GOOD THING YOU'RE IN TULSA!
Tulsa Area Home Prices Up in Fourth Quarter 2007
TULSA,
OK (March 3, 2008) – The Greater Tulsa Association of REALTORS®
(GTAR) reports that Tulsa MSA counties median home prices were up in the fourth
quarter 2007 compared to fourth quarter 2006. The Q4 2006 median price was $120,750
compared to Q4 2007 $126,000 — a difference of $5,250, or 4.35 percent, despite
the Office of Federal Housing Enterprise Oversight (OFHEO) purchase-only report
that U.S. home prices fell 1.3 percent in the fourth quarter of 2007. The purchase-only
report is based on data from more than 5 million repeat-sales transactions. The
median sales price from each of the Tulsa MSA counties is listed below.
|
Counties
|
Q4 2007 Mdn $
|
Q4 2006 Mdn $
|
Q4 2007-Q4
2006 Mdn $
|
Mdn(%)
|
|
Creek
|
$106,500
|
$91,575
|
$14,925
|
16.3
|
|
Pawnee
|
$80,000
|
$69,900
|
$10,100
|
14.45
|
|
Tulsa
|
$129,000
|
$124,000
|
$5,000
|
4.03
|
|
Rogers
|
$123,300
|
$120,000
|
$3,300
|
2.75
|
|
Wagoner
|
$139,000
|
$137,750
|
$1,250
|
0.91
|
|
Okmulgee
|
$57,000
|
$65,500
|
($8,500)
|
-12.98
|
|
Osage
|
$50,000
|
$80,097
|
($30,097)
|
-37.58
|
Oklahoma ranked ninth in percent change in house
prices nationally for the period 1/1/2007-12/31/2007,
according to the Office of Federal Housing Enterprise Oversight (OFHEO) all-transactions
Housings Price Index, (HPI), which also reported that U.S. home prices fell
1.3% in the fourth quarter of 2007.
The Tulsa MSA ranked 41 out of 291 cities
in home price appreciation with a one year appreciation rate of 4.97%,
and Oklahoma City ranked 51 with a 4.59% appreciation rate. According the
report, the prices of non-housing goods and services increased 4.3% over the latest
four quarters. The real price of homes thus increased .67 percent in the Tulsa
MSA.
The OFHEO’s all-transactions HPI tracks average house price changes in repeat sales
or refinancing of the same singe-family properties. The all-transactions index
includes more than 34 million repeat transactions. The index is based on data
obtained from Fannie Mae and Freddie Mac mortgages originated over the past 32 years.
Fannie Mae and Freddie Mac form the nation’s largest database of conventional, conforming
mortgage transactions.
The mission of the OFHEO is to promote housing and a strong national housing finance
system by ensuring the safety and soundness of Fannie Mae and Freddie Mac.
According to the OFHEO, it was announced today that as of March 1, 2008, Fannie
and Freddie will no longer be subject to portfolio caps which were implemented by
OFHEO because of their respective operational and control weaknesses that led to
multi-year periods when neither company released timely, audited financial statements. Read the full story here: http://www.ofheo.gov/newsroom.aspx?ID=416&q1=0&q2=0
Tulsa MSA Housing Stats
|
|
|
|
Revised
|
|
|
2008 January
|
2007 January
|
2007 December
|
|
listing
processed
|
2060
|
1802
|
1061
|
|
ytd
|
2060
|
1802
|
24279
|
|
MSI
|
8129
|
7357
|
7541
|
|
active
listings
|
6038
|
5528
|
6069
|
|
pending
contracts
|
985
|
923
|
578
|
|
res. Closings
|
667
|
718
|
784
|
|
ytd
|
667
|
718
|
13034
|
|
avg price
|
$139,843.00
|
$142,288.00
|
$157,066.00
|
|
ytd
|
$139,843.00
|
$142,288.00
|
$152,796.00
|
|
median sales
price
|
$119,900.00
|
$115,450.00
|
$128,850.00
|
|
total value
sold
|
$93,275,411.00
|
$102,163,134.00
|
$123,139,981.00
|
|
ytd
|
$93,275,411.00
|
$102,163,134.00
|
$2,015,379,070.00
|
GTAR Reports Area Home Sales Following Three-Year Seasonal Trends
Tulsa, Okla. -
The Greater Tulsa Association of REALTORS®(GTAR) reports that
area home sales over the past three years have followed seasonal trends.
"Home sales tend to follow patterns year after year," said Doug
Horton, Northeastern Oklahoma Real Estate Services (NORES) president. "As a
result, the most accurate comparison is to look back at the same month in a
different year for an idea of how the market will look at any given time as
opposed to referencing the previous month."
Over the past three years, the months of April and May have
statistically had the highest number of contracts written (see graph below).
Homes listed in the Tulsa Metropolitan Statistical Area (MSA) in December 2007
averaged 62 days on the market until a contract was signed.
According to Horton, Tulsa area home sales for 2008 will continue to
reflect the previous years" trend despite a national housing slump.
"The most recent rate cut by the Federal Reserve lowered interest
rates back to near all-time lows," Horton said. "The 30-year conventional fixed
mortgage rate was around 5.625 percent, which means now is a great time to list
and sell your home."
Prospective buyers are now able to search for homes on GTAR"s newly
redesigned Web site, www.tulsarealtors.com, which provides a listing of all
homes available in the Tulsa Multiple Listing System (MLS).
In addition to the home search option, the GTAR Web site also offers
a feature to search for upcoming open houses. Information on the site includes
the property's address, school district, price, square footage, year built,
property photos, virtual tours, and the ability to use Google Maps to locate the
property. Satellite imagery also is provided where available.
More About GTAR
The Greater Tulsa Association of REALTORS® has created a
public awareness campaign - "Good Thing You're in Tulsa" - to educate the people
of northeastern Oklahoma about the region"s stable real estate market. The
campaign will begin February 4 with support from its subsidiary corporation,
Northeast Oklahoma Real Estate Services, Inc. (NORES). The campaign will include
four Tulsa Transit bus sponsorships and a television advertising campaign
starting February 17.
Home Prices Still Up in 2007
TULSA, OK (December 31, 2007) - The Greater Tulsa Association of
REALTORS® (GTAR) statistics for November 2007 are now available. The statistics
provided are published monthly by GTAR based on the Northeast Oklahoma Real
Estate Services (NORES) multiple listing service data. The statistics are based
on residential properties in the Tulsa MSA (Metropolitan Statistical Area),
which is defined as a standard government based area. The Tulsa MSA currently
includes seven counties: Tulsa, Creek, Osage, Rogers, Pawnee, Okmulgee, and
Wagoner.
According to
GTAR President Ron Sumner, home sale prices in the greater Tulsa area continue
to show an increase for 2007 while holding steady during the month of November.
In contrast to national housing reports, the average year-to-date sales price in
the Tulsa area market was $153,615, up 5.3% over the same month a year ago. At
the same time, the median sales price in November of 2007 was up 2.5% ($125,500)
over November of 2006 ($122,400).
The number of
homes coming on the market in November (1,649) was up 1.2% over the same month
in 2006 (1,630). For the year 2007, the number of homes listed (23,218, +1.0%)
was almost exactly the same as the record setting year of 2006 (22,984). Of
course, as is typical, fewer homes came on the market in November (1,649) than
in the previous month of October (2,101).
The number of
homes going under contract in November (892) was down only 1.7% from November of
2006. The number of closed sales in November of 2007 (895) was 11.3% less than
the same month a year ago (1,009). Through the first 11 months of 2007, the
number of residential closings (12,219) is 4.0% less than the same period in
2006 (12,725). However, the total volume sold year-to-date is still up 1.6% over
the record breaking year of 2006.
The Greater
Tulsa Association of REALTORS® is a real estate organization whose Northeast
Oklahoma members are united to provide services; to promote education,
professionalism, and ethical standards in order to assist members in better
serving the public and protecting the free enterprise system and private
property rights.
For comments,
please contact GTAR President, Ron Sumner at 918-251-4142 or NORES President,
John L. Hausam at 918-492-2000.
