Hobby Farms within Commuting Distance of Tulsa, OK

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

Here is a view of the real estate market for houses on 5 to 20 acres within a 60-mile radius of Tulsa, Oklahoma.  I call these hobby farms. 

This article will include information about the change in the absorption rate over the past 45 months.  This information is essentially a reblog of two posts I put on my website yesterday: 

One is for current market statistics and the second is for historical statistics over the past four years.
 
Here is the link to the blog category for this market:
  

 

A Look at the Market over the past 45 Months -- a Longitudinal Perspective

A house on 5 to 20 acres is what I call a hobby farm.  How many are available for sale within a 60-mile radius of Tulsa, roughly an hour from the point at which the Broken Arrow Expressway crosses I-44?  

How many hobby farms within commuting distance of Tulsa are selling each month?

The ratio between the active listings and the monthly sales velocity is what is called the absorption rate.  In other words, given the active listings and the number of homes on 5 to 20 acres sold over a 3-month period gives a 3-month absorption rate showing how many months it would take to sell all the homes available in a that market.

With existing homes, a balanced market is a 6-month supply of homes.  Anything below that is a sellers' market.  Above 6 months is considered to be a buyers' market.

Historical Absorption Rate vs. Time Graph for Hobby Farms (Homes on 5 to 20 Acres) within commuting distance of Tulsa Oklahoma for the period between May 2017 and February 2021

The above graph shows the change in the 3-month absorption rates for hobby farms within an hour of Tulsa during the time period from May 2017 to February 2021 (45 months).

The graph indicates that the absorption rates at the price points below $400,000 have remained consistently under a 6-month's supply, which means the sellers have been in control in price points under $400,000.  

The 3-month absorption rates at price points above $400,000 have gone up and down over the past four years, especially at the price point over $600,000.

 

 

The Real Estate Market for Tulsa Hobby Farms  -- February 25, 2021

 

Here is a look at the housing market as of February 25, 2021 for hobby farms, lifestyle farms, country estates, or single-family houses on 5 to 20 acres within a 60-mile radius of Tulsa, Oklahoma, (within commuting distance of Tulsa, OK).


It is definitely a sellers' market for hobby farms within commuting distance of Tulsa, Oklahoma.  This month, the entire market is skewed in favor of sellers, since a six-month supply of homes is considered a balanced market for existing single-family homes.
Market Statistics for Hobby Farms within commuting distance of Tulsa, OK for the time period between November 25, 2020 and February 25, 2021

 

 

 

The following graph shows the change in the 3-month absorption rate over the past twelve months for hobby farms, homes (i.e., single-family houses) on 5 to 20 acres within a 60-mile radius of Tulsa, Oklahoma, (within commuting distance of Tulsa, OK).


Absorption Rate vs. Time Graph for Hobby Farms within commuting distance of Tulsa, OK for the year between February 25, 2020 and February 25, 2021

 

 

 

This article is a real estate market analysis for hobby farms, single-family homes on 5 to 20 acres, within commuting distance of Tulsa for the period from November 25, 2020 through February 25, 2021. It is an analysis of trends and shifts in the real estate market for Tulsa lifestyle farms since the previous month (January 2021).

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 7 price point segments.

When it comes to hobby farms (homes on 5 to 20 acres) within commuting distance of Tulsa (an hour out, or a 60-mile radius around Tulsa), this is what I discovered.

 

Hobby Farms at All Price Points

In the entire market there are 52 active listings and 95 pending listings, giving us a "hotness index" of 182.69%.   

With 131 listings sold in the last three months, there is a sales velocity of 43.7 homes sold per months.  The resulting 3-month absorption rate for all price points is 1.19 months.  That is a 5-month supply of hobby farms for sale within commuting distance of Tulsa.

With 328 total houses in the market (active, pending, closed, expired, released and withdrawn listings), the odds of selling a house on 5 to 20 acres within commuting distance of Tulsa within the next 90 days are 39.94, just slightly less than last month (40.31%).  

 

Hobby Farms Priced Up to $100,000

In the price point under $100,000 there is 1 active listing and 7 pending listings, giving us a "hotness index" of 700.00%.   

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 under $100,000 is 0.30 months.  That is a week-and-a-half supply of hobby farms for sale within commuting distance of Tulsa that are price under $100,000.

With 20 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 5 to 20 acres within an hour of Tulsa within the next 90 days are 50.00%, much better than last month (30.00%). 

 

Hobby Farms Priced from $100,000 to $150,000

In the price point ranging between $100,000 and $150,000 there are 7 active listings and 25 pending listings, giving us a "hotness index" of 357.14%.   

With 26 listings sold in the last three months, there is a sales velocity of 8.7 homes sold per month.  The resulting 3-month absorption rate for the price point ranging between $100,000 and $150,000 is 0.81 months.  That is a 3-week's supply of hobby farms for sale within commuting distance of Tulsa within an hour of Tulsa.

With 67 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 5 to 20 acres within commuting distance of Tulsa within the next 90 days are 38.81%, way down from last month (66.67%). 

 

Hobby Farms Priced from $150,000 to $200,000

In the price point ranging between $150,000 and $200,000 there are 9 active listings and 10 pending listings, giving us a "hotness index" of 111.11%.   

With 21 listings sold in the last three months, there is a sales velocity of 7.0 homes sold per month.  The resulting 3-month absorption rate for the price point ranging between $150,000 and $200,000 is 1.29 months.  That is a 5-week supply of hobby farms 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 $150,000 and $200,000, the odds of selling a house on 5 to 20 acres within commuting distance of Tulsa within the next 90 days are 48.84% (41.86%). 

 

Hobby Farms Priced from $200,000 to $300,000

In the price point ranging between $200,000 and $300,000 there are 8 active listings and 19 pending listings, giving us a "hotness index" of 237.50%.   

With 45 listings sold in the last three months, there is a sales velocity of 15.0 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-weeks supply of hobby farms for sale within commuting distance of Tulsa.

With 81 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 5 to 20 acres within commuting distance of Tulsa within the next 90 days are 55.56% (47.67%). 

 

Hobby Farms Priced from $300,000 to $400,000

In the price point ranging between $300,000 and $400,000 there are 7 active listings and 25 pending listings, giving us a "hotness index" of 357.14%.   

With 26 listings sold in the last three months, there is a sales velocity of 8.7 homes sold per month.  The resulting 3-month absorption rate for the price point ranging between $300,000 and $400,000 is 0.81 months.  That is a three-week's supply of hobby farms for sale within commuting distance of Tulsa.

With 67 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 5 to 20 acres within commuting distance of Tulsa within the next 90 days are 38.81% (39.73%). 

 

Hobby Farms Priced from $400,000 to $600,000

In the price point ranging between $400,000 and $600,000 there are 10 active listings and 19 pending listings, giving us a "hotness index" of 190.00%.   

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 ranging between $400,000 and $600,000 is 1.88 months.  That is almost a two-month's supply of hobby farms for sale within commuting distance of Tulsa.

With 55 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point ranging between $400,000 and $600,000, the odds of selling a house on 5 to 20 acres within commuting distance of Tulsa within the next 90 days are 29.09% (40.35%). 

 

Hobby Farms Priced from $600,00 and Above

In the price point above $600,000 there are 15 active listings and 15 pending listings, giving us a "hotness index" of 100.00%.   

With 8 listings sold in the last three months, there is a sales velocity of 2.7 homes sold per month.  The resulting 3-month absorption rate for the price point above $600,000 is 5.63 months.  That is more than just under a five-and-a-half-month supply of hobby farms 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 above $600,000, the odds of selling a house on 5 to 20 acres within commuting distance of Tulsa within the next 90 days are 14.04% (19.51%). 

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Debbie Durkee can send you the raw data that went into the above market analyses. The data comes from what we call a comparative analysis for each month.

To see the graphs for the past twelve months online, please go to Houses on 5 to 20 Acres (Hobby Farms) within 60-mile Radius of I-44 and the Broken Arrow Expressway -- Hobby Farms -- Absorption Study

 

If you are a buyer looking for a house on 5 to 20 acres within an hour of Tulsa, within a 60-mile radius of Tulsa, or searching for Country Estates (houses on 5 to 20 acres) within commuting distance of Tulsa, go to Tulsa Hobby Farms -- Houses on 5 to 20 Acres -- Housing Market Analysis

 

To search for hobby farms, lifestyle farms,country estates or single-family houses on 5 to 20 acres for sale within commuting distance of Tulsa, Oklahoma, go to Tulsa Hobby Farms for Sale -- Houses on 5 to 20 Acres within 60 miles of Tulsa

 

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Copyright © 2021 Deborah M. Durkee.  ALL RIGHTS RESERVED -- Hobby Farms within Commuting Distance of Tulsa, OK


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Comments (3)

Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Debbie Durkee Thank you for sharing this real estate market

Mar 01, 2021 04:08 PM
Debbie Durkee
RE/MAX T-town - Tulsa, OK
ALC, CRS -- Land & Country Estates near Tulsa

You are so welcome, Joe.  I appreciate your reading my blog and commenting on it.  I am glad someone is seeing it.

Mar 02, 2021 10:40 AM
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great information.  Thanks for sharing and have a happy Sunday!

Mar 28, 2021 06:57 AM

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