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The Edmond Area has had increases in sales and average sales price for the past 2 years (Edmond Board of Realtors August 2007 Statistics). Additionally, the first half of 2007 outpaced 2006 in number of home sales by 4%. A June 2007 article in Money Magazine listed the OKC market as one of 11 “Bust Free” markets in the nation.

As a highly regarded suburb to Oklahoma City, Edmond thrives on the growing job market for the OKC Metro. From June 2006 to June 2007 Oklahoma City had a 3.1% increase in employment compared to the national increase of only 1.5% in the same period (source: OKC Chamber Website). During the same period, the OKC Metro accounted for 90% of the state’s job creation.

The recent shakings in the mortgage industry do not have as large of an impact on the Edmond/OKC market as compared nationally. In 2006 only 5% of loans in Oklahoma County were subprime or Alt A compared to 40% nationally (source: Jim Rapp, First Mortgage). The recent events overall, however, have made it more difficult to borrow money. This will have some impact as interest rates continue to adjust for the rest of 2007.

The main negative impacts for our market since 2006 have been 1.) Public perception fueled by national media and 2.) An oversupply in new construction. The oversupply is gradually correcting itself. There is currently an approximate 5 month supply of homes $200-$300K in Edmond (based on a 6 mo. Period). This is improved from a 6 month supply at the end of May 2007. Another key impact is buyers’ expectations for properties to be in very good “showing condition”. This has been influenced, at least in part, by all the staged model homes in the new construction market.

I anticipate the next 90 days will be stable as far as sales. We will probably see some seasonal decline in the holiday periods. The key for now in marketing is to have the home in optimum showing condition and to correctly position the home in relation to existing inventory.