03/14/2023
Hello Friends! (Did I sound like Danny Beck?)
Here is your February Market update! If I can be of any assistance in your next search, please feel free to reach out.
- Ryan
https://www.facebook.com/greatertulsaAOR/posts/pfbid02SC8QAKAb2e36axwjYRnnGz5RpVnxZfWbxzgEhfBFrTUDLP1gVjR5djz2K2NjyVtLl
FEBRUARY REAL ESTATE MARKET STATS
๐ Months Supply of Inventory (MSI) Decreases:
The total housing inventory at the end of February 2023 decreased 24.39% to 1,429 existing homes available for sale. Over the last 12 months this area has had an average of 826 closed sales per month. This represents an unsold inventory index of 1.73 MSI for this period.
๐ Average Sale Price Going Up: According to the preliminary trends, this market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 8.47% in February 2023 to $284,190 versus the previous year at $261,990.
๐ Average Days on Market Lengthens:
The average number of 35.71 days that homes spent on the market before selling increased by 18.64 days or 109.19% in February 2023 compared to last year's same month at 17.07 DOM.
๐ Sales Success for February 2023 is Positive:
Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished weak this month. There were 748 New Listings in February 2023, down 13.92% from last year at 869. Furthermore, there were 598 Closed Listings this month versus last year at 733, a -18.42% decrease.