agent then the record setting numbers. I do see a further fall with rates where they are now, but hard to say where rates will go in he future and this may be a good rate in two years, i hope not. And hope we don't go back to 80's rates. double digits and creeping near the 20's a their worst.
the median days on market for homes under contract in the last 30 days was 9. I search September closings in 2009 and 2010 during the mortgage crunch downturn and the Median Days on market was 60 and 62 days.  A big difference 

I just go by numbers and these numbers have not been as bad as other down turns. But that being said things can go bad quick. 2008 the start of the downturn here. Through September 2008 we were actually on tract to match a record, and finished the year down 13% in just three months. So even though showing the positive or glass half full, we could change quick but i may seeing those signs in the numbers as of yet

Click here for the September Preston Report

August 2022 Preston Report

August was a good closing month with 495 Closed Residential properties. That is down 1.8% from last August with 9 fewer transactions. Year to date closing are down 9.6% with 349 fewer transaction by the end of August.
Average Prices are still up with $417k for August and $416k for year to date sales. 
The Market has slowed and everyone is talking about that. I have even heard an agent say it is a buyers market now. All they have done is show that they have only been in the business two years and this crazy market we just experienced is all they have know. Yes sales are down, yes Contracts are way down, yes active inventory is up. But that is compared to the last two year. Active listings are up 76% form this time last year. But inventory is down 41% form this time in 2019 and down 55% from 2017. We are also down 27% from our lowest point of inventory in 22 years before this two year period. 
Contracts are down to 561 compared to the 800 or 900 the last two years. August contracts are down 12% from July and down 35.4% from last August. But we are ahead in contracts compared to this time in 2017 thru 2019. And Last we are down in closing but not that many compared to 2021 but way behind 2020. But August beat out 2017-2019 as well.  2017, 2018 and 2019 were all record setting years. Numbers are still good but rates may effect that but inventory is still down for number of sales and things are still moving. Million dollar plus homes are still on track for the best year ever. And all absorption rates are down. Well not all the $100,000 to $125,000 range is up but that is because we had a whole 3 homes on the market at time of report and we have so few of them where we sell one every three weeks, that absorption rate is 9 weeks.
And Finally to give an example how much inventory can change from day to day or even hour to hour. When i first started this months report i did not get to finish getting the data and had to start over because the numbers had changed so much. When i first did the search we had the exact same of number of active listing as July with 699, two weeks later we were up to 766. And as I did my searches the number changed by 3 because new listing be entered and two listing changed from active to pending while searching the price ranges. And a week later when finally getting report to send out active listing is up 10 to 776. It varies form day to day.
Rates are up even more this week into the 7s. We will be watching close the next few months.

Click Here for the August 2022 Preston Report

The Preston report for July 2022

Finally getting round to getting this out for July.
Sales were down 12% from last July with 442 closed sales, 62 fewer than last year. Year to date sales are at 2780 down 341 from the 3121 we had this time last year. A decrease of 11%.
Pending contract dropped another 100 his month. even after the bring drop last month we are down another 13.7% from June. and down 284 from this time last year for a drop of 31%. So we have just over 2 contracts for ever three we had last year. The good news more look to be making to the closing table then this time last year. being we are down 31% in contract but only down 11% in closings.
It is not the same market we have had the last two years but still as strong the years before and still less inventory. 

Click here for the July Preston Report

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
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