According to statistics recently released by the Greater Tulsa Association of Realtors the number of homes sold in October 2007 rose nearly 12 percent from the pervious month, while the number of pending contracts also rose significantly, showing an 8.5 percent gain.
Despite a nationwide slump in the sales of new and existing homes, the Tulsa market is poised to make 2007 one of its strongest years on record, according to Ron Sumner, president of the GTAR. “With only two months left to report, it appears 2007 will finish with the highest sales prices and sales volume in the history of the greater Tulsa market.”
“It is a great time to buy a home in this area,” Sumner said, referencing a recent Smart Money magazine article reporting that homes in the Tulsa area are 19 percent undervalued. “Despite all the negative national media reports, consumers in this area are beginning to understand the strength and value of our market.”
The GTAR statistics showed a 2007 average sales price of $155,048 for homes in the Tulsa market, a year-to-date increase of 6.4 percent. The median sales price of $125,750 has shown a year-to-date increase of 4.1 percent.
Despite stable prices, the home inventory dropped slightly in October, falling 0.2 percent from the September inventory of 6,619 homes.