Here is a look at the housing market as of April 25, 2021 for country estates, houses on 2 to 5 acres within a 60-mile radius of Tulsa, Oklahoma, (within commuting distance of Tulsa, OK). These are real estate market statistics for single-family houses on 2 to 5 acres within commuting distance of Tulsa, OK (country estates within a 60-mile radius an hour around Tulsa).
The following graph shows the change in the 3-month absorption rate over the past twelve months for country estates, single-family homes (i.e., houses) on 2 to 5 acres within a 60-mile radius of Tulsa, Oklahoma, (within commuting distance of Tulsa, OK).
This article is a real estate market analysis for country estates, single-family homes, within commuting distance of Tulsa for the period from December 25, 2020 through March 25, 2021. It is an analysis of trends and shifts in the real estate market for houses on 2 to 5 acres since the previous month (February 2021).
This category is a study of the supply and demand for single-family homes, a statistical analysis of the housing market for houses, using MLS statistics for houses (single-family homes) to show:
- the hotness index for houses, calculating the ratio between pending and active MLS listings;
- the velocity of the real estate market, showing how many houses are selling each month;
- 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);
- 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absorption rate and comparing it to all the rooftops in the market (the active, pending, closed, expired, released and withdrawn listings in the MLS).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.
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 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.
Country Estates at All Price Points
In the entire market there are 61 active listings and 107 pending listings, giving us a "hotness index" of 175.41%.
With 143 listings sold in the last three months, there is a sales velocity of 47.7 homes sold per month. The resulting 3-month absorption rate for all price points is 1.28 months. That is a five-week supply of country estates for sale within commuting distance of Tulsa.
With 362 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 39.50%. Those odds are not as good as last month (47.50%).
Country Estates Priced Up to $100,000
In the price point under $100,000 there are 8 active listings and 10 pending listings, giving us a "hotness index" of 125.00%.
With 14 listings sold in the last three months, there is a sales velocity of 4.7 homes sold per month. The resulting 3-month absorption rate for the price point under $100,000 is 1.71 months. That is a 7-week supply of country estates for sale within commuting distance of Tulsa that are priced under $100,000.
With 36 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 38.89%. These odds are not as good as last month (47.06%).
Country Estates Priced from $100,000 to $150,000
In the price point ranging between $100,000 and $150,000 there are 4 active listings and 5 pending listings, giving us a "hotness index" of 125.00%.
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 $100,000 and $150,000 is 0.48 months. That is a two-week supply of country estates for sale within commuting distance of Tulsa for country estates within an hour of Tulsa..
With 36 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 69.44%, which is better than last month (71.05%).
Country Estates Priced from $150,000 to $200,000
In the price point ranging between $150,000 and $200,000 there are 5 active listings and 21 pending listings, giving us a "hotness index" of 420.00%.
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 $150,000 and $200,000 is 0.60 months. That is a two-week supply of country estates for sale within commuting distance of Tulsa.
With 54 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 46.30%, which is which is not as good as last month (51.85%).
Country Estates Priced from $200,000 to $300,000
In the price point ranging between $200,000 and $300,000 there are 6 active listings and 38 pending listings, giving us a "hotness index" of 633.33%.
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 $200,000 and $300,000 is 0.42 months. That is two-week supply of country estates for sale within commuting distance of Tulsa.
With 98 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 43.88%, which is not as good as last month (56.99%).
Country Estates Priced from $300,000 to $400,000
In the price point ranging between $300,000 and $400,000 there are 10 active listings and 20 pending listings, giving us a "hotness index" of 200.00%.
With 23 listings sold in the last three months, there is a sales velocity of 7.7 homes sold per month. The resulting 3-month absorption rate for the price point ranging between $300,000 and $400,000 is 1.30 months. That is a six-week supply of country estates for sale within commuting distance of Tulsa.
With 68 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 33.82%, which is not quite as good as last month (39.44%}.
Country Estates Priced from $400,000 to $600,000
In the price point ranging between $400,000 and $600,000 there are 16 active listings and 14 pending listings, giving us a "hotness index" of 87.50%.
With 11 listings sold in the last three months, there is a sales velocity of 3.7 homes sold per month. The resulting 3-month absorption rate for the price point ranging between $400,000 and $600,000 is 4.36 months. That is a seventeen-week's supply of country estates for sale within commuting distance of Tulsa.
With 48 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 2 to 5 acres within commuting distance of Tulsa within the next 90 days is 25.00%, slightly better than last month (22.92%).
Country Estates Priced from $600,00 and Above
In the price point above $600,000 there are 12 active listings and 6 pending listings, giving us a "hotness index" of 50.00%.
With 3 listings sold in the last three months, there is a sales velocity of 1.0 homes sold per month. The resulting 3-month absorption rate for the price point above $600,000 is 12.00 months. That is a year's supply of country estates for sale within commuting distance of Tulsa.
With 30 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 2 to 5 acres within commuting distance of Tulsa within the next 90 days is 10.00%, significantly better than last month (7.14%).
Conclusion
Except for the highest price point, it is still a a sellers' market for country estates within commuting distance of Tulsa, Oklahoma.
Debbie Durkee can send you the raw data that went into the above market analysis. The data comes from what we call a comparative market analysis (a CMA).
If you are a buyer looking for a house on 2 to 5 acres within an hour of Tulsa, within a 60-mile radius of Tulsa, or searching for Country Estates (houses on 2 to 5 acres) within commuting distance of Tulsa, go to Tulsa Country Estates -- Houses on 2 to 5 Acres
To search for homes for sale (single-family houses for sale) within commuting distance of Tulsa, Oklahoma, go to Country Estates for Sale -- Houses on 2 to 5 Acres within 60 miles of Tulsa
____________________
Copyright © 2020 Deborah M. Durkee. ALL RIGHTS RESERVED -- Tulsa Country Estates -- Houses on 2 to 5 Acres -- Housing Market Analysis - March 2021
____________________
Furthermore, if you are interested in selling your 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(0)