November 2020 Preston Report for Edmond Real Estate
12/23/2020
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
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