Owasso, OK Housing Market Analysis – March 2021

By
Managing Real Estate Broker with National Land Realty 120358

Here is a look at the Owasso, OK housing market as of March 25, 2021.

Owasso, OK Real Estate Market Statistics

The following graph shows the change in the 3-month absorption rate over the past twelve months for single-family homes (i.e., houses) in Owasso, OK.

Graph of month-to-month change in the absorption rate for houses in Owasso, OK

This article is an analysis of the market for single-family homes in Owasso, Oklahoma for the period from December 2020 through March 25, 2021. It is an analysis of trends and shifts in the real estate market for houses in the City of Owasso together with the Owasso Public School District since the previous month (February 2021).

This post is a study of the supply and demand for single-family homes, an analysis of the housing market for houses, using MLS statistics for houses (single-family homes) to show:

  1. the hotness index for houses, calculating the ratio between pending and active MLS listings;
  2. the velocity of the real estate market, showing how many houses are selling each month;
  3. the 3-month absorption rate, showing the current supply of houses on the market or how long it will take to sell all the houses currently on the market (assuming no other single-family homes come on the market);
  4. the odds of selling over the next 90 days, using the absorption rate and comparing it to all the rooftops in the market (the active, pending, closed, expired, released and withdrawn listings in the MLS).

This analysis will show the market trends in order to spot shifts in the market. Graphs show the change in the 3-month absorption rate and show whether a particular price point is in a buyer’s market or a seller’s market.

Methodology

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.

The area covered includes single-family houses located in Owasso Public School District (with an Owasso, Collinsville, or Claremore address) as well as single-family houses in the 74055 zip code (which includes homes in Owasso, Catoosa, Claremore, and Collinsville School Districts).

When it comes to houses in Owasso here is what I discovered:

Owasso Houses at All Price Points

In Owasso there are 39 active listings and 149 pending listings, giving us a “hotness index” of 382.05%.

With 254 listings sold in the last three months in Owasso, there is a sales velocity of 84.7 homes sold per month. The resulting 3-month absorption rate for all price points is 0.46 months. That is a two-week supply of houses for sale in Owasso.

With 483 total houses in the market (active, pending, closed, expired, released and withdrawn listings), the odds of selling a house in Owasso within the next 90 days are 52.59%. Those odds are just a bit lower than last month (53.67%).

Owasso Houses Priced Up to $100,000

In Owasso at the price point under $100,000 there are no active listing and 3 pending listings, giving us an indeterminate “hotness index.”

With 3 listings sold in the last three months in Owasso, there is a sales velocity of 1.0 home sold per month. The resulting 3-month absorption rate for the price point under $100,000 is zero months because there are no active listings. There are absolutely no houses in Owasso that are priced under $100,000 at this time.

With 6 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 in Owasso within the next 90 days are 50.00%. These odds are not as good as last month (57.14%).

Owasso Houses Priced from $100,000 to $150,000

In Owasso at the price point ranging between $100,000 and $150,000 there is 1 active listing and 4 pending listings, giving us a “hotness index” of 400.00%.

With 19 listings sold in the last three months in Owasso, there is a sales velocity of 6.0 homes sold per month. The resulting 3-month absorption rate for houses in the price point ranging between $100,000 and $150,000 is 0.16 months. That is a one-week supply of houses selling between $100,000 and $150,000.

With 25 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point between $100,000 and $150,000 the odds of selling a house in Owasso within the next 90 days is 76.00%. These odds are better than last month (63.89%).

Owasso Houses Priced from $150,000 to $200,000

In Owasso at the price point ranging between $150,000 and $200,000 there ate 3 active listings and 35 pending listings, giving us a “hotness index” of 1166.67%.

With 82 listings sold in the last three months in Owasso, there is a sales velocity of 27.3 homes sold per month. The resulting 3-month absorption rate for houses in the price point ranging between $150,000 and $200,000 is 0.11 months. That is a one-week supply of houses selling between $150,000 and $200,000.

With 130 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point between $150,000 and $200,000 the odds of selling a house in Owasso within the next 90 days is 63.08%. These odds are even better than last month (60.00%).

Owasso Houses Priced from $200,000 to $250,000

In Owasso at the price point ranging between $200,000 and $250,000 there ate 3 active listings and 35 pending listings, giving us a “hotness index” of 1166.67%.

With 51 listings sold in the last three months in Owasso, there is a sales velocity of 17.0 homes sold per month. The resulting 3-month absorption rate for houses in the price point ranging between $200,000 and $250,000 is 0.18 months. That is a one-week supply of houses selling between $200,000 and $250,000.

With 96 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point between $200,000 and $250,000 the odds of selling a house in Owasso within the next 90 days is 53.13%. These odds are not as good as last month (65.52%).

Owasso Houses Priced from $250,000 to $300,000

In Owasso at the price point ranging between $200,000 and $250,000 there ate 4 active listings and 19 pending listings, giving us a “hotness index” of 475.00%.

With 29 listings sold in the last three months in Owasso, there is a sales velocity of 9.7 homes sold per month. The resulting 3-month absorption rate for houses in the price point ranging between $200,000 and $250,000 is 0.41 months. That is a two-week supply of houses selling between $200,000 and $250,000.

With 58 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point between $200,000 and $250,000 the odds of selling a house in Owasso within the next 90 days is 50.00%. These odds are not as good as last month (51.52%).

Owasso Houses Priced from $300,000 to $350,000

In Owasso at the price point ranging between $300,000 and $350,000 there ate 5 active listings and 13 pending listings, giving us a “hotness index” of 260.00%.

With 19 listings sold in the last three months in Owasso, there is a sales velocity of 6.3 homes sold per month. The resulting 3-month absorption rate for houses in the price point ranging between $300,000 and $350,000 is 0.79 months. That is a three-week supply of houses selling between $300,000 and $350,000.

With 39 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point between $300,000 and $350,000 the odds of selling a house in Owasso within the next 90 days is 48.72%. These odds are not as good as last month (47.62%).

Owasso Houses Priced from $350,000 to $400,000

In Owasso at the price point ranging between $350,000 and $400,000 there ate 6 active listings and 14 pending listings, giving us a “hotness index” of 233.33%.

With 16 listings sold in the last three months in Owasso, there is a sales velocity of 5.3 homes sold per month. The resulting 3-month absorption rate for houses in the price point ranging between $350,000 and $400,000 is 1.13 months. That is a five-week supply of houses selling between $350,000 and $400,000.

With 41 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point between $350,000 and $400,000 the odds of selling a house in Owasso within the next 90 days is 39.02%. These odds are not quite as good as last month (40.91%).

Owasso Houses Priced from $400,000 to $500,000

In Owasso at the price point ranging between $400,000 to $500,000 there ate 7 active listings and 20 pending listings, giving us a “hotness index” of 285.71%.

With 22 listings sold in the last three months in Owasso, there is a sales velocity of 7.3 homes sold per month. The resulting 3-month absorption rate for houses in the price point ranging between $400,000 to $500,000 is 0.95 months. That is a four-week supply of houses selling between $400,000 to $500,000.

With 52 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point between $400,000 to $500,000 the odds of selling a house in Owasso within the next 90 days is 42.31%. These odds are not as good as last month (49.02%).

Owasso Houses Priced from $500,000 and Above

In Owasso at the price point ranging from $500,000 and above there are 10 active listings and 12 pending listings, giving us a “hotness index” of 120.00%.

With 21 listings sold in the last three months in Owasso, there is a sales velocity of 7.0 homes sold per month. The resulting 3-month absorption rate for houses in the price point ranging from $500,000 and above is 1.43 months. That is a 8-week supply of houses selling above $500,000.

With 52 total houses in the market (active, pending, closed, expired, released and withdrawn listings) in the price point from $500,000 and above the odds of selling a house in Owasso within the next 90 days is 40.38%. These odds are almost as good as last month (40.48%).

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.

Helpful Links

To search for homes for sale (single-family houses for sale) in Owasso Schools, go to Homes for Sale in Owasso Public Schools

To search for homes for sale (single-family houses for sale) in the City of Owasso, go to Homes for Sale in the City of Owasso, OK

____________________

Copyright © 2021 Deborah M. Durkee. ALL RIGHTS RESERVED — Owasso Housing Market Analysis – March 2021

____________________

Furthermore, if you are interested in selling your Owasso home and choose to list with Debbie, she will provide a detailed analysis of the market in your neighborhood or school district so that you can decided the best list price for your home, so it will sell.

Comments (2)

Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thanks for sharing your Owasso OK market update with us Debbie. Buyers & sellers in your area would benefit from your services. Have a great day!

 

Mar 31, 2021 02:27 PM
Debbie Durkee

Thank you, Debe, for reading my blog post!

Apr 01, 2021 07:37 AM