How’s the real estate market in Edmond?
Inventory is high. The number of homes listed in Edmond (696) continues to outpace the number of contracts accepted (436). That gives us five months supply of homes. In other words, if we stopped taking new listings today, we would not run out of houses to sell until 2018. We have a five month supply of homes in Edmond, the shelves are full. When compared to the same time last year, inventory is up 35%.
How does a high inventory affect the market?
A high inventory means that there are more choices for today’s buyer. Buyers can take their time and be pretty picky. They may even be able to leverage the high inventory for a reduction in purchase price. For the seller, there are fewer showing requests, longer days on market and the property has to be market ready (in tip-top shape and priced to sell) to catch a prospective home buyer’s attention.
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.
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.