| CHE Property Values |
|
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 in this annual
newsletter review. Patty and Richard are longtime residents
of 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 Listings Service:
(Percentages in parentheses are changes compared to the previous year.) |
| Indicator | 2010 | 2009 | 2008 | 2007 | |
| Average Sales Price: | $183,653 | $170,959 | $189,322 | $182,847 | |
| Highest Sales Price: | $245,000 | $225,000 | $240,000 | $257,000 | |
| Lowest Sales Price: | $75,500 | $99,500 | $126,000 | $122,000 | |
| Average Price/Sq. Ft.: | $66 | $63 | $69 | $68 | |
| Highest Price/Sg. Ft.: | $81 | $85 | $83 | $83 | |
| Lowest Price/Sq. Ft.: | $28 | $38 | $51 | $53 | |
| Homes Sold: | 15 | 21 | 22 | 33 | |
|
2010 was a slow year for Real Estate. Tulsa was not hit as hard
as many areas of the country but we were certainly affected. Overall in
Metro Tulsa through November, units sold were down 15% from 2009 and
the Total Dollar Value Sold was down 3%; however, the average sales price
actually went up slightly. This year's sales were brisk through April due
to the Home Buyer Credit but after that ended the sales slowed considerably.
In Chimney Hills Estates, 15 homes sold which is down 6 (2.8%) from 2009 but our average sales price actually increased 7% probably because there were fewer bank-owned properties sold. Although prices were somewhat steady, homes typically took longer to sell. The average market time was 81 days. The outlook for 2011 is cloudy. On the positive side, interest rates are still low and there is a lot of pent-up demand by people wanting to buy homes. Also, with more homes on the market and taking longer to sell, pricing will be competitive offering great values for buyers. On the negative side, the tighter mortgage requirements create fewer buyers and, even though the economy appears to be improving, there is still uncertainty.
|
|||||