Tulsa Real Estate Market Statistics: October 2013 Inventory Analysis for the Tulsa MLS — Report dated November 12, 2013.
Tulsa Real Estate Market Inventory Analysis
Tulsa Real Estate Market Inventory Analysis for the Tulsa MLS during October 2013 indicates the market is continuing to get stronger.
Buyers are still purchasing properties even though interest rates have swing upward from historic lows.
Sellers are putting their homes on the market at a bit higher rate than a year ago, continuing to reduce the critical need for listing inventory by reversing the trend.
The active inventory and absorption rate is slightly higher than last month.
Homes have appreciated at a rate last month which is consistent with rates we saw prior to the housing bust (around 6% per year), which indicates that our market has recovered and our prices are stabilizing.
The following statistics are for the Area delimited by the following Northeast Oklahoma counties:
- Creek County
- Okmulgee County
- Osage County
- Pawnee County
- Rogers County
- Tulsa County
- Wagoner County
If you want to see specific market share information for your midtown Tulsa neighborhood or subdivision, contact Debbie Solano at 918-724-8201.
Absorption: Last 12 months an average of 1,071 sales per month
Active Inventory: As of October 31, 2013 = 8,429
Closed Listings: 984 (down 5.2% below a year ago)
Pending Listings: 1,100 (up 3.58% over a year ago)
New Listings: 2,145 (up 3.67% above a year ago)
Average List Price: $163,887 (up 1.39% over a year ago)
Average Sale Price: $157,673 (up 1.41% over a year ago)
Average Percent of List Price to Selling Price: 96.63% (up 0.59% above a year ago)
Average Days on Market to Sale: 55.46 days (down 11.53% below a year ago)
End of Month Inventory: 8,429 (down 8.27% below a year ago)
Months Supply of Inventory: 7.87 months (down 17.85% below a year ago)
Analysis Wrap Up
Months Supply of Inventory (MSI) Decreases
The total housing inventory at the end of October 2013 decreased 8.27% to 8,429 existing homes available for sale. Over the last 12 months this area has had an average of 1,071 closed sales per month. This represents an unsold inventory index of 7.87 MSI for this period.
Average Sale Prices Going Up
According to the preliminary trends, this market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 1.41% in October 2013 to $157,673 versus the previous year at $155,483.
Average Days on Market Shortens
The average number of days that homes spent on the market before selling decreased by 6.95 days or 11.53% in September 2013 compared to last year’s same month at 60.30 DOM.
Sales Success for October 2013 is Positive
Overall, with Average Prices going up and Days on Market decreasing, the Listed versus Closed Ratio finished weak this month.
There were 2,145 New Listings in October 2013, up 3.67% from last year at 2,069. Furthermore, there were 984 Closed Listings this month versus last year at 1,036, a -5.02% decrease.
Closed versus Listed trends yielded a 45.9% ratio, down from last year’s October 2013 at 50.1%, a 8.38% downswing. This will certainly create pressure on a decreasing Month’s Supply of Inventory (MSI) in the following months to come.
Here is the full report:
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