Tulsa Real Estate Market Statistics: August 2013 Inventory Analysis for the Tulsa MLS

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Tulsa Real Estate Market Statistics: August 2013 Inventory Analysis for the Tulsa MLS — Report dated September 17, 2013.

Tulsa Real Estate Market Inventory Analysis

Tulsa Real Estate Market Inventory Analysis for the Tulsa MLS during August 2013 indicates the market is continuing to get stronger.

Buyers are still purchasing properties even though interest rates have swung 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.

However, average prices are relatively the same as last year. Homes are not appreciating at as high a rate as last month, indicating that the shortage of inventory is not as critical as it has been over the past couple of months and so home 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.

Quick Summary

Absorption: Last 12 months an average of 1,059 sales per month

Active Inventory: As of August 31, 2013 = 8,442

Closed Listings: 1,235 (up 9.2% over a year ago)

Pending Listings: 1,315 (up 30.72% over a year ago)

New Listings: 2,311 (down 4.35% below a year ago)

Average List Price: $176,097 (up 2.19% over a year ago)

Average Sale Price: $167,301 (up 0.60% over a year ago)

Average Percent of List Price to Selling Price: 97.22% (up 1.36% above a year ago)

Average Days on Market to Sale: 50.59 days (down 16.03% below a year ago)

End of Month Inventory: 8,442 (down 16.9% below a year ago)

Months Supply of Inventory: 7.97 months (down 25.58% below a year ago)

Analysis Wrap Up

Months Supply of Inventory (MSI) Decreases

The total housing inventory at the end of August 2013 decreased 16.90% to 8,442 existing homes available for sale. Over the last 12 months this area has had an average of 1,059 closed sales per month. This represents an unsold inventory index of 7.97 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 0.60% in August 2013 to $167,301 versus the previous year at $166,297.

Average Days on Market Shortens

The average number of days that homes spent on the market before selling decreased by 9.66 days or 16.03% in August 2013 compared to last year’s same month at 60.25 DOM.

Sales Success for August 2013 is Positive

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

There were 2,311 New Listings in August 2013, down 4.35% from last year at 2,416. Furthermore, there were 1,235 Closed Listings this month versus last year at 1,131, a 9.20% increase.

Closed versus Listed trends yielded a 53.4% ratio, up from last year’s August 2013 at 46.8%, a 14.16% 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:

Tulsa Real Estate Market Statistics: August 2013 Inventory Analysis for the Tulsa MLS

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