From the daily archives: "Saturday, January 30, 2016"

How fast will your home sell?

How fast is the real estate market moving? Assuming no other homes were to come on the market, how long would it take to sell all the houses currently for sale in midtown Tulsa? This is what we call the absorption rate. How fast homes are selling in midtown Tulsa depends on how fast the real estate market is moving and where your home is positioned in that market. Quite simply, the answer is different depending on the price point of your house.

Of course other factors will contribute to your home’s selling quickly: amenities, condition, floor plan, and of course, location.

How good are the chances of selling your home?

What are the odds of selling your house in midtown Tulsa? Do you have a good chance of selling your midtown home in the next 30 days?

How has the speed of the real estate market changed since last month?

How has the absorption rate changed in the past 6 months? Is it going up or down? Up indicates the market slowing down. Down indicates the market is speeding up. Compare January 2016’s market statistics with the statistics from July, August, September, October, November, and December of 2015.

The Seller’s Market is Shifting to a Buyer’s Market

We are witnessing a shift from a seller’s market to a buyer’s market. The market shift seems to be occurring in midtown Tulsa at the price point between $350,000 and $450,000. Take a look at January’s statistics and decide for yourself whether or not it is a good time to buy a house or to sell a house.

Again, to see the shift occurring in slow motion, take a look at my blog posts over the past six months and notice the change in the absorption rate.

Remember, a six-month supply of homes indicates a buyer’s market and when there are less than 6 months of homes available, then it is considered a seller’s market.

Is it a good time to sell your home?

In my opinion, right now is an excellent time to either buy or sell a house in midtown Tulsa, because overall the market is fairly balanced.

Also, while noting that home prices fell slightly between December and January, historically our home prices usually increase in the springtime.

It’s your decision where to price your home. I provide data and you decide. For a look at how the market is in your particular Tulsa subdivision or midtown Tulsa neighborhood, please call me and I’ll work up the current statistics for you. It’s a constantly changing market and with all the fabulous amenities in our midtown Tulsa homes, each property value is different.

An appraiser can also help you decide how to position your home for the market.

Here are the market statistics for the three-month period from October 25, 2015 to January 25, 2016.

Compare these statistics with previous months’ statistics and see the trends for yourself.

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

(for the three-month period from October 25, 2015 to January 25, 2016)

Here are the latest market statistics for Midtown Tulsa.

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: 1947
Average Square Footage (heated space): 1,755
Average Acreage: 0.22
Average List Price: $215,006.00
Average List Price Per Square Foot: $122.51
Average Sales Price: $208,386.00
Average Sales Price Per Square Foot: $118.74
Average Sales Price to List Price Ratio: 97.16%
Average Cumulative Days on Market: 59
Months Supply of Homes: 3.69
Odds of Selling in 90 Days: 37.14 %

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): 1,209
Average Acreage: 0.19
Average List Price: $76,423.00
Average List Price Per Square Foot: $63.21
Average Sales Price: $73,831.00
Average Sales Price Per Square Foot: $61.07
Average Sales Price to List Price Ratio: 97.05%
Average Cumulative Days on Market: 72
Months Supply of Homes: 1.80
Odds of Selling in 90 Days: 41.38%

$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: 1951
Average Square Footage (heated space): 1,362
Average Acreage: 0.19
Average List Price: $127,700.00
Average List Price Per Square Foot: $93.76
Average Sales Price: $124,212.00
Average Sales Price Per Square Foot: $91.20
Average Sales Price to List Price Ratio: 97.39%
Average Cumulative Days on Market: 53
Months Supply of Homes: 3.36
Odds of Selling in 90 Days: 33.04%

$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: 1940
Average Square Footage (heated space): 1,727
Average Acreage: 0.21
Average List Price: $201,597.00
Average List Price Per Square Foot: $116.73
Average Sales Price: $193,422.00
Average Sales Price Per Square Foot: $112.00
Average Sales Price to List Price Ratio: 96.59%
Average Cumulative Days on Market: 41
Months Supply of Homes: 2.34
Odds of Selling in 90 Days: 41.84%

$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: 1940
Average Square Footage (heated space): 2,164
Average Acreage: 0.24
Average List Price: $299,594.00
Average List Price Per Square Foot: $138.44
Average Sales Price: $287,975.00
Average Sales Price Per Square Foot: $133.08
Average Sales Price to List Price Ratio: 97.30%
Average Cumulative Days on Market: 61
Months Supply of Homes: 2.72
Odds of Selling in 90 Days: 41.56%

$350,000 to $450,000

Average Number of Bedrooms: 3
Average Number of Full Bathrooms: 2
Average Number of Half Bathrooms: 1
Average Number of Garage Spaces: 2
Median Year Built: 1948
Average Square Footage (heated space): 2,689
Average Acreage: 0.34
Average List Price: $408,589.00
Average List Price Per Square Foot: $151.95
Average Sales Price: $395,593.00
Average Sales Price Per Square Foot: $147.12
Average Sales Price to List Price Ratio: 96.83%
Average Cumulative Days on Market: 122
Months Supply of Homes: 10.00
Odds of Selling in 90 Days: 13.85%

$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: 1972
Average Square Footage (heated space): 3,328
Average Acreage: .37
Average List Price: $550,000.00
Average List Price Per Square Foot: $165.26
Average Sales Price: $524,500.00
Average Sales Price Per Square Foot: $157.60
Average Sales Price to List Price Ratio: 95.46%
Average Cumulative Days on Market: 69
Months Supply of Homes: 6.75
Odds of Selling in 90 Days: 14.29%

$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: 1947
Average Square Footage (heated space): 3,991
Average Acreage: 0.34
Average List Price: $719,500.00
Average List Price Per Square Foot: $180.28
Average Sales Price: $688,700.00
Average Sales Price Per Square Foot: $172.56
Average Sales Price to List Price Ratio: 95.75%
Average Cumulative Days on Market: 33
Months Supply of Homes: 15.00
Odds of Selling in 90 Days: 10.20%

$800,000 to $1,200,000

Average Number of Bedrooms: 4
Average Number of Full Bathrooms: 3
Average Number of Half Bathrooms: 2
Average Number of Garage Spaces: 3
Median Year Built: 1991
Average Square Footage (heated space): 5,597
Average Acreage: 0.47
Average List Price: $1,226,667.00
Average List Price Per Square Foot: $219.17
Average Sales Price: $1,073,000.00
Average Sales Price Per Square Foot: $191.71
Average Sales Price to List Price Ratio: 87.97%
Average Cumulative Days on Market: 112
Months Supply of Homes: 24.00
Odds of Selling in 90 Days: 6.82%

Above $1,200,000

Average Number of Bedrooms: 4
Average Number of Full Bathrooms: 4
Average Number of Half Bathrooms: 2
Average Number of Garage Spaces: 3
Median Year Built: 1958
Average Square Footage (heated space): 5,980
Average Acreage: 0.92
Average List Price: $1,825,000.00
Average List Price Per Square Foot: $305.18
Average Sales Price: $2,010,200.00
Average Sales Price Per Square Foot: $336.15
Average Sales Price to List Price Ratio: 109.23%
Average Cumulative Days on Market: 53
Months Supply of Homes: 18.00
Odds of Selling in 90 Days: 9.09%

Statistics compiled by Debbie Solano, ALC, CRS, from data provided by NORES and the Greater Tulsa Association of REALTORS® for the period from October 25, 2015 through January 25, 2016.

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.

Get Shortlink: http://midtowntulsarealestate.net/?p=906
________________________________________________________________________
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 © 2016 by Deborah M. Solano — ALL RIGHTS RESERVED — Midtown Tulsa Real Estate — Midtown Tulsa Real Estate Market Statistics: January 2016

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

Tulsa Real Estate Market Inventory Analysis

Tulsa Monthly Real Estate Inventory Analysis for December 2015 compiled from data provided by the Greater Tulsa Association of REALTORS.

Tulsa Real Estate Market Inventory Analysis for the Tulsa MLS during December 2015 indicates the market is shifting again.

Home prices are reminiscent of where they were two years ago. One thing is for sure: sales prices are falling.

From data provided by the Greater Tulsa Association the following statistics were compiled by RE STATS Inc. for the Area delimited by the following Northeast Oklahoma counties:

  • Creek County
  • Okmulgee County
  • Osage County
  • Pawnee County
  • Rogers County
  • Tulsa County
  • Wagoner County

Quick Summary

Absorption: Last 12 months an average of 1,132 sales per month

Active Inventory: As of December 31, 2015 = 5,428

Closed Listings: 1,028 (down 1.15% below a year ago)

Pending Listings: 903 (up 11.07% over a year ago)

New Listings: 1,363 (down 7.53% below a year ago)

Average List Price: $169,115 (down 9.36% below a year ago)

Average Sale Price: $164,335 (down 9.13% below a year ago)

Average Percent of List Price to Selling Price: 96.81% (up 0.26% above a year ago)

Average Days on Market to Sale: 48.03 days (down 12.34% below a year ago)

End of Month Inventory: 5,428 (down 4.99% below a year ago)

Months Supply of Inventory: 4.8 months (down 5.9% below a year ago)

Analysis Wrap Up

Months Supply of Inventory (MSI) Decreases

The total housing inventory at the end of December 2015 decreased 4.99% to 5,428 existing homes available for sale. Over the last 12 months this area has had an average of 1,132 closed sales per month. This represents an unsold inventory index of 4.80 MSI for this period.

Average Sale Prices Falling

According to the preliminary trends, this market area has experienced some downward momentum with the decline of Average Price this month. Prices dipped 9.13% in December 2015 compared to $164,335 versus the previous year at $180,845.

Average Days on Market Shortens

The average number of 48.03 days that homes spent on the market before selling decreased by 6.76 days or 12.34% in December 2015 compared to last year’s same month at 54.79 DOM.

Sales Success for December 2015 is Positive

Overall, with Average Prices falling and Days on Market decreasing, the Listed versus Closed Ratio finished strong this month.

There were 1,363 New Listings in December 2015, down 7.53% from last year at 1,474. Furthermore, there were 1,028 Closed Listings this month versus last year at 1,040, a -1.15% decrease.

Closed versus Listed trends yielded a 75.4% ratio, up from last year’s December 2015 at 70.6%, a 6.90% upswing. 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:

Tulsa Real Estate Market Statistics: December 2015 Inventory Analysis for the Tulsa MLS

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=887
————————————————————–

Copyright© 2016 by Debbie Solano — ALL RIGHTS RESERVED — Midtown Tulsa Real Estate — Tulsa Real Estate Market Statistics: December 2015 Inventory Analysis for the Tulsa MLS