Real Estate Analysis and Commentary in Tulsa

We hope everyone is having a wonderful holiday season and enjoying time with your family and friends. Temperatures are getting below freezing and we need to be aware of the damage it can do to our homes. 

Here's a few tips for your home during the winter:
Remove hoses and cover faucets
Install heat tape on exposed pipes - such as sprinkler system backflow preventers 
Clean your chimney 

On the inside of your home-
Have your furnace serviced
Don't leave space heaters running unattended
Leave cabinet doors open
Leave faucets dripping
Make sure your "smart thermostat" is set to keep your temp above freezing-I keep mine at 60 while away. 

If your power likes to go out during snow/ice storms or you get snowed in-
Keep batteries charged or buy extra batteries for those non-rechargeable items
Put an extra blanket in your car
Buy non-perishable food items to have on hand
Buy Ice Melt/de-icer
Bring pets inside

Be safe out there! 

October Tulsa MSA stats from the Greater Tulsa Association of REALTORS show that sales slipped slightly over last October while new listings increased, median sales price increased, and months supply of inventory increased. With the increase in supply and decrease in sales, it is no surprise MSI increased. We are still experiencing low inventory levels. This time of the year (November & December) is typically the slower part of the market until after the first of the new year. As rates continue to be in the 7%+ range, with inventory levels potentially increasing over the next couple of months, look for sales to continue to slow until rates drop. 

WINTER WEATHER TIP: With below-freezing temperatures expected tonight, it's important to protect your water pipes from the cold. 1) Protect outside pipes by disconnecting garden hoses from your house and installing covers on outside faucets. 2) If a sink is along an outside wall, allow a slow trickle of water to run and open the cabinet doors to allow warm air to circulate around the pipes.

It is hard to believe we are half way through the year 2023. The market has had some big changes over the past year, that's for sure. With the FED increasing interest rates over the past year, let's take a look at how that has effected the Tulsa MSA real estate market. July saw less homes on the market than 1 year ago which resulted in fewer pending listings. Closed listings were down 18% year over year, which is a result of fewer listings in earlier months as well. Primarily May and June of this year. 



Year to date, sales are down about 22.5% in the Tulsa MSA. Pending listings are down about 17%. New listings are down about 13%. We are starting to see the active inventory creep up slightly, about 1.5% over last year, which means homes are taking slightly longer to sell. Days on the market are up from 17 in 2022 to 31 in 20223. With the tight inventory, prices are still increasing despite the higher interest rates.

August is typically a statistically good month for closings, however, pending listings will most likely drop as the activity around August tends to be slightly slower than other months historically speaking. As we transition from summer to fall, look the market to pick back up in September and October then begin a slight slow down for the winter months.  

Median sales price as increased 5% over the past 12 months for the City of Tulsa, 1.5% over past month.