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Brian Preston

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5/3/2016 March 2016 Preston Report

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

 

3/28/2016 February 2016 Preston Report

This year is starting like last year with one month up and the next down. February was down 20% in sales from last February making us down 4.6% for year to date sales. February was down 53 sales from last year and year to date sales down 22.

Active listings is up from last month but compared to this time last year the number of homes on the market have increased 37.4%. From last month the majority of the increase is in the price ranges over $275,000. Under that price range we are keeping steady.

Homes under contract is holding steady at almost the same number as last year. So hopefully next month will be up like last year.

New homes sales have fallen behind the whole market. the sales volume for new homes is usually a third of the total volume of homes sold. this year it is about a fourth of the volume. The absorption rate for every price range in new homes under $700,000 increased this month. The only reason that one price range did not increase is the number of active listings went down. Could be from price adjustments or just off the market at this time.

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2/29/2016 January 2016 Preston Report

Starting off the year with a 15% increase in the number of sales over last January! A good start.

Listing inventory is down 13% from last year, but until we see a change in the closings that has been good. It has been dropping for year but closing has still be good which means more deals are making it to the closing table.

Active listing has been holding at 26% increase from same time last year for a few months. Has not increased.

New homes are just the opposite. hardly a change in the number of active listings compared to last year. But pending contracts are down 33% on new homes from last January. And more so even with the 15% increase in sales for January overall, new home sales were down 38% over last January.

I combined the two price range fields in new homes to one field. under $150,000 and $150,000 to $200,000, were combined to one field of under $200,000. Most the second half of last year we did not have a listing active in the lower price range.

The over million dollar price range for new homes went from over 30 months to down below six months. This comes from the number of active listing being cut almost in half. and actually selling, they were just not changed in the MLS until after the first of the year. First time in years the absorption rate for this price range has been under 30 months.

 

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1/27/2016 2015 Preston Report

December was a great finish to 2015. One of the best Decembers on record. We just missed the record number of transactions by 13. 4271 closings in 2015 compared to the record year of 4284 in 2014. We did set records in sales volume and average price. 1.22 Billion dollars in closed transactions for Edmond and Deer Creek school area. With an average price of $286,264. The median sales price was $239,900

new home sales was 52 transactions off from last year. 1079 sales this year compared to 1131 in 2014. The average sales price was up this year on new homes to $332,618 compared to $308,217 last year. With a total of 358.9 million dollars in sales volume.

Active inventory is up about 25% from last year. making the overall market a normal market. but some price ranges are still a sellers market because of storage of homes. and other price ranges have a large number of homes for buyers to choose from putting them more in the drivers seat.

it will be interesting to see how 2016 shapes out with oil and gas prices at such a low. We will see if our economy is diversified enough to handle it.  

 

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12/28/2015 November 2015 Preston Report

 November Sales were up 15 transactions compared to last year. Which puts year to date sales down just under one percent. We have closed 3938 deals this year compared to 3975 last year. Not a bad year.

Active listings dropped from October but compared to November of last year we are now up 29% in the number of active homes on the market. new home inventory keeps rising. 47% of the homes in Edmond on the market right now is a new home.

Pending numbers are also up 15 units from last year. They took their tradition big fall from October but doing better than last year.

Does not look like we will set a record this year, but the numbers of sold properties are good. Pending looks good as well. It is the active listings we will have to watch next year.

 

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11/23/2015 October 2015 Preston Report

Like I thought we did not keep up with such a big month last October. Our year to date sales are now down 1.58% from this time last year. We are behind 59 Closed transactions. We do have more homes under contract then we did last year but this could be from the new TRID rules that went into effect Oct 1. Which could delay some closings. This October fell 74 closed deals short of last October.

Listing inventory is up 24% from this time last year. New homes have gone above 600 homes on the market for the first time in six years.

The sales volume is up $48.5 million over last year even though sales are down. Thanks to the Higher average price. We crossed the one billion dollar in sales volume in October.

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10/27/2015 September 2015 Preston Report

I have heard some people lately say we are in a buyers market now. It is hard for me to call it a buyers market when we are five transactions ahead of a record year thru September. But we are seeing a change with 25% more homes on the market than this time last year. We only have an increase of 33 homes from last month. But this is the time of year after school has started that our inventory starts going down.

It depends upon the price range you are in. Some ranges have an abundance of homes and others we are selling with multiple offers. I have also heard some say they are glad to see more inventory because they are having trouble finding something for their buyers. But our sellers have gotten use to selling as soon as we put them on the market. That does not make it a buyers market yet. Just a normal market.

With Oil prices the way they are we will see more homes come on the market. It remains to see if the new jobs in other fields coming in will off set them or not.

I do not see us actually breaking last years record unless we have another great fourth quarter like we did last year. last year's fourth quarter was so far above previous years. But we had a good summer to put us back on track so far after being a little behind through Winter and Spring.

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9/21/2015 August 2015 Preston Report

Another good closing month for August with 431 transaction closed. We are up 16 transactions from last year record numbers. But that is not even a full percentage increase. While on the other hand the number of active listing is up 19.49% from this time last year. And Pending contracts is at the exact number of last year with 649 contracts waiting to close.

New homes on the market are up 15% from this time last year but up 28.8% from two years ago.

We are on track for another record year, but sellers will have to watch what they are asking for their house with more competition out there for them. Pending contracts are still good, but more house will be sitting with the new inventory.

Prices are up with an average of $284,138 and a median price of $239,900.

The lower prices ranges are still hot with hot much to choose from. And even the $300,000 to $350,000 is having great numbers. We will have to watch to see how the extra inventory effects us. But all other numbers are still good and slightly ahead of record setting pace.

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9/14/2015 July 2015 Preston Report

After being behind last years record setting pace we caught up and are ahead eight transactions through July. 2533 closed transactions over 2014's 2525.

The average and median prices are both up from this time last year. The average and median price for year to date are both up, with an average price of $284,919 and a median price of $239,000. Last year they were $268,826 for average and $226,000 for median prices.

The active inventory is up 16% over this time last year. More inventory then we have had the last two years but better than we had for the previous years before that.

Pending lists are holding steady and they are still less than we had a few years ago but still closing more so more are still making it to the closing table.

For more details click below

July 2015 Preston Report

8/2/2015 June 2015 Preston Report

June was a good month for Edmond Real Estate. 477 Closed Transactions up 21 from last June. That still puts us 34 transactions behind last years Year to date sales. But average sales price keeps climbing. A lot of that is the number of large transactions with 21 homes over a Million dollars already closed this year. That is the same number of closings in that price range we had for all of 2014.

Active listings is up again. This is the largest total of listing we have had since 2011. We are not at the active listing totals we had in 2008-2010 at almost 2000 but is a large increase compared to what we have had the last couple years. The lower price range is the exception with fewer homes to choose from if any. The $150,000-$175,000 had more pending contracts and even more closed homes than active listings.

Our Pending are down as they have been for a while but compared to previous years the closing rate is still better.

Click below to check out June Numbers

JUNE 2015 Preston Report

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