Business Times of Edmond, Oklahoma January 2020 - Page 16

Veteran realtor reflects on housing market trends in Edmond Area BY TOM FINK | PHOTOS PROVIDED BY PATRICK ARIE A s a tenured real estate professional and the outgoing president of the Edmond Board of Realtors, Patrick D. Arie has long had his finger on the proverbial pulse of housing sales. With years of practical experience, in recent years, Arie has observed a “steady increase” in the housing market in the Edmond area, with little indication of it changing in the near future. “If you analyze growth by price point, what you’ll see is that price points over the past few years have been moving up in and around Edmond because of construction,” said Patrick Arie, broker associate, Keller Williams Realt y Central Oklahoma. “New construction pricing, when considered by square foot, if you go back to 2016, you might see somewhere between $125 to $130 per foot, and now 16 January 2020 | The Business Times we’re closer to $150 (per foot), with even some properties getting closer to $200 (per foot).” Over the past four years, housing sales in the Edmond area have grown to reflect an increase in construction, with home sale prices averaging $185,000 at the beginning of 2016, and reaching above $200,000 near the end of 2019. “If you consider the market, again, going back to 2016 and tracing those to current times, you’ll see a ‘trend line’ that rises at a fairly steady pace,” he said. “We don’t generally have huge sways from year to year that you might see in a market like Miami or Las Vegas, and for us, that’s fortunate, because it gives us a much more stable market with comfortable, steady growth.” The growth and stable (housing) market enjoyed by Edmond is especially reassuring, Arie said, in that homes and properties are more inclined to increase in value. “People aren’t coming into the area who need to buy or build a house today — immediately — and a year later, that same house might be worth 20% less of what it was before. Everything that goes up at a rapid rate generally comes down at a rapid rate,” he said. “We’re quite fortunate to have a fairly predictable marketplace here.” Another area in which Edmond’s steady housing market growth is reflected is in the volume of available listings. “As agents, part of our issue this year is that we haven’t had as many houses to sell,” he said. “This is partially due to those who purchase a home are staying, keeping their properties, but if you look back at years when we had businesses