Edmond Real Estate Market Update June 2016

What a crazy 4th of July weekend we had in Oklahoma. Are you still reeling from the news that Kevin Durant is leaving us for Golden State? As a friend said, “When someone chooses opportunity over loyalty, no matter the business you’re in, it stings a little. You’ve broken our little Oklahoma hearts, Kevin.” While KD starts loading his moving boxes, let’s take a quick look back at the Edmond real estate market for June.

How’s the Edmond Real Estate Market?

Here in the world of Edmond real estate, we’re starting July with 1299 active listings, about the same amount we had as we entered June. The number of homes listed (532) remains lower than the total contracts accepted and transactions closed (635). If these conditions remain the same and no more homes were to come on the market in Edmond, it would take about five and a half months to sell through the current inventory. That means we are in a balanced market (a balanced market’s absorption rate is typically between 5 – 7 months).

Edmond Real Estate by the Numbers

Here’s how the rest of the Edmond real estate market breaks down for June 2016;

  • 532 new listings hit the market in Edmond last month with an average first list price of $341,343, much higher than the previous month because a whopping ten million dollar homes were listed. If you’re keeping track, that’s 1/3 of the total for all of 2015.
  • 27% of the homes listed in June are already either under contract or sold.
  • 330 offers were accepted by sellers. They had an average list price of $238,235 and had been on the market for an average of 53 days.
  • 305 transactions closed during June with an average sold price of $241,500 and had been on the market for about 41 days. That’s a dozen more closings than in May.
TEN Million Dollar Listings hit the Edmond real estate market last month. That's 1/3 the total for all of 2015!Click To Tweet

8 Miles Apart

  • The lowest priced home to sell was a small two bedroom, one bathroom house near 2nd and Fretz. It went for $66,500.
  • The highest priced home to sell had over 4200 square feet with four bedrooms, three and a half bathrooms, on two acres near 2nd and Post. It went for $785,000

For a detailed market update on your neighborhood, just fill out the form below and I’ll send the statistics to your inbox.

Data collected for this report by using the OKCMAR MLS within the Edmond Public School boundaries June 1-30, 2016

 

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