My Blog

February sale were down almost 11% compared to last February, but we are up 11.5% for Year to date sales. Pending sales are way up, especially for this time of year. We were at 77 pending contracts last month and up to 855 now. So we should see some good closing months coming up.
The big story is inventory. There are only 349 active listings, that is down 66% in the amount of active listings from this time last year. And this time last year was the lowest inventory we have had for 22 years of doing this report. Absorption rates are at all time lows. With every price change under $350,000 is under one months, with most being days or even 0 because no active listings on the market. From $350,000 to $700,000 the absorption rate is 4-6 weeks. which up to a few years ago these rates were  over a year from the beginning of these reports.$700,000 to a million is at 3 months and over a Million dollar homes is at 8.7 months. these price ranges use to be in years, not months. so all price ranges are at all time low inventory and record sales. 
The amount inventory is about how many more homes we have sold. 
New home inventory is at 181 active listings down 57% from last year and way down from five ears ago when we had 646 active new homes on the market for this month. if you drive around town you will see 563 signs on new homes, but 382 of them are under contract waiting to close.

Click here to see The Preston Report for February 2021

This January set a record for highest sales for that month. To keep up with the last 7 months. We had 331 closed residential sales for Edmond, Deer Creek and Oakdale school systems. It will go on with 777 pending contracts waiting to close for the next couple months. We are closing in on twice as many contracts as active listings available to buy.
The big story still is the shortage of inventory. We had 435 active listings down 56% from last January. On top of that last January was the lowest our inventory had been in 22 years. There are still only 16 listings under $200,000 and none of them are new construction. 98 from $200-300,000. 183 between $300-500,000 and 138 over $500,000. The upper price ranges are still doing well too compared to previous years. over $500,000 we have 108 pending contracts. and between $500 and a million there are more homes under contract than active listings. so all price ranges are doing better than they ever have. 
New home inventory is down 50% as well. There us to be about 400 active listings and even has the total inventory went down after 2014 new home inventory went up to around 600. New home active listing specs is at 226 now. who knows how many customs have sold as well that are never entered into the MLS because they are so busy they do not have the time to entered them.
Rates have gone up a bit in the last week, we will have to see how that effects us, if they keep going up. It is hard to tell if the market will keep up these numbers with not as many houses to sell and buyers having trouble finding one. there were 15 new listings today but 19 new contracts. Move quick and have a good offer.

Click here for January 2021 Preston Report

What a year it has been. Of course a record was set and by a bunch. The last four years have been record setting. 2017 broke the record by 13 deals. 2018 by 67, 2019 by 308, and 2020 broke last years by 769 closed deals.
We had 5490 closed residential transactions for 2020, breaking the 5000 mark for the first time and even made it half way to 6000. Sales volume also set a new record by over 300 hundred million dollars with 1.757 Billion in closed volume for 2020.
Our average and median prices also hit new highs with an average price of $320,079 and an average median price of $271,500.
Thank you Edmond City council for not shutting us down and declared us an essential business. Of course the old saying food and shelter, your two essentials. We could have missed out on this year like Pennsylvania, who shut down.

New homes also had a great year, like pre 2014 numbers. with over a 100 closings for every month from June on for a total of 1336 new homes sold. the big homes even had records with 65 closed over a million dollars sold and 14 of them were new ones. We had the slow down during stay at home, but that was only two months and they were down 7 and 20%. the last six months sure made up for it.

With that record setting year, it has take a toll on inventory and not much out there. in the 22 years I have done this report, the lowest month was January 2005 with 1051 active listings. and that was January, traditionally the slowest month of the year.
And the highest was almost 2000 at 1985 active listings in 2008 during the mortgage crunch. This year they fell below 1000 and every month another 100 until we ended the year with 476 active listing. At the time of my search there were only 8 active listings under $200,000. Making homes harder to find than toilet paper in May.

Click here for December 2020 Preston Report

November had it's highest month ever, like most months this year. 90 more than last year for an increase of 28% to 412 transactions. That brings Year to date to 5053 closed deals. 673 more than last years 4380. an increase of 15%. We are on November numbers and already have the highest increase in number of sales in the 22 years I have done this report, and we still have December to add to the mix. 15% is not the biggest increase, that goes to 2012 with 19%, but we still have a month to do it. The big difference is 2012 which had the second highest total closings increase with exactly 600, was a come back year. Those increases only brought us back to 2007 numbers after the mortgage bust of 2008. This year's increase is being compared to the record setting year of 2019. Which blows the mind. 

In November we have passed the 5000 mark for closed deals for the first time, and also for the first time surpassed the 1.5 billion dollar closed volume. with over 1.6. Average and median price records will be broke this year as well. Unlike some of the records of the past, that barely beat or 100 or 200 more deals, we are flying past last years numbers. Even the only number going down is doing so at break neck speeds. That is Active homes on the market. For those who have not read earlier reports this year, we have not been below 1000 listings for any month in 22 years until this year. and this month they fell below 600 to 579 at time of the report search. 

Again we have more total pending contracts waiting to close than homes left available to buy for current buyers. Most of these are under $400,000, The prices above that there are still more active listings than pending contracts. But even these price ranges are having huge pending numbers and closings. Setting records in all price ranges and bringing down the absorption rate in all price ranges. You get down in the lower price ranges and the absorption rate is in days not months. Even new homes under $200,000 the absorption rate is one week. There is not a new home price range with a rate higher than 5 months and most are around 2.5 months. I do not know a builder who can get one done that quick. Even the seven figured homes are booming. With over 50 closed for the first time and absorption rates I can actually put on the chart. With the total market at 10.25 months and new homes at 2.6 months. Unlike the 2.5 and 5 years we were seeing just a few years ago.

Things are so busy, data is being entered later than should be. We had an additional seven closing prior to November enter in December, even one back in March. 
May you enjoy your Holidays and I can not wait to see 2020's final numbers.

Click Here for The Preston Report

What a year for Real Estate in Edmond. it is mind blowing at times and in so many ways. And also why I ma so late getting October's numbers out.
October had 576 closed transactions. That is 142 more than last October an increase of 36.58%. That brings our year to date totals up to 4634 closed deals. That is 576 more than this time last year for an increase of 14.2%. Huge increases, and last year was record setting high year. Before this year, we have only had two months with more than 500 closings, and that was May and July last year. We just had five in a row and even into October, when we are usually slowing down.

We have also already broken highest dollar volume of closed sales in October. Passing last years year end total with 1.47 Billion closed. We will also hit the 5000 mark for closed transactions for the first time in 2020. We are just 366 away with 650 under contract. Million dollar plus homes hit some highs too. with the first time with over 50 sales and we did that by October. Active listings keep dropping, with this month dropping below 700 to 641. Another first, we had not been below a 1000 before this year. 

Absorption rates down across the board, the bottom two price ranges have no rate because they have no active listings. others are only a week to a few months. If you have heard me speak on this report in the past, you heard me explain that i do not put the over million dollar absorption rates on the chart, because it would be like a telephone pole and the other price ranges like grass and you could not read the rest. Back when new home million dollar homes were a 5 year absorption. This month it is just under two months!

It has been such a ride this year, low interest rates, people have time to move or maybe after locked up in there houses hey have decided they need something different or more to make it work. Who knows how long this will go.

Click here for the October Preston Report

The upward trend is still rolling.
September saw a high of up 47.29% over last last September. with 175 more closings that last year.
That brings year to date sales up 11.73% with 431 more closings through September.
Pending contracts are up 52% from last year and active listings are down 42%. So actually about the same number of houses coming on the market but they are just selling that quick.
Inventory is hard to find in some price ranges and almost impossible in a few.
Absorption rates are at all time lows some are measured in days when a few years ago they were all measured by months. Even over a Million dollar homes are almost down to a year were they use to range 2 to 3 years. New Homes are enjoying a huge rebound after the down years since 2014. and the big ones are having the best year ever. with an absorption rate better that then the existing market.
With the pending contracts we should make a new record of 5000 homes sold in a year for 2020. 
We only need 611 more closing in the last quarter to beat last years record, we have more than that already under contract. If they all close.
Looking back we need to thank state and local leaders that said real estate was an essential business. Of course the old saying of essentials "food and shelter". Pennsylvania, did not and completely shut down the real estate industry. I wonder where we would be this record year if We had done that here. 

Click here for The Preston Report

What a year it is turning out to be for Edmond Real Estate. Back in April amid the shut down, I did not see this as our future for 2020. Low interest rates and maybe the fact that instead of traveling and vacations, people have time to fix up their homes and/or time to move.
August was a record setting august with 589 closed transactions so far. Up 22.9% from last year for 110 more closed transactions. That brings year to date sales to 3554 for 2020. Compared to 3303 for the same time period in 2019, which was a record setting year. that is 251 more closed transactions and an increase of 7.6%. Not bad being we were down the two months of stay at home this year. We are also $104 million dollars ahead in closed sales volume, a 10% increase.
The graphs will show the last four months for pending contracts and three months for closed contracts have far exceeded previous months, for the last six years on graph, and pretty much any time before that. The price range charts will show the increases even in upper price ranges.
Active Listing are at an all time low. Until this year, the record low of active listing was January 2005 with 1051. This January beat that with 1003. and they increased to 1114 in March. For the first time ever in June they dropped below 1000 with 978. In July they dropped to 867 and August to 771. This August we have 529 fewer active listings than last August for a decrease of 40%. and half as many as previous years and 1000 less that 2016. 
Even the upper prices had a great August. With 25% of the year to date sales over $500,000 were in August. We should set a record this with the most homes closed over a million. 
New home sales had been in a slump since 2014, that is over this year. with record setting numbers. 844 Closed transactions through August. Record high pending numbers and record low active listing. The last decade of active new homes we hung around 400 through 2014 that increased and held steady around 600 since 2015 and started dropping back to 400. This month the fell to 296, the lowest mark fir a decade. even the over million dollar homes is setting a record with 10 closed already this year.
It has been a busy time, also why it took so long to get the report out.

Click here for The Preston Report for August 2020

What a month, some milestones have been set for July.
First, last year we had our first month with over 500 closed transactions, and a couple more since, including last month. This month, July 2020, we broke the 600 mark with 620 closed Transactions. July was up over last years record setting July by 89 transactions for an increase of 16.7%. Year to date sales thru July are up 135 deals for an increase of 4.7%. We almost broke the $200 million volume in a month. Since I did last months report we have had another 20 closings for June and 3 more for May. I guess they are so busy they can not get data entered on time. 

The second milestone is we are under 900 active listings for the first time in 21 years of this report. 867 Active listings. There are more pending sales and even more closed sales than active listings in every price range from $225,000 and down. Last month was the first time we dropped under a 1000 active homes and it only took one month to drop under 900. Same number of homes coming on the market we are just selling them that fast. Except for the bottom and top price ranges all active listing dropped and one remained the same. 

Pending contracts are down from the month before by 46 from 922 to 876 for July. But that is 304 more than last July, for an increase of 53% from last year, so we are way up for this month. With those numbers we have set our third milestone, for the first time we have for our entire market, and not just a price range, we have more homes under contract than active Listing to choose from. 

New homes have had a couple great months. July had 141 closed deals which is 39.6% more than last year with 40 more deals. When I did June's report last month there were 130 closed deals. Well, those 20 closed deals added since last month I mentioned, 18 of them were new homes. So the current total for June is 148, up 40.9% from last June with 43 more deals than last year. 

Lets hope this keeps up

Click here to view July 2020 Preston Report

This months reports have a bunch of firsts. June 2020 was an all time high for the number of closings in a single month with 549. We have hit five hundred only twice before, both times last year. This has put this year 23 transactions over last years record setting pace. With 2316 closed deals compared to last years 2293. 1% increase, but all we have been through to be ahead of last year at all is a blessing. 
Another first is we are over 900 pending contracts for the first time ever. There are 922 contracts waiting to close. Last month's record did not last long. Another first is that for the first time in 21 years of doing this report we have under 1000 active listings in Edmond with 978 active homes on the market. We have almost as many home under contract as we do available properties to buy. if they all close we would have a one absorption rate. Even with the current closings we have under a two month absorption rate.
New Homes had a great month and the upper price ranges have come back from the Covid slump.

Click here for June 2020 Preston Report

WOW WOW WOW!!! 

We have just had the most pending contracts at one time for Edmond, 886. This coming during Covid-19, or right after opening up. That is 191 more than we had this time last year, a 27.4% increase. And 142 more than we had last month which is an increase of 19%. So the pending contracts during the three months of Covid, were down 20.9 the first month, down 6.9% the second month and up 27.4% the third month compared to the same months last year. We can have a better rebound than what we had fall from this. Unless a second round comes about.

Closed sales are lagging behind the pendings of course. May was not a good closing Month, with 397 closed transactions as of now for May. compared to 512 last year. I say "as of now" because i was trying to get this out early this month and more closing were added between Wednesday last week and Friday, and even more between Friday and Wednesday of this week. Making me run the numbers and redoing the report three times to make it as accurate as possible. Get your data entered on time!!! So we may still have some more sales waiting to be entered.  But May was down 22.5% from last year.  So the closings for the same three months of Covid was up 9.7% the first month, down 6.4% the second month and down 22.5% the third month. we should see good numbers next month with the number of pending contracts we are at now unless they have 45 plus day closings. 

We started off ahead of last years record setting year for the first three months of the year and even with the down turn of the last couple of months, we are only down 2.5% in year to date sales through May. and that is off a record setting year.

Active inventory is down about 50 overall, and most of that is in lower price ranges under $400,000. We even have more pending homes than active listings in the two price ranges between $200,000 and $250,000 which I think is a first time in those ranges. Even the $300,000 to $350,000 almost passed those numbers with 123 active listing and another 120 homes with pending contracts. The active listing price ranges above $450,000 grew. but so did Pending contracts. This is reflected in the absorption rates for the different price ranges. Every price range dropped under $450,000 and the four above went up. The top tow above $700,000 jump by three months, with closing down and inventory up in the last 30 days.

Click Here for the May 2020 Preston Report