Tulsa Real Estate Market Statistics: August 2016 Inventory Analysis for the Tulsa MLS — Report dated September 12, 2016.
Tulsa Real Estate Market Inventory Analysis,
Tulsa Real Estate Market Inventory Analysis for the Tulsa MSA during August 2016 indicates the market may beginning to loosen up as the inventory of homes for sale expanded a tiny bit since last month and is also slightly higher than last year. Over the past year, our inventory of homes for sale has increased just slightly. Average sales price has increased and the cumulative days on market has also decreased since last month. Since last year the average sales price has increased, while the average days on market to sale has also decreased.
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 1,161 sales per month
Active Inventory: As of August 31, 2016 = 5,831
Closed Listings: 1,375 (up 10.26% above a year ago)
Pending Listings: 1,444 (up 18.56% above a year ago)
New Listings: 2,249 (up 5.74% above a year ago)
Average List Price: $195,345 (up 5.92% above a year ago)
Average Sale Price: $189,498 (up 5.83% above a year ago)
Average Percent of List Price to Selling Price: 97.83% (down 1.01% below a year ago)
Average Days on Market to Sale: 42.27 days (down 4.23% below a year ago)
End of Month Inventory: 5,831 (up 3.04% above a year ago)
Months Supply of Inventory: 5.02 months (up 1.04% above a year ago)
Analysis Wrap Up
Months Supply of Inventory (MSI) Increases
The total housing inventory at the end of August 2016 rose 3.04% to 5,831 existing homes available for sale. Over the last 12 months this area has had an average of 1,161 closed sales per month. This represents an unsold inventory index of 5.02 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 5.83% in August 2016 to $189,498 versus the previous year at $179,066.
Average Days on Market Shortens
The average number of 42.27 days that homes spent on the market before selling decreased by 1.87 days or 4.23% in August 2016 compared to last year’s same month at 44.14 DOM.
Sales Success for August 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 2,249 New Listings in August 2016, down 5.74% from last year at 2,127. Furthermore, there were 1,375 Closed Listings this month versus last year at 1,247, a 10.26%increase.
Closed versus Listed trends yielded a 61.1% ratio, up from last year’s August 2015 at 58.6%, a 4.28% upswing. This will certainly create pressure on an increasing 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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