Edmond Real Estate Market Update May 2016

Can you believe it’s June and 1170 homes have already sold in Edmond this year? Yep, and if we were to stop listing houses today, we’d run out of houses to sell before Christmas!

Here in the world of Edmond real estate, we’re starting June with 1227 active listings, about the same amount we had as we entered May. The number of homes listed (477) remains lower than the total contracts accepted and transactions closed (629). 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).

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

  • 477 new listings hit the market in Edmond last month with an average first list price of $279,900
  • 25% of the homes listed in May are already either under contract or sold.
  • 336 offers were accepted by sellers. They had an average list price of $239,900 and had been on the market for an average of 22 days.
  • 293 transactions closed during May with an average sold price of $230,000 and had been on the market for about 26 days. That’s less about 35 more closings than in April.
  • The lowest priced home to sell was a small one bedroom, one bathroom condo near Quail Springs Mall. It went for about $45,900.
  • The highest priced home to sell had over 6800 square feet with five bedrooms, six and a half bathrooms, and four living areas on just under an acre in Esperanza. That’s near NW 150th and May. It went for $1,125,000. It was the only million dollar home sold in Edmond last month.

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 May 1-31, 2016

Leave a Reply

Your email address will not be published. Required fields are marked *