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The most common question we are asked on a regular basis is, “How’s the real estate market?” For the past 10 years, the answer has been easy to find. With record setting sales volumes, new home starts, average prices, and interest rates, “The Real Estate Market has been HOT!”

More recently, national headlines about falling home prices and declining home sales bring the lingering question, “When’s the real estate bubble going to pop?”

There was a great article in The Oklahoman on January 27, 2007 titled, “Area Home Sales Defy National Slump” which really put the local market into prospective and reiterated what Paul and I have been saying all along.

In the 4^th quarter of 2006, the local market did experience a slowdown in sales and buildup in inventory, and some people in and outside the real estate industry expressed alarm that Oklahoma was headed for dropping prices like we have seen in other parts of the country. However, the national statistics do not reflect what is actually happening in Oklahoma.

In Oklahoma, we have experienced a steady increase in the real estate market for the past 10 years, but nothing like the rapid inflation witnessed in other parts of the country. According to the Oklahoma City Metro Association of Realtors, the housing inventory approached a six-month supply in the fall, but by the end of January it was less than a five-month supply — 8119 homes were listed for sale at the end of January.

Other economic indicators that typically accompany a downswing in the real estate market, such as higher interest rates and employment numbers, are still low. So, the outlook is good!

In The Oklahoman article, Victoria Caldwell, president of the Oklahoma City Metro Association of Realtors was quoted:

"We are very fortunate in the Oklahoma City metro area that we have a very strong economy and we did not experience the uncontrolled and unsupported appreciation many other parts of the nation experienced.”

The slowdown “seems to hark back to the mid-1980s when in our corporate memory we recall some pretty dark days. This slowdown or adjustment has not had the same economic impact that the '80s free-fall had, but when we see some changes it's easy to remember that last time that happened and experience a little panic. We, in no way, have all of the market pressures that we experienced at that time.

"Oklahoma City was not diversified in business. We were primarily an oil-, manufacturing- and military-fed economy. We did not have the business risk spread that we are experiencing today. Since then, we have added a high-tech base, a medical research base and tremendous growth in other businesses that have the luxury of not being bound by location. Many of these have chosen to move to this area and are enjoying the lifestyle we offer at a very affordable price. Which gets us right back to the real estate of our area. It's great.”

The Oklahoma City Metro Association of Realtors won’t release year end numbers for a couple more weeks, but the rough numbers look like 2006 will have ended with a slight increase over 2005 including average sales prices, total sales volume, and total units sold.

The year did end with a statistic that indicates continued strength in the real estate market and overall economy. The average interest rate was 6.11 percent on a 30-year mortgage.

--Periann

On Thursday, February 15, I had the privilege of participating in the Putnam City Public Schools Foundation’s fifth annual "Principal for a Day" event. I, along with thirty other business and community leaders, spent the morning at district schools, shadowing the principal, visiting classrooms, talking with teachers and students, touring schools and discussing challenges schools face The "Principal for a Day" program was designed by the Putnam City Public Schools Foundation to create an awareness and understanding of the issues facing Putnam City schools and open the door to business-education partnerships.

As a real estate professional specializing in NW OKC, a resident of the PC School District, and an aunt of 6 PC students, I was very interested to get an insider’s look into our local schools.

My morning as principal started at 7:40am at Harvest Hills Elementary as Principal Mickey Wilson greeted tightly bundled students filing through the front doors with backpacks in tow. I was tickled as student after student stopped to show Mr. Wilson something new, tell him an exciting tale, or just offer a good morning hug. Because it was a cold and snowy morning, the cafetorium and gym were buzzing with students shooting hoops, finishing up last night’s homework, making a birthday card for their teacher, or just chatting with friends. Despite the indoor confinement, the students were surprisingly orderly and well-mannered. Shortly after the 8:10 bell rang, the last few students hustled off to their classrooms, and Mr. Wilson and I started our tour of the school.

I was impressed by the integration of technology in the schools including a well-equiped computer room, a media room (I couldn’t find the ditto machine!), and pc’s in the classroom. The most interesting piece of technology that I saw was the interactive whiteboard. This piece of technology was amazing. It is a touch-sensitive projection screen that allows the teacher to control a computer directly by touching the board rather than using a keyboard or mouse. It can be used in numerous ways to make lessons more visual and keep students engaged in the activity. It certainly is a great improvement over the film strips, movie projectors, and flashcards I remember from grade school! It’s also interfaced with a printer so that a teacher can print what was displayed on the board whether handwritten or on the computer.

During my tour, I found that Harvest Hills will be receiving a facelift this summer including new classrooms, administrative addition, and walls to transform the “open classroom” into traditional classrooms. Construction should be completed before the fall 2007.

I also had the opportunity to talk to Mr. Wilson about the upcoming Bond Election. On March 6, voters in the Putnam City school district will consider a $32 million bond proposal to maintain and improve school buildings and ensure that all students attend classes in well-equipped, up-to-date facilities. It’s been 26 years since there’s been a tax increase to support schools in Putnam City. That’s why in a comparison of 27 peer school districts in the state, Putnam City ranks 25th in terms of tax rates. So, if you live in the PC School District, get out and vote on March 6!

I’m happy to say that I didn’t have to eat in the cafetorium for lunch. We met with the other volunteers and principals at the administration building to discuss our experiences. Thank you so much to Mr. Wilson, the faculty, staff, and students at Harvest Hills Elementary for taking the time to make me feel so welcome in their school. I’m proud to have such an outstanding school just around the corner from my home!

If you ever have the opportunity to participate in a program such as this, I highly recommend it. You’ll come away with a new appreciation for the job that our education professionals do.

--Periann