Source: Tulsa Country Estates — Houses on 2 to 5 Acres — Housing Market Analysis – December 2020
Each month on the 25th I pull CMAs and then plug the data into a spreadsheet so that I can look at the real estate market at various price points and see how it is doing by comparison to the previous month. I then have my husband graph the change in the 3-month absorption rate.
When it comes to country estates (homes on 2 to 5 acres) within commuting distance of Tulsa (an hour out, or a 60-mile radius around Tulsa), this is what I discovered.
I look at the market within a 60-mile radius of the "X" created by the intersection of I-44 and the Broken Arrow Expressway. I then divide the market into 7 price point segments.
Country Estates at All Price Points
In the entire market there are 52 active listings and 99 pending listings, giving us a "hotness index" of 190.38 %. With 220 listings sold in the last three months, there is a sales velocity of 73.3 homes sold per months. The resulting 3-month absorption rate for all price points is 0.71 months. That is a three week supply of country estates for sale within commuting distance of Tulsa.
With 431 total houses in the market (active, pending, closed, expired, released and withdrawn listings), the odds of selling a house on 2 to 5 acres within commuting distance of Tulsa within the next 90 days is 51.04%. Those odds are pretty amazing!
Country Estates Priced Up to $100,000
In the price point under $100,000 there are 5 active listings and 9 pending listings, giving us a "hotness index" of 180.00%. With 16 listings sold in the last three months, there is a sales velocity of 5.3 homes sold per month. The resulting 3-month absorption rate for the price point under $100,000 is 0.94 months. That is almost a four-week supply of country estates for sale within commuting distance of Tulsa that are price under $100,000.
With 32 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point below $100,000, the odds of selling a house on 2 to 5 acres within an hour of Tulsa within the next 90 days is 50.00%.
Country Estates Priced from $100,000 to $150,000
In the price point ranging between $100,000 and $150,000 there are 2 active listings and 16 pending listings, giving us a "hotness index" of 800.00 %. With 29 listings sold in the last three months, there is a sales velocity of 9.7 homes sold per month. The resulting 3-month absorption rate for the price point ranging between $100,000 and $150,000 is 0.21 months. That is a less than a week's supply of country estates for sale within commuting distance of Tulsa for country estates within an hour of Tulsa..
With 53 houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point ranging between $100,000 and $150,000, the odds of selling a house on 2 to 5 acres within commuting distance of Tulsa within the next 90 days is 54.72%.
Country Estates Priced from $150,000 to $200,000
In the price point ranging between $150,000 and $200,000 there are 8 active listings and 20 pending listings, giving us a "hotness index" of 250.00 %. With 35 listings sold in the last three months, there is a sales velocity of 11.7 homes sold per month. The resulting 3-month absorption rate for the price point ranging between $150,000 and $200,000 is 0.69 months. That is a three week supply of country estates for sale within commuting distance of Tulsa.
With 73 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point ranging between $150,000 and $200,000, the odds of selling a house on 2 to 5 acres within commuting distance of Tulsa within the next 90 days is 47.95%.
Country Estates Priced from $200,000 to $300,000
In the price point ranging between $200,000 and $300,000 there are 10 active listings and 28 pending listings, giving us a "hotness index" of 280.00%. With 70 listings sold in the last three months, there is a sales velocity of 23.3 homes sold per month. The resulting 3-month absorption rate for the price point ranging between $200,000 and $300,000 is 0.43 months. That is a less than two-week supply of country estates for sale within commuting distance of Tulsa.
With 115 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point ranging between $200,000 and $300,000, the odds of selling a house on 2 to 5 acres within commuting distance of Tulsa within the next 90 days is 60.87%.
Country Estates Priced from $300,000 to $400,000
In the price point ranging between $300,000 and $400,000 there are 7 active listings and 19 pending listings, giving us a "hotness index" of 271.43%. With 43 listings sold in the last three months, there is a sales velocity of 14.3 homes sold per month. The resulting 3-month absorption rate for the price point ranging between $300,000 and $400,000 is 0.49 months. That is a two-week supply of country estates for sale within commuting distance of Tulsa.
With 80 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point ranging between $300,000 and $400,000, the odds of selling a house on 2 to 5 acres within commuting distance of Tulsa within the next 90 days is 53.757%.
Country Estates Priced from $400,000 to $500,000
In the price point ranging between $400,000 and $500,000 there are 9 active listings and 9 pending listings, giving us a "hotness index" of 100.00%. With 25 listings sold in the last three months, there is a sales velocity of 8.3 homes sold per month. The resulting 3-month absorption rate for the price point ranging between $400,000 and $500,000 is 1.08 months. That is a bit more than a month's supply of country estates for sale within commuting distance of Tulsa.
With 57 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point ranging between $400,000 and $500,000, the odds of selling a house on 2 to 5 acres within commuting distance of Tulsa within the next 90 days is 43.86%.
Country Estates Priced from $500,00 and Above
In the price point above $500,000 there are 11 active listings and 0 pending listings, giving us a "hotness index" of 0.00%. With 10 listings sold in the last three months, there is a sales velocity of 3.3 homes sold per month. The resulting 3-month absorption rate for the price point above $500,000 is 3.30 months. That is a about a 14-week supply of country estates for sale within commuting distance of Tulsa.
With 31 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point above $500,000, the odds of selling a house on 2 to 5 acres within commuting distance of Tulsa within the next 90 days is 31.26%.
This is definitely a sellers' market at every price point for country estates within commuting distance of Tulsa, Oklahoma.
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Copyright © 2021 Deborah M. Durkee. ALL RIGHTS RESERVED — Tulsa Country Estates — Houses on 2 to 5 Acres — Housing Market Analysis – December 2020
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