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Brian Preston

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December 2016 Preston Report

1/20/2017

The year was not as down as most think. Some call it a buyers market and others still a sellers market. It depends on the price range and area, but over all we have a balanced market.

2016 saw a 3.73% drop in closed sales from 2015. Most of this came from new construction which new home sales were down 12% for the year. The fourth quarter finished strong giving a little rebound. New homes sales were down 19% for YTD before the fourth quarter.

Active listing fell again in December keeping with tradition cycles of listing numbers falling leading into winter. Which did not happen last year and they continued to rise during the fall and winter. They settle down to 1532 active listings from the high of 1800 in June of this year.

Pending listings are down as well but compared to previous years we are still seeing better closing numbers compared to pending contracts.

The higher end market was slow this year but December saw eight closed homes of over a million dollars for a total of 34 closed for 2016.

We were down 156 Transactions from last years 4313 closed deals. As compared to 2008 when we were down 511 transactions from 3746 closed deals in 2007. A lot fewer lost transactions from even a bigger previous year.

Click here to see the Report

November 2016 Preston Report

12/21/2016

The fourth quarter is making a rebound.

November was up 19 transactions over last year or up 7.5%.  272 closings vs 253 for 2015. But it was also the best November since 2012. That brings the YTD sales down to only off 3.51% from last year.

New homes sales were also up for November. The best November for new homes in eight years if not more.

Active listings fell 16 listings, which is not the usual drip for this time of year. But better than last year when they were still rising. Pending number are still down but does not seem to effect closing numbers as much as they did in the past. Hopefully that trend will remain and more will make it to the closing table.

Absorption rates are still high in that new home price range of $250,000 to $300,000. most price ranges held steady this month. some of them had no changes at all active or pending.

Maybe with the elections over people are getting back to buying. but then again the last two months of home sales were under contract before the election. Hopefully December will follow in the small up swing for he fourth quarter.

Have a Merry Christmas and a Happy New Year.

Click here for the Preston Report

 

October 2016 Preston Report

12/8/2016

October out preformed last year by 14 transactions for an increase of 4.5% in closed sales.

This brings our year to date sales to down 4.18% or down 156 transactions from last year, from 3726 to 3570 for 2016.

Active listings is down 4% from last month. which is good to see it still falling if even only a bit.

I read this week that pending real sales nation wide was up 1.8%. We usually are ahead of nation numbers, but not in this case. Edmond is down 26% compared to the same time last year. Of course I am taking this as good news. Because closed sales is only off 4% which tells me more of or contracts are making it to the closing table. This trend has been improving for two years now.

New Home Pending sales is also down 26% to match the existing market.

To check out the numbers click below

October 2016 Preston Report

September 2016 Preston Report

11/8/2016

September sales matched September of last year. With over four hundred closings for the month. It still leaves use down 5% for the year or down 174 transactions from last year.

Active listings held steady compared to last month. But pending sales are down from not only last month but from last year. The good news is that even though pending sales were down from last year we had the same number of closings. More deals are making it to the table.

It will be interesting to see how our fourth quarter does this year. We have had years where we were on track the first nine months, and set records and fell apart in the fourth quarter. Of course I do not see a record year coming this year, But hopefully it will be steady like September.

 

Click here for the Preston Report

August 2016 Preston Report

9/28/2016

Edmond area sales down 2.98% for August. The third month in a row for sales to drop. We are down 185 transactions from this time last year or down 6.14% in closed transactions. The average sales price is also down $14,000 from last year. Our total sales volume is down for year to date almost $79 Million. We are still on track for breaking the Billion dollar sales volume but will fall short of the last couple years in volume. New homes sales are off even more. They are down 19% from last year.

We did see a drop in number of active listings from last month, even though we have 340 more listings than last year. But at least they are not still going up and following the fall usual of drop in listings.

This does not mean a buyers market just because we have a drop. This drop is off record setting years. It is turning into a normal market. With some price ranges and areas still a sellers market and some a buyer can work a deal. It is more important to price a property right in this market instead of trying for that better price.

Click Here to see August Numbers

 

July 2016 Edmond Stats

9/1/2016

Edmond home sales dropped again in July. down 9.7% from last year a total of 46 fewer homes sold this year for that month.

Bringing the year to dates sales short 204 closed deals compared to 2015, down 7.8% for the year.

Active listings held steady this month. That is the first time in a year that they did not increase.

We should easily break the billion dollar volume mark again this year with the average price holding steady.

the $500,000 to $700,000 had an up swing in July closings, overall and new homes.

To see all the numbers click below

July 2016 Preston Report

June 2016 Preston Report

7/25/2016

June saw another down month compared to last year. Sales for June fell 11% from last June. Bringing the YTD total sales down 5.5%. A total of 114 transactions short. The active listing market is up as well. there are 30.7% more homes on the market compared to this time last year.

 

The big increase in listing came in the $275,000 to $300,000 prince range. It had an increase of 14% in listings just from last month. Making most the absorption rates to rise.

The number of pending sales also dropped both from last month and last year.

Click here for the Preston Report

May 2016 Preston Report

6/29/2016

May saw another down month with sales dropping 5.58% which makes the YTD sales down 4.05%

Active listing increase by 49 listing over last month up 2.87%. But that is a 32.57% increase over May of 2015. We are at the highest number of active listing since 2010. But not at the almost 2000 listings we had then.

Pending contracts are up 4.74% over last month. But they are down 7.68% from this time last year.

 

Click here for Preston Report

April 2016 Preston Report

6/2/2016

Another roller coaster start to the year. two good and two bad months.

April left us down 3.6% for YTD sales from last year. Down 43 transactions. The number of Pending sales are also down from last year as well, so it will be interesting to see where this year goes.  Active listings held pretty steady compared to last month.

New homes sales are where we are down. We had 56 less closing of new homes so far this year down 16.32% from last year. the number of active new homes did drop by 27 this month.

It still depends on the price range you of the house. Some ranges you can not find a house in as a buyer or very little to choose from at the time or you have so many to choose from in other price ranges. Last year May is where things started picking up so hopefully we will see that this year.

To see the numbers

Click here for Preston Report

 

March 2016 Preston Report

5/3/2016

Sales rebound in March. Enough to take us from down 4.6% in sales after the first two months to down just two transactions after March sales were added in. So down just 0.02% from last year.

New Homes had a great rebound in March. We hope to see that continue. Pending contracts are down from last year but still had an increase from last February.

Active listings is where we are seeing the biggest changes. March saw the highest number of active listings for the last 72 months. That is usually a summer month we see the high numbers. Active listing increased 8.6% from February numbers but up 43.3% from march of 2015. Another change was new home inventory was down from the month before for the first time in a couple years. Meaning most of the active increase is existing homes.

The $450,000 to $500,000 price range had a good Pending month with a 200% increase in contracts. Jumping from 10 to 30 properties under contract.

Click here to check out the report numbers

 

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