Real Estate Analysis and Commentary in Tulsa

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. 

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. 

City of Tulsa Mid Year housing figues show strong list to sales price ratio. What's that mean? It means homes are selling at 99.1% of the list price, basically for full asking price. 

Median price also increased slightly. Months of inventory remain very low and still favor a strong seller's market, which explains the list to sold price ratio as well. 

February 2023 sales trailed February 2022's pace. While increasing slightly over January 2023's number of pending sales. The total number of listings taken was almost identical over the same February 2022-2023 time period. Low inventory continues and as a result prices have been slowing increasing.  

What's this mean? Pending sales are normally a good indicator of what closed sales will look like over the next 2 months. Look for a stable to slowly increasing median sales price in the market over the next couple of months as we enter the busy summer selling season.