Wow, what a year. The last quarter of 2012 ended with a big bang, as Edmond home sales soared, breaking all records for not only the number of home sold in a year, but the average price of those homes. Our team was kept spinning for 2012 and we knew that OUR sales were great, but it is nice to also hear the market is booming and other Realtors were doing well also.
The previous record year for total home sales in Edmond, Oklahoma was in 2007 right before the economic collapse when 3,739 homes were sold city wide for $875 million. Our lowest year in the past 10 years was in 2010 when we sold 2,997 for $699 million.
For 2012, 3,790 homes were sold city wide for $947 million. Both were a record. This averages $249,878 per home sold in Edmond, also a record.
The result of these record sales is that home inventory is down and prices are starting to rise. We see that in our own home sales. Prices are beginning to creep up and the number of days homes stay on the market are starting to drop. Unlike places such as Florida, Phoenix, and California, Edmond never experienced a huge drop in demand, although we did see the market soften. I expect we will see prices rise gradually as demand remains strong. We predict that if record low interest rates continue, demand will remain strong throughout 2013.
If you are a seller sitting on the fence about listing your home, this spring is the time to get started. Spring is always the best time to sell a home and 2013 is expected to be another strong year in Edmond. Get with one of our team members and we can help you evaluate the value of your home and how much you can expect to clear on the transation.
If you are a buyer, the time is still good for getting into a home. Sure, prices are starting to rise, but slowly, not in leaps and bounds. You will need to make a strong offer on a good home, since supply is low and demand is strong, but fair prices are still around and purchasing a home is still considered a good long term investment, especially with the record low interest rates we are seeing.
Give us a call if you are interested in either buying or selling a home in Edmond or the surrounding Oklahoma City metro area. Remember, we work all over the metro, from Choctaw to Norman to Yukon and Mustang.