What’s been happening in our Tulsa real estate market lately? Starting at 0:23 in the video above, you can see the data table that we real estate agents are privy to every month when the latest market stats come out. As with every other update, we’ll be comparing the stats from the previous month (September 2020) to the stats from that same month last year.
Closed listings are up 12.65%, while pending listings, or the homes for which a buyer and seller have reached an agreement, are up by 41%! However, the pain that all of us are feeling right now in the market can be best expressed in the number of new listings we saw in September: 2,212—only a 4% year-over-year increase. Clearly, way more homes are coming off of the market than coming onto it, and that’s squeezing the market.
In turn, that squeezing of the market greatly impacts every other statistic you see. When the inventory is low, the prices go up; the average list price for the month of September rose 27% since last year, while the average sale price jumped up by 28%! That’s the highest year-over-year increase I’ve seen throughout my time in the real estate business here in Tulsa.
The list price-to-sale price ratio for September 2020 was 98.70%, meaning that sellers are fetching almost 99% of the price they list their home for (Remember: You can list your home for any price, but that doesn’t mean the market will agree with it). It’s important for sellers to know that if their home is priced correctly and in good condition, they’ll be able to get near full listing price. Buyers, too, benefit from knowing this stat, as it proves our current market is not one in which they’ll be able to get a ‘good deal’ on a home; there’s simply no room for lowballing.
At the moment, the average days on market is 28, meaning that a home will likely spend just under a month on the market before selling. So, if you need to sell right now, you’ll sell fast. That said, sellers still need to take into account what’s happening in their hyperlocal neighborhood markets and properly prepare their homes for sale.
Lastly, let’s take a look at the months’ supply of inventory, which tells us the amount of time it would take for all the active properties on the market to sell if no other homes were to come on. Right now, our Tulsa market has a 3.15 months’ supply of inventory, meaning it would take just a little over three months to soak up everything active on the market. Anything under a five months’ supply of inventory is categorized as a seller’s market, so Tulsa sellers certainly have the upper hand today.
The numbers matter, and it’s important for your real estate professional to be monitoring the numbers on a daily basis to help you smoothly navigate the market as a buyer or a seller. If you’re a buyer who’s deeply discouraged by September’s stats, know that it’s not all doom and gloom. Interest rates are still under 3%—it’s basically free money to go buy a home! If it’s time for your family to make a move and you find a home that’s priced correctly, don’t hold back just because you’ve heard we’re still in a seller’s market.
If you need to sell and buy, we at The Wolek Group have tons of creative ways to help you do so with as little headache and stress as possible. We’ve helped more than 100 families make a move this year, and we’d love to help you reach your real estate goals. Reach out by phone or email if you simply have any questions or are ready to start your home-selling or home-buying journey! We look forward to hearing from you soon!
