Year-End Market Report for Sunset Terrace, Travis Park, South Maple Ridge
This year-end market report dated November 21, 2013 covers the area of midtown Tulsa mapped from Riverside to Peoria, from 21st Street to 31st Street (map below). Subdivisions within this mapped area include Travis Park, Sunset Terrace, Sunset Park, Riverside Drive addition, Adams, and Indian Woods.
There are 29 active properties for sale ranging in price from $199,000 to $1,450,000, with the average list price of $590,213. The average size home for sale is 3,329 and average list price is $170 per square foot. Average days on market are 169.
We don’t know what the pending properties sold for until they close, but they do tell us that there is still much market activity in the month of November. Of the six pending properties, four were on the market three weeks or less and one only 97 days.
Year to date, 62 properties have closed – which equates to 5.5 properties closing each month. Closed property prices range from $175,000 to $815,000 with an average of $400,392. Average size is 2,705 square feet and average sold price per square foot is $150. Average CUMULATIVE days on market is only 111, which includes a few properties that have been on the market for more than a year.
Absorption Rate Analysis:
We have determined that homes are selling at a rate of 5.5 properties per month. With 29 active properties, this represents a little more than a five-month inventory. While that’s not yet a Seller’s market, it’s definitely no longer a Buyer’s market. It’s a steady market, which makes it more predictable for both Buyers and Sellers.
Interesting Observations:
- In the $200,000 to $300,000 range, 18 properties sold. The average size was 1,933 and average sales price per square foot was $137.
- In the $300,000 to $400,000 range, 15 properties sold. The average size was 2,360 and average sales price per square foot was $152.
- In the $400,000 to $500,000 range, five properties sold. The average size was 3,358 and average sales price per square foot was $124.
- In the $500,000 to $600,000 range, 14 properties sold. The average size was 3,349 and average sales price per square foot was $162.
- Above $600,000, nine properties sold in this time period, with the highest selling for $815,000. Average square footage was 3,815; average sales price was $654,944 and average sales price per square foot was $178. Average days on market in this price range was only 104 – with one home on the market for 480 days bringing down the average.
This is a great area of midtown to live and play – and it exemplifies the very diversity we cherish so much in midtown. Close to the River Parks, Veteran’s Park, Woodward Park, Swan Lake, Utica Square and the Philbrook Museum of Art, this is a great place to live!
If you’d like to sell a home or purchase a home in this area, please do give me a call!! 918-852-5036
Content written and published by Lori Cain.
