Month’s Supply of Inventory (MSI) Decreases
The total housing inventory at the end of August 2011 decreased 10.8% to 7,661 existing homes available for sale. Over the last 12 months this area has had an average of 761 closed sales per month. This represents an unsold inventory index of 10.07 MSI for this period.
Average Sale Prices Going Up
According to the preliminary trends, this market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 2.22% in August 2011 to $156,523 versus the previous year at $153,124.
Average Days on Market Lengthens – The average number of 62.31 days that homes spent on the market before selling increased by 6.02 days or 10.70% in August 2011 compared to last year’s same month at 56.28 DOM.
Sales Success for August 2011 is Positive
Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished strong this month.
There were 1,793 New Listings in August 2011, down 6.42% from last year at 1,916. Furthermore, there were 948 Closed Listings this month versus last year at 744, a 27.42% increase.
Closed versus Listed trends yielded a 52.9% ratio, up from last year’s August 2011 at 38.8% a 36.16% upswing. This will certainly create pressure on a decreasing Month’s Supply of Inventory (MSI) in the following months to come.
*Statistics provided by the Greater Tulsa Association of Realtors