Copper Creek Addition, Edmond, OK - 2007 Market Summary

By
Real Estate Agent with ShowMeOKC Team of Paradigm AdvantEdge

The Edmond Real Estate market continues to show very significant signs of growth as we rapidly approach the end of May, 2007. Last year, 2006, brought a rise in most areas of Edmond, Deer Creek and Oklahoma City and indicators are shaping up well for 2007. View the latest statistics here: (OKC Real Estate).

 The following chart shows statistics of homes sold specifically in the Copper Creek addition, located on the SE section of NW 178th & Penn Ave, from May 27th, 2006 through May 27th, 2007 and compares these numbers with their respective numbers from 2005-2006:

  2006-07 2005-06 Change
Number of sales 51 65 -21.54%
Years built 1986-2003 1986-2003  
Largest home sold (sf) 2118 2253  
Average home sold (sf) 1802 1785  
Smallest home sold (sf) 1347 1365  
Highest sales price $211,000 $178,500 18.21%
Average sales price $152,647 $149,293 2.25%
Lowest sales price $110,000 $118,000 -6.78%
Average list price $154,754 $151,373 2.23%
Sales price vs list price 98.64% 98.63% 0.01%
Highest price per sf $100.48 $91.79 9.47%
Average price per sf $84.87 $83.87 1.19%
Lowest price per sf $68.25 $69.22 -1.40%
Longest DOM 323 194 66.49%
Average DOM 45 38 18.42%
Shortest DOM 0 0  
       
Current Active Listings 9  
Current Absorption Rate 2.12    

 As you can see, the Copper Creek comparison from 2006 to 2007 is very promising. While the number of homes sold in 2006-2007 decreased in comparison to the previous year, the overall sales prices and prices-per-square-foot increased, except on the lower end homes. The sales price vs list price stayed steady while the days on market did see an increase. Normally, an increase in DOM might be considered a negative, but with an absorption rate of just over 2 months, sales should remain strong and that DOM number should come back down over the next few months. With so many Edmond homes for sale right now, it's great to see strong appreciation figures and absorption rates with a city-wide average absorption rate of just under 5 months.  

If you're curious what your home would sell for or would like a chart more specific to your street, visit our website, where you'll find Copper Creek Homes and information, as well as details on many other premier Edmond neighborhoods.

**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (05/27/05) through (05/27/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy

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