Newer Construction Midtown Tulsa Luxury Homes: May 2012 Market Report
Midtown Tulsa is a revered area of Tulsa and many want to live here to be close to Utica Square, Brookside, the shops and restaurants on Cherry Street and our many beautiful parks. Finding a home with updated, open spaces or bedrooms on the first floor can be a challenge – one that is met with newer construction within our historic neighborhoods.
For the purpose of this market report, we define midtown Tulsa luxury homes for sale as those above $500,000 and built since 1985.
May 2012 Market Overview
Although six properties sold for well over one million dollars in the last year, the average sales price of newer construction midtown Tulsa luxury homes was $801,952 and an average of $188 per square foot.
Of the four pending midtown Tulsa luxury homes, one is listed below one million; two are listed between one and two million; the fourth is listed for $3,950,000 and was under contract withing seven days on market. Wow. We won’t know what they actually sold for until they close escrow.
And 40 midtown Tulsa luxury homes sold in the past year – that is quite promising!
Market Absorption Analysis
Because our inventory of Tulsa luxury homes is almost a ten-month supply, this is considered a Buyer’s Market. However, if you are in the market for a newer construction midtown Tulsa luxury home, please note that many homes sold in less than a month on market. If you find the home of your dreams and it is reasonably priced, make an offer before you find yourself in a bidding war.
Start here if you’re ready to begin shopping for newer construction midtown Tulsa luxury homes!