From the daily archives: "Sunday, December 27, 2015"

How fast will your house sell in midtown Tulsa?

Each month I post real estate market statistics for Midtown Tulsa on my website and publish them in People of Midtown. If you are watching these numbers, in the past couple of months you will have noticed on the one hand, that our market has been slowly shifting from a Seller’s market to a Buyer’s market in the upper price points (i.e., slowing down, with homes taking longer to sell). On the other hand, our market has been speeding up at the lowest price point (with homes priced below $100,000 taking even less time to sell). We are seeing a shift in both directions at the same time.

Overall, however, the real estate market in midtown Tulsa is still very much a seller’s market with only a 3-month supply of homes for sale. That means, if no other homes were to come into the midtown Tulsa real estate market, then it would only take 3 months to sell every home in the available inventory.

Remember, 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. Of course, when you focus on specific neighborhoods, there are submarkets at each price point.

Each month I also publish the chances of your house selling. This number is calculated by analyzing how many homes sell compared to how many homes have been in the market over the past 90 days, counting rooftops that are active, pending, sold, expired, withdrawn, or released listings in our MLS. Not every house gets sold because there are only a certain number of houses that are going to sell in any given market in any period of time.

Your home is in a beauty contest with other homes as new inventory comes on the market. Some homes fail to sell… ever! When new inventory arrives they don’t have a chance because they lose the beauty contest or are overpriced. These homes linger on the market until the owner decides that they obviously like their home better than any potential buyers looking at that price point, and so the homeowners eventually take their home off the market.

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.

Given the odds of your home selling in the next 90 days, how can you increase the chances that your home will be among the homes that sell rather than being among the homes that don’t sell?

If you want to get the best price for your house when you sell it, pay attention to the “3 C’s:” cost, condition and clutter.

The Three C’s

  1. Cost
      Make sure your home is in a competitive position to sell.
      Price it right for its location, floor plan, and condition.
  2. Condition / Color / Curb Appeal
      Address deferred maintenance issues that have been on the “honey-do list;” do a pre-inspection and fix problems identified;
      Update interior and exterior paint colors (eg., discover “trending paint colors” on Google.com or Houzz.com);
      Consider replacing your roof, your garage door, and/or siding;
      Upgrade your landscaping; plant flowers
  3. Clutter / Cleanliness

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.

Your trusted 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.

Here are the latest market statistics for Midtown Tulsa.

Midtown Tulsa Real Estate Sales Statistics for Homes Sold by Price Point

(for the three-month period from September 25 to December 25, 2015)

Overall Average

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 2
Average Number of Half Bathrooms: 0
Average Number of Garage Spaces: 2
Median Year Built: 1948
Average Square Footage (heated space): 1,884
Average Acreage: 0.24
Average List Price: $254,252.00
Average List Price Per Square Foot: $134.95
Average Sales Price: $244,573.00
Average Sales Price Per Square Foot: $129.82
Average Sales Price to List Price Ratio: 96.65%
Average Cumulative Days on Market: 57
Months Supply of Homes: 3.03
Odds of Selling in 90 Days: 34.57 %

Up to $100,000

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 1
Average Number of Half Bathrooms: 0
Average Number of Garage Spaces: 1
Median Year Built: 1948
Average Square Footage (heated space): 1,207
Average Acreage: 0.19
Average List Price: $78,593.00
Average List Price Per Square Foot: $65.11
Average Sales Price: $75,623.00
Average Sales Price Per Square Foot: $62.65
Average Sales Price to List Price Ratio: 96.36%
Average Cumulative Days on Market: 69
Months Supply of Homes: 1.46
Odds of Selling in 90 Days: 42.68%

$100,000 to $150,000

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 1
Average Number of Half Bathrooms: 0
Average Number of Garage Spaces: 1
Median Year Built: 1950
Average Square Footage (heated space): 1,389
Average Acreage: 0.19
Average List Price: $130,094.00
Average List Price Per Square Foot: $93.66
Average Sales Price: $126,500.00
Average Sales Price Per Square Foot: $91.07
Average Sales Price to List Price Ratio: 97.35%
Average Cumulative Days on Market: 51
Months Supply of Homes: 2.43
Odds of Selling in 90 Days: 39.38%

$150,000 to $250,000

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 2
Average Number of Half Bathrooms: 0
Average Number of Garage Spaces: 2
Median Year Built: 1941
Average Square Footage (heated space): 1,768
Average Acreage: 0.22
Average List Price: $199,123.00
Average List Price Per Square Foot: $112.63
Average Sales Price: $191,793.00
Average Sales Price Per Square Foot: $108.48
Average Sales Price to List Price Ratio: 96.52%
Average Cumulative Days on Market: 40
Months Supply of Homes: 2.07
Odds of Selling in 90 Days: 44.94%

$250,000 to $350,000

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 2
Average Number of Half Bathrooms: 0
Average Number of Garage Spaces: 2
Median Year Built: 1942
Average Square Footage (heated space): 2,052
Average Acreage: 0.22
Average List Price: $304,935.00
Average List Price Per Square Foot: $148.60
Average Sales Price: $295,706.00
Average Sales Price Per Square Foot: $144.11
Average Sales Price to List Price Ratio: 97.19%
Average Cumulative Days on Market: 55
Months Supply of Homes: 2.55
Odds of Selling in 90 Days: 42.31%

$350,000 to $450,000

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 2
Average Number of Half Bathrooms: 0
Average Number of Garage Spaces: 2
Median Year Built: 1946
Average Square Footage (heated space): 2,457
Average Acreage: 0.31
Average List Price: $399,564.00
Average List Price Per Square Foot: $162.62
Average Sales Price: $385,310.00
Average Sales Price Per Square Foot: $156.82
Average Sales Price to List Price Ratio: 96.52%
Average Cumulative Days on Market: 99
Months Supply of Homes: 7.07
Odds of Selling in 90 Days: 20.59%

$450,000 to $600,000

Average Number of Bedrooms: 4
Average Number of Full Bathrooms: 3
Average Number of Half Bathrooms: 1
Average Number of Garage Spaces: 2
Median Year Built: 1975
Average Square Footage (heated space): 3,321
Average Acreage: .36
Average List Price: $566,885.00
Average List Price Per Square Foot: $170.70
Average Sales Price: $546,512.00
Average Sales Price Per Square Foot: $164.56
Average Sales Price to List Price Ratio: 96.47%
Average Cumulative Days on Market: 79
Months Supply of Homes: 5.77
Odds of Selling in 90 Days: 19.12%

$600,000 to $800,000

Average Number of Bedrooms: 4
Average Number of Full Bathrooms: 3
Average Number of Half Bathrooms: 1
Average Number of Garage Spaces: 2
Median Year Built: 1990
Average Square Footage (heated space): 3,893
Average Acreage: 0.37
Average List Price: $718,222.00
Average List Price Per Square Foot: $184.49
Average Sales Price: $692,389.00
Average Sales Price Per Square Foot: $177.85
Average Sales Price to List Price Ratio: 96.44%
Average Cumulative Days on Market: 88
Months Supply of Homes: 9.33
Odds of Selling in 90 Days: 16.67%

$800,000 to $1,200,000

Average Number of Bedrooms: 4
Average Number of Full Bathrooms: 4
Average Number of Half Bathrooms: 1
Average Number of Garage Spaces: 3
Median Year Built: 2006
Average Square Footage (heated space): 4,946
Average Acreage: 0.42
Average List Price: $1,045,667.00
Average List Price Per Square Foot: $211.42
Average Sales Price: $964,833.00
Average Sales Price Per Square Foot: $195.07
Average Sales Price to List Price Ratio: 93.54%
Average Cumulative Days on Market: 72
Months Supply of Homes: 13.00
Odds of Selling in 90 Days: 12.77%

Above $1,200,000

Average Number of Bedrooms: 4
Average Number of Full Bathrooms: 5
Average Number of Half Bathrooms: 2
Average Number of Garage Spaces: 3
Median Year Built: 1994
Average Square Footage (heated space): 10,123
Average Acreage: 1.08
Average List Price: $3,080,000.00
Average List Price Per Square Foot: $304.26
Average Sales Price: $2,970,000.00
Average Sales Price Per Square Foot: $293.39
Average Sales Price to List Price Ratio: 93.84%
Average Cumulative Days on Market: 52
Months Supply of Homes: 9.00
Odds of Selling in 90 Days: 16.67%

Statistics compiled by Debbie Solano, ALC, CRS, from data provided by NORES and the Greater Tulsa Association of REALTORS® for the period from September 25, 2015 through December 25, 2015.

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

If you want to see specific market share information for your midtown Tulsa neighborhood or subdivision, contact Debbie Solano at 918-724-8201.

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

Tulsa Real Estate Market Inventory Analysis

Tulsa Real Estate Market Statistics: December 2015 Inventory Analysis for the Tulsa MLS — Report dated January 13, 2016.

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

http://midtowntulsarealestate.net/wp-content/uploads/2016/01/Dec2016MSAAverage.pdf

If you want to see specific market share information for your midtown Tulsa neighborhood or subdivision, contact Debbie Solano at 918-724-8201.

Get Shortlink: http://midtowntulsarealestate.net/?p=841
________________________________________________________________________
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: December 2015