Based on the market statistics that just came in for December 2018, we’re seeing that compared to December 2017, home sales were down 13%. Speaking truthfully, our team definitely felt that drop; it was slower than what we’ve experienced in recent years.
It’s also useful to note that the number of new homes that came on the market was down 8% to 1,380 homes. Though fewer homes were coming on the market and fewer were selling, homes that were in great condition did sell pretty quickly. Some of you may have noticed that as well.
In Tulsa, the average sales price was $189,325. Within that price point, our average days on market was 47 days. Now, if your home was listed at a price higher than that, it would have taken a little longer to sell. That’s why it’s so important to work with a professional—they can look at your area market to come up with a detailed pricing strategy appropriate for your home.
We monitor whether a market is a buyer’s, seller’s, or balanced market by looking at the absorption rate, otherwise known as our months’ supply of inventory. The market is always in a state of flux between those market types, so we look at where it’s been to help us understand where it’s going. In December 2017, there were 5.49 months of inventory available. As of last month, there were 4.35 month’s worth of homes on the market. We fully expect more sellers to place their homes on the market this year, especially as we draw closer to the prime time of the spring market.
These stats are important to have on hand when you’re thinking about real estate, no matter if you’re buying, selling, or both. Whatever the case is, we can help and guide you through the process so that you can make smart decisions regarding when it’s a good time to buy or sell. If you have any questions or need any guidance, feel free to reach out to us. We look forward to hearing from you soon.