| CHE Property Values |
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HOW IS THE REAL ESTATE MARKET?
Everyone wants to know. Especially this
year given the negative reports we all hear in the daily news. Richard and Patty Taylor
with McGraw Realtors
provide us with the answer here in this annual CHE Property Value Review.
Richard and Patty are long time residents in our neighborhood and
have personally listed or sold over 300 homes in Chimney Hills Estates.
They have furnished the following statistics from the Tulsa Multiple Listing Service regarding Chimney Hills Estates (Percentages in parentheses are changes compared to the previous year): |
| Indicator | 2007 | 2006 | 2005 | 2004 | |
| Average Sales Price: | $182,847 (+5.7%) | $172,949 (+4.6%) | $165,278 (-4.5%) | $173,205 | |
| Highest Sales Price: | $257,000 (+8.4%) | $237,000 (+2.3%) | $231,500 (+16%) | $199,500 | |
| Lowest Sales Price: | $122,000 (-2.2%) | $124,750 (-0.2%) | $125,000 (-8.7%) | $137,000 | |
| Average Price/Sq. Ft.: | $68 (+3.0%) | $66 (+4.7%) | $63 (+1.6%) | $62 | |
| Highest Price/Sg. Ft.: | $83 (+7.8%) | $77 (+6.9%) | $72 (+1.4%) | $71 | |
| Lowest Price/Sq. Ft.: | $53 (+6.0%) | $50 (-3.8%) | $52 (-3.7%) | $54 | |
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2007 was another active year for home sales in Chimney Hills Estates. Thirty Three (33) homes sold which is up 2 over 2006 and the average price increased 5.7%. Our average price change is slightly better than the Union School District as a whole which was up 4.5%, as well as Metro Tulsa sales which were up 5.3%. Bottom line for Chimney Hills Estates is that our neighborhood is still a desirable place to live and we have remained competitive with other neighborhoods of the same age group. The outlook for 2008 home sales is favorable. Interest rates are presently below 6% and are hovering just above 40 year lows. Rates are expected to increase only slightly as the year progresses. Employment in Tulsa is positive and the number of homes on the market is normal. These factors bode well for home sales.
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