Article by: Caitlin Spaulding
As was near the end of summer many have made the plunge to purchase a new home or maybe you’re among the percentage of home buyers who are staying put due to record low interest rates. Regardless of your position, I have quite a few asking what the summer market entailed, so let’s take a look at the numbers. The following information reflects June sales for single family homes, let’s dive in!
First up, let’s talk about inventory. Currently, we have a 1.92 Months Supply of Inventory. That means if no new homes hit the market, it would take just shy of 2 months to sell all the existing homes. However, over the last 12 months, our Months Supply of Inventory has seen a significant increase of +32.41%. This indicates a slightly more balanced market, creating opportunities for both buyers and sellers.
Now, let’s talk numbers, the Median Sold Price in our area is currently $340,000. This highlights the overall strength and value of our local real estate market. However, it’s important to remember that pricing can vary based on various factors such as location, property type, and condition. As you can see, the median sold price has decreased making home purchases more affordable.
The List to Sold Price percentage is 100%. That means homes in Edmond are selling at their full asking price. This indicates a strong demand and a willingness from buyers to meet the asking price. For sellers, this is excellent news as it showcases the competitiveness of our market and the potential for maximizing returns on your investment.
When it comes to the median days on market, we’re looking at just 9 days. It’s still a hot market, and homes are selling fast. Sellers should be prepared to make a quick move and buyers should be ready and willing when it comes to house shopping.
In conclusion, our market continues to be dynamic and full of opportunities for both buyers and sellers. With a 1.92 months supply of inventory, a list-to-sold price percentage of 100%, a median days on market of just 9 days, and a median sold price of $340,000, it’s clear that Edmond, Oklahoma remains a desirable place to live and invest. If you have any questions regarding your specific area or neighborhood, feel free to reach out. I would love to talk numbers with you!
