Tulsa Real Estate Market Statistics: March 2016 Inventory Analysis for the Tulsa MLS
Tulsa Real Estate Market Statistics: March 2016 Inventory Analysis for the Tulsa MLS — Report dated April 12, 2016.
Tulsa Real Estate Market Inventory Analysis
Tulsa Real Estate Market Inventory Analysis for the Tulsa MSA during March 2016 indicates the market is continuing to tighten up as inventory shrinks. However, average sales price has decreased and the cumulative days on market has lengthened.
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 1,140 sales per month
Active Inventory: As of March 31, 2016 = 5,332
Closed Listings: 1,205 (up 2.12% above a year ago)
Pending Listings: 1,531 (up 17.86% over a year ago)
New Listings: 2,268 (down 0.04% below a year ago)
Average List Price: $167,291 (down 3.32% below a year ago)
Average Sale Price: $162,399 (down 2.95% below a year ago)
Average Percent of List Price to Selling Price: 97.68% (up 1.08% above a year ago)
Average Days on Market to Sale: 54.92 days (down 0.06% above a year ago)
End of Month Inventory: 5,332 (down 5.53% below a year ago)
Months Supply of Inventory: 4.68 months (down 6.11% below a year ago)
Analysis Wrap Up
Months Supply of Inventory (MSI) Decreases
The total housing inventory at the end of March 2016 decreased 5.53% to 5,332 existing homes available for sale. Over the last 12 months this area has had an average of 1,140 closed sales per month. This represents an unsold inventory index of 4.68 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 dropped 2.95% in March 2016 compared to $162,399 versus the previous year at $167,331.
Average Days on Market Lengthens
The average number of 54.92 days that homes spent on the market before selling increased by 0.03 days or 0.06% in March 2016 compared to last year’s same month at 54.89 DOM.
Sales Success for March 2016 is Positive
Overall, with Average Prices falling and Days on Market increasing, the Listed versus Closed Ratio finished strong this month.
There were 2,268 New Listings in March 2016, down 0.04% from last year at 2,269. Furthermore, there were 1,205 Closed Listings this month versus last year at 1,180, a 2.12%increase.
Closed versus Listed trends yielded a 53.1% ratio, up from last year’s March 2016 at 52.0%, a 2.16% 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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