How’s the Edmond Real Estate Market?
Last month the real estate market was quiet during the State Fair (it happens every year). But that didn’t affect the numbers too much. We’re starting October with 1263 active listings, about 20 less than we started with in September. The number of homes listed (358) remains lower than the total contracts accepted and transactions closed (555). 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 September 2016;
- 358 new listings hit the market in Edmond last month with an average first list price of $291,998.
- 24% of the homes listed in September are already either under contract or sold.
- 251 offers were accepted by sellers. They had an average list price of $230,000 and had been on the market for an average of 29 days.
- 304 transactions closed during September with an average sold price of $247,500 and had been on the market for about 29 days.
The High and The Low
- The lowest priced home to sell was a three bedroom, two bathroom manufactured home on one acre north of Charter Oak and Sooner Road. It was sold “as is” for $45,000 or just $29 per square foot! Oh, and it didn’t have central heat or air.
- The highest priced home to sell had over 5600 square feet with five bedrooms, five full bathrooms, two powder rooms, and a pool on a lakefront lot in Stonemill. It went for $1,200,000. It was one of two million dollar listings to sell in that neighborhood last month.
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Data collected for this report by using the OKCMAR MLS within the Edmond Public School boundaries September 1-30, 2016