March sales for Edmond real estate was down 8% with 28 fewer closings than March 2023. 344 in 2023 and 316 for 2024. That makes the first quarter sales up 49 transactions with 821 for 2024 compared to 772 for 2023. For a YTD increase of 6%. 

Active listing are up 22% from last March with 158 more listing on the market. Unlike the first two months with pending contracts up March is down with 53 fewer contracts pending compared to last year for a decrease of 8%. The upper price ranges have the biggest increase. Over million dollar listings are up 70% since the first of the year. We started off the year with 55 homes over a million on the market and as of March we have 93 homes on the market in that price range. Which is also 11% of current inventory.

The new home under $250,000 absorption rate is at 4 months. the reason for that is there is actually a listing in that price range, but being there has only been 3 sales in the last twelve months, the absorption rate is four months. It will not take that long to actually absorb or for it to sell. A lack of sales or inventory can askew current numbers

For the First time the average price for new homes in a month has gone over $500,000, and all the way $543,653. This has made YTD average price up to $498,907. Even with the highest new home average the over all average price, including new and existing homes, was down $16,000 in March compared to last March.