August 2016 Preston Report9/28/2016
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.