Tulsa Real Estate Market Statistics: February 2016 Inventory Analysis for the Tulsa MLS — Report dated March 14, 2016.
Tulsa Real Estate Market Inventory Analysis
Tulsa Real Estate Market Inventory Analysis for the Tulsa MSA during February 2016 indicates the market is continuing to tighten up as inventory shrinks, average sales price increases, and the cumulative days on market shortens.
From data provided by the Greater Tulsa Association (the Tulsa MLS) 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
Absorption: Last 12 months an average of 1,137 sales per month
Active Inventory: As of February 28, 2016 = 5,335
Closed Listings: 903 (up 4.76% above a year ago)
Pending Listings: 1,395 (up 18.02% over a year ago)
New Listings: 2,118 (down 0.89% below a year ago)
Average List Price: $172,012 (up 4.41% above a year ago)
Average Sale Price: $165,634 (up 4.49% above a year ago)
Average Percent of List Price to Selling Price: 96.32% (down 0.12% below a year ago)
Average Days on Market to Sale: 55.49 days (down 6.18% below a year ago)
End of Month Inventory: 5,335 (down 5.94% below a year ago)
Months Supply of Inventory: 4.69 months (down 7.03% below a year ago)
Analysis Wrap Up
Months Supply of Inventory (MSI) Decreases
The total housing inventory at the end of February 2016 decreased 5.94% to 5,335 existing homes available for sale. Over the last 12 months this area has had an average of 1,137 closed sales per month. This represents an unsold inventory index of 4.69 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 4.49% in February 2016 compared to $165,634 versus the previous year at $158,513.
Average Days on Market Shortens
The average number of 55.49 days that homes spent on the market before selling decreased by 3.65 days or 6.18% in February 2016 compared to last year’s same month at 59.14 DOM.
Sales Success for February 2016 is Positive
Overall, with Average Prices going up and Days on Market decreasing, the Listed versus Closed Ratio finished strong this month.
There were 2,118 New Listings in February 2016, down 0.89% from last year at 2,137. Furthermore, there were 903 Closed Listings this month versus last year at 862, a 4.76%increase.
Closed versus Listed trends yielded a 42.6% ratio, up from last year’s February 2016 at 40.3%, a 5.70% 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:
If you want to see specific market share information for your midtown Tulsa neighborhood or subdivision, contact Debbie Solano at 918-724-8201.
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