Homestead, Edmond OK Quarterly Report, 4Q 2007

Homestead is another one of Northwest Edmond's premier sought-after family communities.  Located on the West Side of Santa Fe, and North side of Danforth, it's a good-sized community, with a nice presence from the main streets.  Nearby neighborhoods include Cedar Pointe and Pebble Creek to the East, and Stonebriar to the West.

Homestead offers all the things that most families want in a neighborhood; a great location, convenient to lots of shopping, restaurants and parks, and you'll love the community pools, parks, ponds, walking trails, and great schools.

These are what many would call junior executive level homes, and the kids in Homestead get the benefit of the award-winning Edmond Public Schools system; specifically John Ross Elementary, Cheyenne Middle School, and Edmond North High School.

Developers and quality builders began building Homestead in 1996, and completed build-out in 2002.  The homes range in size from about 2,000 square feet up to about 2,600 square feet, and the values are currently between about $200,000 & $249,000.

The following chart shows statistics of homes sold specifically in the Homestead addition, from October 1st to December 31st, 2007 and compares these numbers with their respective numbers from 2006.

As you can see, the Homestead comparison from 2006 to 2007 looks a little bit iffy at first glance, but it's difficult to see the big picture with only 2 homes sold during the quarter.  There does appear to be a slight decline in prices, but it will take evaluation of a longer period of sales to verify.  Subscribe to our blog to keep up-to-date on this progress.

With an absorption rate of less than 2 months, the inventory level for Homestead is extremely healthy, and I would predict that there will be an increasing number of homes coming on the market over the next few weeks, as we head into spring.

With such a wide range of variables to consider when pricing a home in Homestead, it can be tricky, so if you're curious what your home would sell for or would like a chart more specific to your street, please contact us directly and we'll be happy to provide one for you, with no obligation of any kind. You can also visit our website, where you'll find Homestead information, as well as details on many other great Edmond neighborhoods.

**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (10/1/06) through (12/31/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy