Hey there, Tulsa homebuyers and sellers! Jennie Wolek with The Wolek Group here to give you a quick rundown of the latest market trends. This information comes from the June Tulsa MLS report, but you can always find the most recent data at tulsarealtors.com.

Market Overview:

• Closed Sales: Holding steady year-over-year, with a slight increase of 0.29%. This means 6,192 homes have sold so far in 2024 (through June).
• Pending Sales: Looking positive! Pending sales are up 2.28% compared to last year. This could be a sign of a healthy market despite rising interest rates.
• New Listings: Great news for buyers! New listings are up a significant 7.77%, giving you more options to choose from.

Pricing and Inventory:

• Average List Price: While inventory is increasing, list prices are also going up. The average list price is now $320,767, a 4.70% increase year-over-year.
• Average Sales Price: Reality often settles in during negotiations. The average sales price is $314,183, slightly higher than last year but still below the average list price. This highlights the importance of accurate pricing for sellers.

Negotiations and Market Conditions:

• List Price to Sales Price Ratio: This ratio sits at 98.22%, meaning buyers are typically paying close to the asking price, but there's still some room for negotiation (around 2%).
• Days on Market: With more inventory, days on market have also increased. This reinforces the importance of strategic pricing to attract buyers quickly.
• Months Supply of Inventory: Currently, we're still in a seller's market with a 2.87-month supply of inventory. However, this number is trending upwards, potentially indicating a shift towards a more balanced market.

The Takeaway:

The Tulsa real estate market is experiencing some changes. While it's still a seller's market overall, rising inventory and negotiation room might benefit buyers. Regardless of whether you're buying or selling, working with a knowledgeable real estate professional like The Wolek Group can help you navigate the market and make informed decisions.

Ready to chat? Contact The Wolek Group today for a more personalized analysis of your situation.

https://bit.ly/junemarket24MLS