Gatewood Neighborhood Has Strong Quarter

by Dan Connally on March 2, 2013

in Neighborhoods

Each quarter, Linda and I prepare market updates for some of the neighborhoods in which we deal extensively. This time, we present Gatewood. Gatewood is an Urban Conservation District. This update largely deals with what was the legal Gatewood Addition, which stretches from Pennsylvania Ave. east to Gatewood Ave.; and from NW 23rd Street south to 16th Street. It includes the unplatted area along Indiana Ave., but does not include Carey Place. We hope you find it informative.

Quarterly Market Update – Gatewood

For Period Beginning October1 and Ending December 31, 2012

Active – 4 Properties

Sq Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days on Mkt

Min

1376

3

1

$119,500.00

11

Max

3306

4

3

$329,250.00

267

Avg

1973

3

2

$184,638.00

121

Sold – 6Properties

Sq Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days on Mkt

Min

1272

2

1

$64,900.00

$62,900.00

1

Max

2715

3

2

$207,900.00

$203,000.00

14

Avg

1927

3

2

$130,700.00

$129,317.00

5

Pending- 4 Properties

Sq Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days on Mkt

Min

1059

2

1

1

$44,150.00

8

Max

2715

3

2

1

$239,900.00

69

Avg

1678

3

1

1

$119,738.00

39

Expired – 0 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 east to Classen Blvd.).

This may sound like a broken record, but it’s one I never get tired of hearing: Gatewood looks healthy – again. There were four active listings at the end of the year (compare to two at the end of September; one in the first two quarters of 2012, and four at the end of 2011). However, the number of sales jumped to six, much better than the one at the end of the second quarter and three at the end of March. Just as remarkable: there were four contracts pending for the second quarter in a row. The average price per square foot stood at $71.93. That’s down from the $82.37 from the single sale in the third quarter; but a single sale is usually not a particularly reliable figure. A more accurate figure for comparison purposes is the $72.40 at the end of the second quarter. (perhaps a little lower, but up from $52.08 in the first quarter). At the end of 2011, the number stoof at $73.45; so things are steady. In the third quarter, the average time on the market was an impressive 10 days, but that number has nothing on the end of December’s number: five – far more impressive than 83 days at the end of June or 57 at the end of March. I like to see at least as many pending and sold listings as there are active ones, so these figures make me happy. And if things hold, we can look forward to a pretty good first quarter in 2013.

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



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