Edmond Market Update August 2017

How’s the real estate market in Edmond?

Inventory remains high in Edmond. The number of homes listed in Edmond (582) continues to outpace the number of contracts accepted (394). That gives us four and a half months supply of homes. In other words, if we stopped taking new listings today, we would not run out of houses to sell until close to Super Bowl Sunday. When compared to the same time last year, inventory is up 29%.

High inventory makes this fall an ideal time for home buyers!

A higher inventory makes the fall a great time for today’s buyer to find their next home. Buyers will find a larger selection and more homes to choose from. They may even be able to leverage the high inventory and longer days on market for a reduction in purchase price.

Sellers should prepare for fewer showings this fall

With more competition and cooler days ahead, there will be fewer showing requests. Sellers should expect longer days on market and make sure the property is in tip-top shape and priced to sell. To catch a prospective home buyer’s attention online, professional photos and a social media presence will be key.

People shopping this market are still keenly aware when a hot property hits the market. Despite the high inventory, when a home is market ready and hits the MLS, we are often seeing multiple offers in a matter of days.

Market Update

For the true data junkies, scroll to the bottom of the page and download the full report. It’s loaded with details about days on market, inventory numbers, and closed sales. For data specific to your zip code, neighborhood, or street complete the form at the bottom of the page.

Market Update

 

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