It’s time for your local market update for October for Tulsa County in Creek County. Now we’re currently shifting into the fourth quarter of the year which means that there will be changes in the real estate market as the holiday season starts to take place.
Hi this is Sabrina Shaw with Homes by Sabrina and eXp Realty and here’s what you can expect in our local real estate market. There is a significant decrease in the amount of homes on the market inventory is almost half of what it was from this time last year in the month of September there were 2001 active listings in Tulsa County and today as of the time I’m recording this video we only have 985 homes available for sale but the average days on market being 18 which is up a few days from the frenzy in the summer months now the rise in listing and sale price for Tulsa County continues to grow from this time last year but at more normal levels from earlier months in Creek County in the month of September or 252 active listings and today as of the time I’m recording this video we only have 99 homes available for sale with an average days on market 22 days which again like Tulsa County is up a few days from the frenzy in the summer months but down from the spring months the rise and listing and sale price for Creek County continues to grow significantly from this time last year with September’s close sales price being at 27% from this time last year now people are always asking me if the market is going to crash because prices have increased so drastically but with a 5 million unit housing shortage nationwide experts are forecasting a strong housing market for years to come and Oklahoma hasn’t appreciated as high as the rest of the country now will we see the crazy appreciation like we have this past year experts are saying no prices are still expected to appreciate but just add more normal levels and there are still a lot more buyers than there are homes for sale however the good news for buyers is even with the decrease in inventory the market is less competitive than it was at the height of the housing frenzy.
Lawrence Yun chief economist of the National Association of Realtors said things are settling down there will still be some multiple offers but it will be less tense many buyers became fatigued from putting in great offers and constantly being beaten out in many or sideline waiting for the market to crash so now is a great time to act well by our competition is lower than it has been recently in mortgage rates are still historically low so if you are seller you might be asking yourself if you missed out did you miss the peak of the season the short answer is no. We’re still in a strong sellers market seeing less than two months of inventory available now the number of offers per home is decreasing in general and it could take a little longer to find that right buyer but as far as competition goes there isn’t much so it’s an optimal time to put your home on the market meant to get top dollar for your home you will need to be strategic with your home sale and most importantly partner closely with your agent to determine the best plan for you.
For more information on this or any other real estate questions feel free to reach out to me and I would be glad to discuss your specific situation to see if now is the right time for you again I’m Sabrina Shaw and I’m always here to serve and guide you