My Blog

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

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 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

August sales down from 597 in 2020 to 499 for August 2021 for a decrease of 16%. Year to date sales up 55 transaction over last year for an increase of 2%. 
Active listing have fallen after a few months of increasing number. We fell from 480 active listings to 435 active listings. Pending listings fell to 869. 

it has been a three month trend of down sales compared to last year. June, July and August combined are down 14% closed sales compared to same three months last year. I have heard some say less homes to buy, and also those were the first months after lockdown last year when it first went crazy. Yes on both counts, but even with lower inventory we were up 2% for the same three month period in total number of pending contracts but down 16% in closings. There were 66 more contracts pending compared to same period in 2020. 
With this trend we will fall behind last years numbers in September report. The pending contracts are still there to keep us on a record setting year. it would be something to beat last years unprecedented numbers. Either way it has been an amazing and different year we have experienced.

Click here for The August 2021 Preston Report

July sales were down even though pending contracts were up. A sign of how many are busting and new homes pendings up because it takes longer to finish and close out. Closings for July had 121 fewer transactions from last July, from 624 last year to 503 this year. For a decrease of 19%. Year to date sales are still up 144 transactions over last year for an increase of 5%. I would say with down inventory effects this, but being we have the same number of pending contracts as last year we should have the same number of closings. We also hit the Billion dollar of sales volume in July, hitting earlier in the year. 

Inventory raised a bit more this months from 437 up to 480 this month. most over $250,000. All of these are pretty much new homes. new Home inventory went from 176 to 219. Absorption rates are still way below the old normal. $150,000 to $175,000 is at one day. 

On that note I pulled the stats for sales price vs List Price. for the 3111 sales so far this year. The average sales price to list price is not where you would think. The average is 1.004, barley over list list price. The Median is right at 1, which is full price. To show that even in this market it is not all more than asking price. There are with the maximum sales price to list price was 1.249 which is 25% above asking. if Listed for $200,000 they got $250,000. But the minimum was .706. so if they were asking $200,000 they got $140,000. pricing right is still important even in this market. so both extremes show this year.

Average price is getting up there and even the median is closing on $300,000 at $295,000, an all time high. Even the higher price range is going well, over Million dollar homes are average 7 closings a month and 18 currently under contract waiting to close. 6 of those are new construction. 

it will be interesting to see how the year closes out, being down the last couple of months in closings. even though our pending sales are as high or higher than last year. Hopefully these deals will come to the table and keep our record pace on track.

Click here for July 2021 Preston Report

We had 527 closed residential transactions for the Edmond area in June 2021. That is 45 less than last year for an 8% decrease. but it is the second best June ever. Year to date is still up 11% over this time last year. with 2603 closings compared to 3443 in 2020. Pending contracts is at all time high for June and third best ever behind two months this spring and only by a couple deals. new home contracts rose from 317 to 381 from May. and seeing them in up in most price ranges.
Active listing increase by 18% from May with 66 more listings for a total of 437 at time of report. That is where inventory was back in January of this year. but still way below normal numbers for the area.

 the price ranges in report like $200,001 to $225,000. If it is list at $220,000 it would be in this range. if it sales for $226,000 it would be under $225,001 to $250,000 price range for closed. Saying that I looked at the price ranges for closed deals this month to see where list price was to Closed price.  
June average sales price was $357,338 (this is off a bit from report average because someone enter a new closing 4 weeks late, will correct on next report)
June Average List price was $354,565, almost $3000 less
June median list price was $299,375
June median sales price was $303,245.

But here are minimum and highest list prices for some price ranges.

$150-175,000    Low list price was $137,500 high was $185,000
$175-200,000   Low list price was $155,000 high was $219,500
$200-225,000  low list price was $205,000, high unknown because it was mis entered data of $370,000
$250-275,000  low list price of $219,900  high was $298,500
$275-300,000  low list price was $260,000 high was $325,000

As you see some are getting more quite a bit more than they were asking and some are taking less. condition and price effecting most of it. there are even some listing expiring, because they thing they ask whatever they want.
I told a seller, if it is worth $200,000, ask $200,000. You will most likely get $220,000. but ask $220,000 and i will sit and sale for $190,000. these numbers show that. agents still need to do their job and price homes. also the amount of closing compared to pending show how many are not making it to the closing table. a third of them of course are new homes that need to be finished most likely. I had an out of state buyer that had to make 11 offers before being the successful offer. five of the first ten came back to us because their deal ad busted.

We have never seen a market like this, in so many ways. pricing as always still important, and keeping them together to the closing table.

Click here for the Preston Report for June 2021

May was up 71 transactions for an increase of 17.5% from last May. But last May was the hard hit month from Covid shut down. This years may falls just short of Mays for both 2017 and 2019 in total closings. The Year to date sale are up 301 transactions for an increase of 17% from same time last year. It will be interesting to see from here on out if we keep ahead of last years record numbers. Being the last six months is when it went crazy and we do not have the inventory or at least active listing.

Active Listings actually went up to 371 from 295 last month. still way short of over a 1000 plus we have been use to in the past. almost 50 of those were new homes. We still have more pending contracts than active listings in every price range up to $700,000.with twice and many or more in every price range. Also for the first time in year there is at least one active listing in every price range. even though up to $225,000 they are all single digit inventory supply. 

Supply and demand in some price ranges are still way off. With dozens of offers on one property and buyers having to be aggressive, I just had one that made 11 offers before he got a contract. He was in panic mode he was going to be homeless. Quit a few of the ones we tried came back and said their deal fell apart. Some sellers are looking for more stable buyers than net in pocket, that may not come through. I never seen a market like this. Great for sellers, a rough road for buyers.

click here for the May Preston Report

Running so far behind, May report may come out within a week.
April was up 25.3% over last April. Even though Last April was start of covid, for closing. it is above most Aprils by a margin.
475 Closed deals in April up 96 transactions from last April.
Year to date sales up 222 deals for an increase of 16.2% from last year.
Inventory, at the time i pull the numbers, was 295 active listings. Starting to see since some days with more new listings than homes going under contract.
This will be a short report, running behind and everyone knows it is a crazy market. 33 years in he business and having and hearing stories that are blowing my mind.

Click here for Preston Report for April 2021

March 2021 had 50 more closings than last March for an increase of 125. Year to date closing are also up 12% with 116 more closings than last year. We should see a big increase over the next two months being sales were down during lock down.
An example is pending contracts are up 54% from this time last year with 919 currently under contract compared to 594
 last year which was the lowest with the shut down starting mid March last year. Active listing are down from 1114 last March to 299 at time of the report. a decrease of 73% in active inventory. since running the numbers for the report we are down to 276 active listings as of today. still falling.
the largest number of active listings in a price range is over a million dollars. The $300,000 to $350,000 price range has over a hundred more homes under contract than active inventory. All Price ranges have more pending contracts than active, except over a million dollars. The $500,000 to $700,000 price range currently has 41 active listings, which is the second highest number of active listings in a price range, but they also have another 84 with pending contracts. over twice as many. The market is crazy and more so in the last three weeks.
New homes have 383 pending contract listings and only 125 active listing, down 30% from just last month. The lowest amount I have seen new home inventory. we usually have around 400 and when a bad year around 600.
Absorption rates in lower price ranges are in days, or even hours, and not weeks or months. one price range has no absorption rate because there are no listings.

Click here to get The Preston Report

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