How’s the real estate market in Edmond?
That’s the question everyone always asks me. The quick answer, the real estate market in Edmond continues to be stable but inventory remains high. I’ve crunched the numbers for your December Market Update. Here’s the facts to back that answer up; 328 listings hit the market in December which was a 20% increase compared to the previous year. When compared to the same time last year, overall inventory is up 18% with a 3 1/2 month supply. The average sales price was $247,000. Download Full Report
High inventory makes this an ideal time for buyers to find a home!
A higher inventory makes now a great time for today’s buyer to find their next home. Buyers will find a larger selection of 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 or concessions like a contribution toward closing cost. However, most sellers are still receiving 98% of their last list price. So they shouldn’t expect large reductions.
Sellers should prepare for fewer showings
With more competition in the marketplace, sellers must prepare for fewer showing requests. Data shows that an active listing in today’s market has only had three buyer showings. A typical listing is toured by an agent and prospective buyer ten times before receiving an acceptable offer. As we head toward spring and more listings enter the market, we will likely see an increase in days on market. To counteract that, Sellers must make sure the property is in tip-top shape and priced to sell now.
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.