Ruth Ann Mertens-Oklahoma City Real Estate

According to David L. May, Ph.D., Professor of Economics at Oklahoma City University, the Oklahoma City metropolitan area economy should continue to outperform the nation as a whole for a number of reasons. Dr. May cites the following reasons for the robust local economy:

1. The Oklahoma City housing market has remained stable, and prices have not become overinflated as in some areas of the country. Therefore, the current problems with sub-prime mortgages afflicting some parts of the nation are not really too significant here.

2. Natural gas and oil are extremely important to our economy. Energy prices are expected to remain high for most of the coming year, helping to keep our economy strong.

3. Native American gaming casinos continue to grow and support increased tourism to our area.

As well, the Oklahoma City metro area has a very low cost of living. All of these factors should contribute to a strong and stable economic picture for Oklahoma City in the near future.

The severe ice storm experienced in the Oklahoma City metropolitan area in November of 2007 contributed to a slower housing market. Many businesses were closed due to power outages, and prospective buyers did not get out in the difficult weather conditions to look at homes. As well, many sellers decided not to put their homes on the market, but to wait till Spring instead. Because of this, and a slow-down in new building starts, the area had a 5.5 month supply of homes at the end of 2008, down just slightly from November (The Daily Oklahoman, January 26, 2008). This compares to a 10 month housing supply nationally at the end of the year according to the same source. The Oklahoma City metro market has essentially remained stable, and avoided the steep declines seen in some areas. In fact, 2007 was the fifth most active year for home building here in the last ten years (op. cit.).

According to statistics compiled by the Oklahoma City Metropolitan Association of Realtors, total home sales closed in December of 2007 were down just over 18% from December 2006. However, the average sales price rose over 5%, with an average price of $156,089 last December compared to $148,312 the previous year. With Spring not too far away, a clear increase in buying interest is taking place. We both had excellent turnout for open houses held last weekend. If Spring comes, can buyers be far behind?!

Sales statistics for the third quarter of 2007 were recently released by the Oklahoma Association of Realtors. While the Oklahoma City Metropolitan Area experienced a 5.62% downturn from the same quarter in 2006 in the number of homes sold, the average sales price increased by 2.55% for the same period. 5,198 homes were sold in the OKC Metro area in the third quarter of 2007 versus 5,490 homes in that quarter in 2006. The average sales price increased from $149,124 in third quarter 2006 to $153,339 in 2007.

Edmond saw a negligible decrease of less than one-half of one percent in the number of homes sold in the third quarter '07 compared to that quarter in 2006, with 1,023 homes sold through September of 2007 versus 1,028 sold in the same period of 2006. Edmond home prices decreased slightly (2.51%), from $241,880 to $235,817.

In the state as a whole, sales of new and existing single-family homes (14,394) decreased 5.42% from the same period in 2006, while the average sales price of $126,145 represents greater than a 6% gain from this period last year.

Most people are surprised to learn that bald eagles migrate annually to Edmond during the winter from Canada, and then return north during the warm season. The birds make their local stop in the area of Arcadia Lake. Each year an eagle watch is held there so that local residents can get a glimpse of the national symbol. In 2007, about 250 to 300 eagle watchers convened at the lake with telescopes and binoculars to watch the birds.

This year the eagle watch will be held Friday January 4 through Sunday January 6 from 7:30 am to 4:30 pm at Lake Arcadia. Cost is $3 per car. Guides will be present to assist visitors in locating the birds. Maps can be picked up at the Lake Arcadia administration building at 9000 East 2nd Street. More information about the event can be obtained by calling (405) 216-7470. (excerpted from The Oklahoman, January 1, 2008)