Home sales show strength in January across Tulsa
BY ROBERT EVATT World Staff Writer
Wednesday, February 27, 2013
2/27/13 at 8:26 AM
Metro Tulsa home sales started 2013 at a quicker pace than 2012, which was a strong year in post-recession terms.
The Greater Tulsa Association of Realtors reports that 719 single-family properties changed hands last month, up 5.6 percent from January 2012.
Susan Beach, president of GTAR, said she's strongly encouraged by the continued growth.
"This is incredible for a January," she said.
Year-over-year monthly growth was significantly higher during most of 2012, and the year as a whole was 16.2 percent better than 2011.
Last month's performance was the highest sales total for January since the 728 recorded in January 2008, according to GTAR data.
Beach said this year's performance likely will be affected by fewer foreclosures and tightening inventory.
"We don't have as many distressed properties in the market this year, and inventory is starting to shrink, especially in the $100,000 to $150,000 range and the $150,000 to $200,000 range," she said.
In the last year, inventory dropped 28.9 percent to an estimated 7.7-month supply.
Beach said that a seven-month supply indicates a balanced market. As a result, sellers are getting more motivated.
"We've got more sellers willing to get their houses up to par to warrant a better price," she said. "They've really gotten smart as far as what they need to do to sell their house."
Prices continued their upswing, as the $152,141 average sales price last month was 10.4 percent ahead of January 2012 before, and the $126,000 median was 14.6 percent ahead of last year.
February may show a return to significant growth; the 1,076 sales that got under way but did not close in January represented the highest in any January since at least 2008, according to GTAR data.
"It's going to be a crazy spring," Beach said.
Original Print Headline: Tulsa-area home sales rise in January
Robert Evatt 918-581-8447