The real estate market is hot in Midtown Tulsa. In fact, you can safely say we are in a seller’s market. What exactly does that mean?

A six-month supply of homes is considered to be a stable market; seven or more is considered to be a buyers’ market; and below six months is considered to be a seller’s market.

Where is Midtown Tulsa? For our purpose, let’s define Midtown very broadly from Downtown to Sheridan and from I-244 south to I-44. That gives us a polygon like the one found at http://midtowntulsarealestate.net/search-mls-for-property-in-midtown-tulsa/. This includes homes of every size at every price point.

When we look at Midtown for the past three months there is a 2.7-month supply of single-family houses.

The market has actually sped up. Over the past two years the market has had a 3.2-month supply of homes. If no other homes were to enter the market, it would only take 3 months to sell every house that is for sale.

However, not every house sells. There are only a certain number of houses that are going to sell in any given market in any period.

Some homes fail to sell. When new inventory arrives they don’t have a chance because they lose the beauty contest or are overpriced.

Buyers are constantly shopping for the best value their money can buy. The best homes in the market are shown immediately and multiple offers are frequently being made on the cream puffs at the best price for their floor plan and location. These homes sell fast.

Is your price compelling? Even in a seller’s market, it is the buyers who are the experts with regard to which homes sell. They know quickly whether a home is priced right.

Your real estate advisor can help you position your home to win the beauty contest and be the best value for the money. If your home doesn’t sell quickly, it may be overpriced and in need of a price adjustment.
What are the odds of your home selling in the next 90 days?

On average, of the 328 homes currently on the market in Midtown Tulsa, there is a 38% chance of selling within 90 days. However, the odds of selling vary among price points from neighborhood to neighborhood.

As a seller, you cannot change the location of your home or its floor plan. However, you can change your home’s condition and its position in the market. You are in control.

Midtown Tulsa Real Estate Sales Statistics by Price Point

(for the three-month period from April 24 to July 24, 2015)

Up to $100,000

Average Number of Bedrooms: 2
Average Number of Full Bathrooms: 1
Average Square Footage: 1,141
Average List Price: $73,995
Average Sales Price Per Square Foot: $60.64
Average Cumulative Days on Market: 82
Months Supply of Homes: 2.05
Odds of Selling in 90 Days: 43%

$100,000 to $150,000

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 1
Average Square Footage: 1,333
Average List Price: $126,259
Average Sales Price Per Square Foot: $92.90
Average Cumulative Days on Market: 59
Months Supply of Homes: 2.41
Odds of Selling in 90 Days: 38%

$150,000 to $250,000

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 2
Average Square Footage: 1,692
Average List Price: $201,948
Average Sales Price Per Square Foot: $118.40
Average Cumulative Days on Market: 57
Months Supply of Homes: 2.26
Odds of Selling in 90 Days: 42%

$250,000 to $350,000

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 2
Average Square Footage: 2,050
Average List Price: $306,407
Average Sales Price Per Square Foot: $138.29
Average Cumulative Days on Market: 68
Months Supply of Homes: 2.09
Odds of Selling in 90 Days: 41%

$350,000 to $450,000

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 3
Average Square Footage: 2,493
Average List Price: $404,552
Average Sales Price Per Square Foot: $154.90
Average Cumulative Days on Market: 70
Months Supply of Homes: 2.61
Odds of Selling in 90 Days: 40%

$450,000 to $600,000

Average Number of Bedrooms: 4
Average Number of Full Bathrooms: 3
Average Square Footage: 2,700
Average List Price: $522,671
Average Sales Price Per Square Foot: $161.03
Average Cumulative Days on Market: 70
Months Supply of Homes: 2.89
Odds of Selling in 90 Days: 41%

$600,000 to $800,000

Average Number of Bedrooms: 4
Average Number of Full Bathrooms: 4
Average Square Footage: 3,750
Average List Price: $707,270
Average Sales Price Per Square Foot: $184.54
Average Cumulative Days on Market: 137
Months Supply of Homes: 5.2
Odds of Selling in 90 Days: 28%

$800,000 to $1,200,000

Average Number of Bedrooms: 4
Average Number of Full Bathrooms: 3
Average Square Footage: 4,262
Average List Price: $991,000
Average Sales Price Per Square Foot: $204.55
Average Cumulative Days on Market: 135
Months Supply of Homes: 6.5
Odds of Selling in 90 Days: 24%

Above $1,200,000

Average Number of Bedrooms: 4
Average Number of Full Bathrooms: 4
Average Square Footage: 2,996
Average List Price: $1,697,500
Average Sales Price Per Square Foot: $253.71
Average Cumulative Days on Market: 49
Months Supply of Homes: 4.0
Odds of Selling in 90 Days: 24%

Statistics compiled by Debbie Solano, ALC, CRS, from data provided by NORES and the Greater Tulsa Association of REALTORS® for the period from April 24, 2015 through July 24, 2015.

Area covered includes single-family houses located between I-244 and I-44 from River Parks to Sheridan.

Information is deemed reliable, but not guaranteed. Does not reflect all market activity.

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Debbie Solano is an Accredited Land Consultant and Certified Residential Specialist with a Broker-Associate license which hangs at the Midtown Tulsa office of Coldwell Banker Select REALTORS®. She would enjoy your feedback or questions. She can be reached at 918-724-8201 or dsolano@cbTulsa.com.

Copyright © 2015 by Deborah M. Solano — ALL RIGHTS RESERVED — Midtown Tulsa Real Estate — Midtown Tulsa Real Estate Market Statistics: July 2015