There is a need for new construction homes in midtown Tulsa and there is indeed a market for them. For the purpose of this market report, I am including single family homes built in the year 2000 and after.
Of the 32 active properties listed, the average price is $768,928 and five of the 32 are listed above one million dollars. Average square footage is 4,221.
The single property under contract is listed for $998,000 and it was only on the market for 94 days.
Of the 36 properties that closed this year, the least expensive sold for $297,000 and the most expensive sold for $1,700,000. Average year built was 2007 and average square footage was 3,885.
Midtown Tulsa New Construction Market Report – Year End 2011
I think builders who try to build to match the neighboring houses are most successful. You can’t build a $500,000 home in a neighborhood with an average sales price of $175,000 – and expect it to sell. Often what we find in midtown new construction is that the newer homes are overbuilt for the neighborhood.
But many builders are successful at creating homes that fit within the architectural styles, character, size and style of existing homes in the neighborhoods. Those are the ones that will sell quickly and for top dollar.
The fact remains that while many want the location and many benefits of living in midtown Tulsa, they are leary of owning an older home.
During 2011, 36 homes built since the year 2000 successfully closed, one is pending and there are 32 active listings. Because we have almost as many active listings as were sold in 2011, we have almost a one-year inventory or supply. This is favorable news for Buyers who desire new and newer construction homes for sale in midtown Tulsa.
Midtown Tulsa is a great little corner of Tulsa! Call me if you are interested in purchasing new construction in midtown Tulsa, or start your search here!