GOOD THING YOU'RE IN TULSA!

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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

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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. 

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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.