Each quarter, Linda and I prepare market updates for some of the older neighborhoods we practice in. This time we present Gatewood Addition. This urban conservation district marketessentially lies west of Gatewood and east of Pennsylvania avenues; and north of 16th and south of 23rd streets.  It does not include Carey Place.

Quarterly Market Update – Gatewood

For Period Beginning July 1 and Ending September 30, 2013

Active – 1 Properties

Sq Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days on Mkt

Min

Max

Avg

1332

2

1

$119,000.00

-

54

Sold – 7 Properties

Sq Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days on Mkt

Min

1376

2

1

1

$108,900.00

$90,000.00

2

Max

2632

4

2

2

$295,000.00

$295,000.00

181

Avg

1834

3

2

2

$177,943.00

$172,471.00

45

Pending - 3 Properties

Sq Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days on Mkt

Min

1339

2

1

1

$112,500.00

-

2

Max

3104

3

2

1

$182,333.00

-

26

Avg

2204

3

2

1

$182,333.00

-

12

Expired – 1 Properties

(Data courtesy of MLS Gateway. Information is believed to be accurate but is not guaranteed. Not intended to solicit currently listed properties).

This is a summary of the activity of Gatewood west of and including Gatewood Avenue. It does not include houses east of there (University Addition), nor does it include Carey Place.

Here’s the broad picture: in the third quarter of 2013, seven homes sold; three were pending; and only one was active. From a seller’s standpoint, that’s pretty good. The seven closings compared to four in 2013’s second quarter and first quarter. Seven compares favorably to the six at the end of 2012. The sold price per square foot averaged $91.39, an increase over $85.37 at the end of the second quarter or $63.64 at the end of March; $71.93 in December 2012; $82.37 in the third quarter 2012; $72.40 at the end of the second quarter 2012; and $52.08 in March 2012. In other words, sales look strong. It took an average of 45 days to get a contract in the third quarter. That’s up from 35 days at the end of the second but down from 77 in the first three months of 2013. There were three deals set to close – up from two in the second quarter, and on par with three in the first quarter. (but still slightly down from four at the end of the third and fourth quarters of 2012). Active listings stood at one, down from three at the end of June but on par with one at the end of March. From a seller’s standpoint, that’s an excellent number; and since I like to see the number of sold and pending listings larger than the number of active listings, this looks very good indeed. There was one expired listing. It did not re-up.

Please feel free to contact us with any questions you might have. If you would like a more detailed quarterly market update, just e-mail us. And if you, a friend or a relative want to buy or sell a house, please keep us in mind. Referrals are the lifeblood of our business.

Dan & Linda Connally, Realtors, Paradigm-AdvantEdge Real Estate

16301 N. May Ave., Edmond, OK 73013

405-760-4653 (Linda) / 405-760-4645 (Dan) | danconnally@sbcglobal.net