EDMOND — If you’re looking for affordable housing, you may want to stay in Oklahoma.
Forbes Magazine reported in May that Oklahoma City gained a 12.1 appreciation in the sales price for homes when compared to last year. Oklahoma City’s metro ranks second in the nation, following Seattle’s 12.3 appreciation, according to Forbes.
The median home price in the metro is $134,000. The Edmond Economic Development Authority cites the average price of a single family home grew 25 percent from 2002 to 2006 with an average price of $229,938.
Edmond has experienced consistent growth in appreciation, said Edmond homebuilder Caleb McCaleb, president of the Central Oklahoma Home Builders Association.
In addition, Money Magazine recently placed Oklahoma City as one of 11 “bust-free markets.”
Some markets such as Phoenix had experienced 30 percent to 40 percent appreciation in recent years, McCaleb said. “What happened is those houses got way overvalued,” McCaleb said. “And people were speculating, buying them and flipping them. Now those markets are just getting pounded.”
Fewer government restraints and compliance mandates combined with lower labor costs affect construction value, said Brad Reeser, a broker associate with Keller Williams.
“We probably have the best product in the nation and we can build it to be a lot more affordable,” Reeser said.
Reeser believes the 12 percent appreciation reflects pockets within the metro area. Overall, the real estate market is strong, he added.
McCaleb said a $500,000 home in California generally sells for $175,000 in Edmond.
“My experience has been that people come from all regions of the country and find our housing market to be a fantastic value,” Reeser said. “From the east to west coasts, they’re absolutely giddy about our prices.”
“I think if Oklahoma City is doing well then Edmond will do twice as well,” Reeser said.
Local News
Edmond experiences consistent growth
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City plans to hire downtown consultant
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The Central Edmond Urban Development Board has revisited plans made in a 1998 Downtown Master Plan through public meetings and presentations to protect the future development of Broadway. Recommendations by the group will be taken into account by future city councils. -
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Local girl receives crown
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5-18 Calendar
The Edmond Senior Center, 2733 Marilyn Williams Drive, is open 8 a.m. to 4 p.m. Monday-Friday. F or information about Edmond senior programs, stop by and pick up a monthly calendar, check out the Web site at edmondseniorcenter.com or call 216-7600.
Lunch is served at 11:30 a.m. and reservations are needed a day in advance by 11 a.m. For lunch reservations, call at 330-6293 from 9 a.m. to 1 p.m. -
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3 miles of Broadway restoration nears completion
Work to restore 3 miles of Broadway from Waterloo to Simpson was near completion Friday, said Mark Sharpton, District 1 county commissioner. Atlas Paving Company began the process of resurfacing the road this week.
“Another improvement on the roadway will be the application of new safety striping,” Sharpton said.
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