Tulsa Farms and Ranches -- Houses on 20 or More Acres -- Housing Market Analysis - December 2020

By
Real Estate Agent with RE/MAX T-town 120358

Source:  Tulsa Farms and Ranches — Houses on 20 or More Acres — Housing Market Analysis – December 2020

Except for the highest price point, it is definitely a sellers' market for hobby farms within commuting distance of Tulsa, Oklahoma.  At the price point above $600,000 the market is only slightly in favor of buyers, since a six-month supply of homes is considered a balanced market for existing single-family homes.

This article is a real estate market analysis for farms and ranches, single-family homes on 20 acres or more, within commuting distance of Tulsa for the period from September 25, 2019 through December 25, 2020. It is an analysis of trends and shifts in the real estate market for Tulsa farms and ranches since the previous month (November 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.

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 5 price point segments.

When it comes to farms and ranches (homes on 20 or more acres) within commuting distance of Tulsa (an hour out, or a 60-mile radius around Tulsa), this is what I discovered.

Farms and Ranches at All Price Points

In the entire market there are 53 active listings and 43 pending listings, giving us a "hotness index" of 81.13%.   

With 89 listings sold in the last three months, there is a sales velocity of 29.7 homes sold per months.  The resulting 3-month absorption rate for all price points is 1.79 months.  That is a 7-week supply of farms and ranches for sale within commuting distance of Tulsa.

With 231 total houses in the market (active, pending, closed, expired, released and withdrawn listings), the odds of selling a house on 20 or more acres within commuting distance of Tulsa within the next 90 days is 38.53%.  

Farms and Ranches Priced Up to $200,000

In the price point under $200,000 there is 1 active listings and 2 pending listings, giving us a "hotness index" of 200.00%.   

With 7 listings sold in the last three months, there is a sales velocity of 2.3 homes sold per month.  The resulting 3-month absorption rate for the price point under $200,000 is 0.43 months.  That is a two-week supply of farms and ranches for sale within commuting distance of Tulsa that are priced under $200,000.

With 12 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point below $200,000, the odds of selling a house on 20 acres or more within an hour of Tulsa within the next 90 days is 58.33%. 

Farms and Ranches Priced from $200,000 to $300,000

In the price point ranging between $200,000 and $300,000 there are 3 active listings and 9 pending listings, giving us a "hotness index" of 300.00%.   

With 17 listings sold in the last three months, there is a sales velocity of 5.7 homes sold per month.  The resulting 3-month absorption rate for the price point ranging between $200,000 and $300,000 is 0.53 months.  That is a two-week supply of farms and ranches for sale within commuting distance of Tulsa.

With 32 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 20 acres or more within commuting distance of Tulsa within the next 90 days is 53.13%. 

Farms and Ranches Priced from $300,000 to $400,000

In the price point ranging between $300,000 and $400,000 there are 8 active listings and 8 pending listings, giving us a "hotness index" of 100.00%.   

With 24 listings sold in the last three months, there is a sales velocity of 8.0 homes sold per month.  The resulting 3-month absorption rate for the price point ranging between $300,000 and $400,000 is 1.0 month.  That is a one-month supply of farms and ranches for sale within commuting distance of Tulsa.

With 43 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 20 acres or more within commuting distance of Tulsa within the next 90 days is 55.81%. 

Farms and Ranches Priced from $400,000 to $600,000

In the price point ranging between $400,000 and $500,000 there are 8 active listings and 16 pending listings, giving us a "hotness index" of 200.00%.   

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 $400,000 and $500,000 is 0.83 months.  That is a bit less than a month's supply of farms and ranches for sale within commuting distance of Tulsa.

With 65 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 20 or more acres within commuting distance of Tulsa within the next 90 days is 44.62%. 

Farms and Ranches Priced from $600,00 and Above

In the price point above $600,000 there are 33 active listings and 9 pending listings, giving us a "hotness index" of 27.27%.   

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 above $600,000 is 6.19 months.  That is more than a 6-month supply of farms and ranches for sale within commuting distance of Tulsa.

With 85 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point above $600,000, the odds of selling a house 20 or more acres within commuting distance of Tulsa within the next 90 days is 18.82%. 
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Debbie Durkee can send you the raw data that went into the above market analysis. The data comes from what we call a comparative analysis.

To search for farms and ranches or homes for sale (single-family houses on 20 or more acres for sale) within commuting distance of Tulsa, Oklahoma, go to Tulsa Farms and Ranches -- Houses on 20 or More Acres within 60 miles of Tulsa

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Copyright © 2020 Deborah M. Durkee.  ALL RIGHTS RESERVED -- Tulsa Farms and Ranches -- Houses on 20 or More Acres -- Housing Market Analysis - December 2020


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Rainmaker
324,629
Brad Thomsen
Big Bear Realty - Edmonds, WA
Real Estate Services

Great post today.

Wishing you a Terrific 2021

Happy Selling!

Jan 03, 2021 02:54 PM #1
Rainmaker
272,004
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Hello Debbie Durkee amazing how much activity is going on in your marketplace. Thank you for posting.

Jan 04, 2021 06:38 AM #2
Rainmaker
90,959
Debbie Durkee
RE/MAX T-town - Tulsa, OK
ALC, CRS -- Land & Country Estates near Tulsa

Thank you, Brand and Rocky, for your kind comments.

Jan 05, 2021 04:04 PM #3
Rainmaker
523,434
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 480-966-9353 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Debbie, what an in-depth analysis of the homes-ranches with 20+ acres. I loved that you explained your methodology, how you arrived at the conclusions, and that you offer to prove the conclusions with the raw data. I am sure Buyers and Sellers in Tulsa OK appreciate this wealth of insight that you are providing. Thanks for the follow, too.  

Jan 09, 2021 08:45 AM #4
Rainmaker
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Debbie Durkee
RE/MAX T-town - Tulsa, OK
ALC, CRS -- Land & Country Estates near Tulsa

Steffy:  Thank you for your kind remarks.  I keep hoping all this wok will pay off.  However, most people's eyes just glaze over when I try to explain.  I am so glad you appreciate what I am trying to do.

 

Jan 10, 2021 03:22 PM #5
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Rainmaker
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Debbie Durkee

ALC, CRS -- Land & Country Estates near Tulsa
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