August 2010 Tulsa Home Sales

The Greater Tulsa Association of REALTORS® (GTAR) recently released August 2010’s Tulsa Metropolitan Statistical Area (MSA) market data, provided below:

August 2010 Tulsa MLS Statistics

Year-Over-Year (Y-O-Y)

  • 55 more listings this August than last August
  • 987 more listings Year-To-Date (YTD) than this time last year
  • 1,321 more homes for sale at the end of August 2010 than the end of August 2009
  • 2.9 more months supply of inventory (MSI)
  • 234 less closings
  • Stable average sales price

What does this mean?

  • If selling your house, do what it takes to get it noticed–there’s a lot of competition out there.
    • Most importantly, this means listing at the right price and making sure it’s in the right condition.
    • Evaluate the property as a buyer would–how well does the property show on the Internet? how about the surrounding houses for sale? what’s unique about your house and how would a buyer value those features?
  • If buying, just because there are more houses for sale and 24% fewer closings from August 2009 to 2010 doesn’t mean houses are at “give-away” prices.
    • Y-O-Y pricing is stable, even after the expiration of the tax credit.
    • Most sellers might want to sell a house for a lower price (where you’d ideally like to buy) but may not have the equity to support such a sale. It’s not usually feasible for sellers to bring money to closing. They might choose to wait to sell the house, which would mean continuing to build equity and, potentially, becoming landlords.
    • Most sellers are willing to pay up to 3% closing costs for the buyer… if it’s a full-price or near-full-price offer. Seller-paid closing costs can go a long way to help you afford the initial cost of obtaining a mortgage and buying the home you really want. For example, if a house is priced at $150,000, the seller could pay $4,500 (3%) toward your closing costs, which could be 5-7% or even higher (depending on your loan program, choice of lender, and choice of title company). Thus, you’ve effectively purchased the house for $146,500 and had to pay that much less up-front, out-of-pocket.

Whether a buyer or a seller, we know how to serve. 🙂

2 Responses to "August 2010 Tulsa Home Sales"
  1. Marnilita S. says:

    It would seem that housing as an industry is terribly depressed, but there are good signs. Pending home sales, or contracts to purchase homes, have increased in the last few months. That said, recovery is still far from complete. Here is the proof: April showers bring may flowers and boost pending home sales

  2. Marnilita, thank you for your comment. You’re right that real estate isn’t going gangbusters right now, but the Tulsa area has done quite well avoiding significant downturns.

    Many say 2010 was the worst year in Tulsa real estate in their careers – even so, some months in 2010 were comparable or better than in 2009.

    Real estate is “big” and “long-term” – 2 terms that don’t go with “fast” changes. I do agree with your link’s last section that loosening lending restrictions would increase the quantity of home buyers out there.

    I’m here if you or a friend needs me. 🙂

Share Your Thoughts