Newspaper article THE JOURNAL RECORD

Good Year for Edmond Ahead

Newspaper article THE JOURNAL RECORD

Good Year for Edmond Ahead

Article excerpt

The new year should be another good one for Edmond residential real estate, with interest rates remaining fairly stable. There is a plentiful supply of houses, both new and existing. More resale homes should become available as local people move up to new and larger homes.

While new home construction costs will undoubtedly increase, there will be new homes available in all price ranges. The $90,000-$130,000 price range is very popular, and there will be increased construction to meet this rising demand.

There will be different types of housing available as builders continue to evaluate the kinds of housing buyers want and design to meet their needs. There will be more gated condo communities and zero-lot line houses to target the "empty nesters" and young professionals who are seeking security and low maintenance with attractive amenities to enhance their lifestyle. Realistically, we can expect less construction in the over $250,000 price range because of the substantial number of houses available now. There is considerable new construction all around the metro area. There will likely not be as many new developments coming online in 1998. Area trends Last year was an interesting one in Oklahoma City metropolitan real estate. The interest rate has been relatively stable, hovering slightly over 8 percent most of the year. Unemployment has been at an all-time low. Thousands of new jobs have been created and large companies have been transferring employees in and out of Oklahoma City. While the number of houses sold in 1997 was down about 10 percent from those sold in 1996, the average sales price is up about 3 percent. The total dollar volume of houses sold was down about 6 percent. Through November, the largest number of houses sold across the metro area, 2,854, was in the $70,000-$100,000 price range. Houses sold in the $100,000-$200,000 price range were 2,460. There were 559 houses sold over $200,000. There is an abundance of houses available in all price ranges. There were 18,712 houses put on the market during 1997, and there are currently 6,100 properties on the multiple listing service. …

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