REAL ESTATE MARKET REPORT
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Monday, May 2
2011
TABLE OF CONTENTS Charts and Commentary ……………………………………………….. Market Summary Table ……………………………………………….. Glossary ………………………………………………………………...
Jay Kinder Real Estate Experts
Real Market Reports RealMarketReports.com
Pages 1-2 Page 3 Page 4
REAL ESTATE MARKET REPORT
LAWTON Monday, May 2, 2011
Jay Kinder Real Estate Experts
Let's take a look
Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
at the real estate market. Currently there are 232 sales pending in the market overall, leaving 845 listings still for sale. The resulting pending ratio is 21.5% (232 divided by 1,077). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
''The current inventory can best be described as very active.''
Contracts Pending
Taking a closer look, we notice that the $75K - $100K price range has a relatively large number of contracts pending sale. We also notice that the $75K - $100K price range has a relatively large inventory of properties for sale at 147 listings. The average list price (or asking price) for all properties in this market is $148,893.
Number of Listings For Sale vs. Pending Contract
For Sale
Lawton
160
Updated on 05/02/2011, RealMarketReports.com Copyright Š Jay Kinder Real Estate Experts
140 120 100 80 60 40 20
Num Sold vs. Off-Market (Last 6 mos.)
Sold Off-Market
Lawton
140
Updated on 05/02/2011, RealMarketReports.com Copyright Š Jay Kinder Real Estate Experts
120
$350K
$325K
$300K
$275K
$250K
$225K
$200K
$175K
$150K
$125K
$100K
$75K
$50K
$0K
$25K
0
A total of 520 contracts have closed in the last 6 months with an average sold price of $137,696. Breaking it down, we notice that the $75K - $100K price range contains the highest number of sold listings.
100 80 60 40 20 $350K
$325K
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$300K
$275K
$250K
$225K
$200K
$175K
$150K
$125K
$100K
$75K
$50K
$25K
0
Alternatively, a total of 589 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $75K - $100K price range has the highest number of off-market listings at 122 properties.
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REAL ESTATE MARKET REPORT
LAWTON Monday, May 2, 2011
Jay Kinder Real Estate Experts
The recent history of sales can be seen in the two charts below. The average sold price for the last 30 days was $151,147 with an average DOM of 86 days. Since the recent DOM is less than the average DOM for the last 6 months, it is a positive indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
Lawton
250
Updated on 05/02/2011, RealMarketReports.com Copyright © Jay Kinder Real Estate Experts
200 150 100 50
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Dec
Feb
Mar
Apr
$350K
$325K
Copyright © Jay Kinder Real Estate Experts Updated on 05/02/2011, RealMarketReports.com
Dec
Jan
Feb
Mar
Apr
Market Dashboard
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$300K
Lawton 140 120 100 80 60 40 20 0
Copyright © Jay Kinder Real Estate Experts Updated on 05/02/2011, RealMarketReports.com
Jan
$275K
Average Days on Market (Sold)
Lawton $160K $140K $120K $100K $80K $60K $40K $20K $0K
$250K
Analysis of the absorption rate indicates an inventory of 9.8 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.
''The average list-to-sales ratio for this area is 98.0%.''
Average Sold Prices
$225K
$200K
$175K
$150K
$125K
$100K
$75K
0 $50K
Analysis of sold properties for the last six months reveals an average sold price of $137,696 and 92 days on market. Notice that properties in the $0K - $25K price range have sold quickest over the last six months.
Average Days on Market (DOM)
Sold For Sale
$25K
Looking at the chart to the right, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 113 days.
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REAL ESTATE MARKET REPORT
LAWTON Monday, May 2, 2011
Jay Kinder Real Estate Experts
Contracts Pending For Sale Price Range
[2]
Off-Market in the Last 6 Months
[1]
[3]
Absorption Rate
Sold in the Last 6 Months
Avg DOM
Avg List Price
Total Num
Pending Ratio
Total Num
Total Avg Avg Orig Num DOM List Price
[4]
Avg List Price
Avg Sold Price
List to Sales
Mos.
Min.
Max.
Total Num
$0
$ 24,999
9
123
$ 20,733
6
40.0%
7
22
49
$ 24,582
$ 20,950
$ 16,520
78.9%
2.5
$25,000
$ 49,999
62
150
$ 40,017
23
27.1%
38
57
61
$ 43,473
$ 39,357
$ 36,058
91.6%
6.5
$50,000
$ 74,999
96
111
$ 63,898
18
15.8%
59
59
104
$ 70,194
$ 64,721
$ 61,948
95.7%
9.8
$75,000
$ 99,999
147
122
$ 88,162
34
18.8%
122
71
79
$ 92,277
$ 89,745
$ 87,429
97.4%
12.4
$100,000
$ 124,999
79
102
$ 113,734
23
22.5%
62
57
105
$ 123,245
$ 116,722
$ 114,091
97.7%
8.3
$125,000
$ 149,999
106
104
$ 139,050
30
22.1%
68
46
127
$ 141,733
$ 137,331
$ 138,236
100.7% 13.8
$150,000
$ 174,999
72
84
$ 162,178
28
28.0%
61
49
93
$ 166,316
$ 163,579
$ 161,532
98.7%
8.8
$175,000
$ 199,999
86
98
$ 188,763
21
19.6%
49
58
86
$ 191,950
$ 189,175
$ 187,258
99.0%
8.9
$200,000
$ 224,999
41
108
$ 211,936
17
29.3%
23
29
117
$ 218,995
$ 214,516
$ 211,888
98.8%
8.5
$225,000
$ 249,999
46
103
$ 237,614
8
14.8%
37
22
85
$ 247,001
$ 243,815
$ 239,522
98.2%
12.5
$250,000
$ 274,999
26
120
$ 262,565
10
27.8%
13
12
69
$ 267,192
$ 265,233
$ 260,667
98.3%
13.0
$275,000
$ 299,999
31
98
$ 290,984
4
11.4%
21
12
120
$ 305,928
$ 300,024
$ 287,032
95.7%
15.5
$300,000
$ 324,999
15
128
$ 315,288
2
11.8%
11
11
130
$ 342,333
$ 325,233
$ 312,788
96.2%
8.2
$325,000
$ 349,999
5
149
$ 337,300
4
44.4%
6
3
102
$ 344,000
$ 344,000
$ 340,667
99.0%
10.0
$350,000
+
24
197
$ 438,989
4
14.3%
12
12
79
$ 437,357
$ 434,682
$ 436,120
100.3% 12.0
845
113
$ 148,893
232
21.5%
589
520
92
$ 144,707
$ 140,474
$ 137,696
98.0%
Market Summary >>>
9.8
Data believed to be accurate but not guaranteed. Date Range = 11/01/2010 to 05/02/2011 Property Type = Condo/Townhouse, Manuf. Home W/Hud Label, Manuf. Home W/O Hud Label, Mobile Home, Single Family Residence, Single Family W/Acreage Search Area = Apache, Cache, Elgin, Faxon, Fletcher, Geronimo, Indiahoma, Lawton, Meers, Medicine Park, Sterling, Walters, `=ConcRange(AA204:AA302,", ") Status = [1] ACT,UCS,TMPA,TMP,BC,BOM; [2] PND,UC; [3] EXP,WTH,UWT,CWT; [4] SLD
Market Summary Table
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REAL ESTATE MARKET REPORT
LAWTON Monday, May 2, 2011
Jay Kinder Real Estate Experts
1. PROPERTIES FOR SALE a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement. b. Average Days on Market (DOM): The average marketing period of currently active listings. This does not account for some listings which have had a previous listing period, but were re-entered as a new listing. c. Average List Price: The average price that a seller is currently asking. 2. CONTRACTS PENDING a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed. b. Pending Ratio: Sometimes called a “list to pending ratio�. This is a measure of how fast properties are going under contract vs. how fast they are being listed. Pending Ratio =
P (Number of Pending Listings) A+P (Number of Active + Pending)
(P) represents properties that buyers have chosen (A+P) represents the entire pool from which they have chosen 3. OFF-MARKET a. Number Off-Market: The number of listing agreements that have failed to close in the last 6 months. Some owners may choose to reoffer their property for sale. 4. PROPERTIES SOLD a. Number Sold: The number of properties that have gone to a closing in the last 6 months. b. Average Days on Market (DOM): The average marketing time it has taken properties to sell in the last 6 months. c. Average Original List Price: The average price at which a sold property was originally marketed. d. Average List Price: The average price at which a sold property was marketed just prior to selling. e. Average Sold Price: The average price for which a property sold. f.
List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property. List to Sales Ratio =
Average Sold Price Average List Price
5. OTHER a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months. For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of inventory before counting the additional properties that will come on the market.
Glossary
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