2008 Edmond Oklahoma real estate statistics

At the 2009 Edmond Economic Preview for economic trends, the future of real estate here was looked through the past. 2008 proved to be a difficult year, but one that showed an amazing resistance to the nationwide trend of not only lower volume but also lost value. It is estimated that since the mortgage meltdown began, $7 Trillion has been lost in home values nationwide. Brian Preston, a local realtor, and Deidre Myers, an analyst for the Oklahoma Department of Commerce presented the numbers. The details are the following: volume was down from the previous year by 12.3%, the average price of an Edmond home was up 4%, and the percentage of homes with sub-prime loans was at 5.76%. The average price rise was significant because the national average was a decline of 10.6%. So values did not drop. In fact, Brian Preston showed that Edmond set a record for sales above $1 million. It was also stated that while foreclosures were up 76% in 2008 from the previous year, the greater Oklahoma city market only increased 1.4%. The foreclosure rate for Edmond in 2008 was 1.34%, which when compared to areas like Arizona at 4.5% and Florida at 7.5% gives one hope that 2009 will also follow 2008 statistics. Both of Oklahoma's major markets, Oklahoma City and tulsa are shown by moody's to be in the top 25 for 2009 for maintaining home values. It was also noted that home ownership in Edmond was at 65.5% which is considered a normal percentage without either high amounts of investor speculators or home owners with loans that they cannot possibly service in the next few years. 2009, in my opinion, will be the most difficult year for Oklahoma real estate and possibly the nation, but if we can keep our values steady, then 2010 should be an expansion year which much of this country will not have the pleasure of seeing. It should also be noted that the surge in permits for new construction has slowed which keeps the market from getting into an oversupply situation that can also drag prices down.