Mobility - June 2020 - 23

MARKET AT A GLANCE
ECONOMIC CLIMATE

GOOD

NEW CONSTRUCTION

GOOD

REO ACTIVITY

STATISTICAL SNAPSHOT
TODAY

1 YEAR AGO CHANGE

UNEMPLOYMENT

3.3%

3.3%

0

LOW

MONTHS OF SUPPLY

3.0

3.9

-0.23%

SUPPLY

BALANCED

ANNUAL SALES VOLUME

$7,642,670

$7,764,695 -1.6%

MARKET DIRECTION

UP

AVERAGE SALES PRICE

$225,000

$195,000

+15%

MARKET MOOD

UP

AVERAGE DOM

37

49

-24%

Source: Tulsa MLS, March 2020

the top 50 fine art museums in the U.S. and is one of
only five to offer a combination of a historic home,
formal gardens, and an art collection. In the Osage
Hills northwest of Tulsa, the Gilcrease Museum holds
the world's largest, most comprehensive collection of
art and artifacts of the American West. The museum
includes the extensive collection of Native American
oilman and famed art collector Thomas Gilcrease,
with numerous works by Frederic Remington and
Thomas Moran. The archive of legendary singer-​
songwriter-artist Bob Dylan was acquired in 2016
by the George Kaiser Family Foundation and The
University of Tulsa, with many items on display in
the Gilcrease Museum.
More recently, 66 acres of central Tulsa were
transformed into Gathering Place, a $465 million park
that opened 8 September 2018. With a $100 million
endowment for maintenance and family programming from the George Kaiser Family Foundation
alone, it is one of the largest and most ambitious
public parks ever created with private funds.

LOOKING BACK

Median prices of single-family residential units
in Tulsa's Multiple Listing Service area reflect an
upward increase on a linear basis for the past 10
years, quarterly. The quarterly percent change was
0.9%, for a total percentage change upward of 36.1%.
The total dollar change was $43,335, or a $1,083
quarterly change. Traditionally, the Tulsa market
experiences slower absorption in the fourth and
first quarters of each year, with strong second- and
third-quarter activity.
Tulsa prices are moderated by the availability of land
for residential development with a moderately strong
speculative new construction market segment. Tulsa's
older, established residential neighborhoods continue

to experience "infill" development with new construction via lot splits, long-held vacant residential sites, and
demolition of older existing dwellings. Broken Arrow, a
Tulsa suburb to the southeast, is now experiencing infill
development near the chic Rose District.

LOOKING AHEAD

According to the preliminary trends, the Tulsa market
area has experienced some upward momentum with
an increase of average prices in February. February 2020
also saw 2,051 new listings, down 4.87% from last year at
2,156. Furthermore, the month also featured 1,101 closed
listings versus last year's 1,102, a -0.09% decrease. Listed
versus closed trends yielded a 53.7% ratio, up from
February 2019's 51.1%, a 5.09% upswing. This will certainly create pressure on a decreasing month's supply of
inventory in the months to come. Overall, with average
prices going up and DOM decreasing, the listed versus
closed ratio finished strong in February 2020.
As a result of the COVID-19 pandemic, the Federal
Reserve cut the federal funds rate on 3 March by
0.5%, making the threat of the virus tangible to most
housing market consumers. The Federal Reserve cut
the federal funds rate by another 1% on 15 March
to offset the expected severe economic impact as
consumers began to pull back. It is too early to extract
the empirical implications for the housing market
as a result of the coronavirus, and most, if not all, of
this article relied on market data generated before
consumer awareness occurred on 3 March.
Thomas E. Allen, SCRP, is manager of Thomas E. Allen
Appraisals LLC and has been appraising in Tulsa and
northeastern Oklahoma real estate since 1971. He was the
2000 president of Relocation Appraisers and Consultants
(RAC). He can be reached at +1 918 851 3500 or
tomallenok@gmail.com.

worldwideerc.org | Mobility 23


https://en.wikipedia.org/wiki/Fine_art https://en.wikipedia.org/wiki/Osage_Hills https://en.wikipedia.org/wiki/Osage_Hills https://en.wikipedia.org/wiki/Gilcrease_Museum https://en.wikipedia.org/wiki/Thomas_Gilcrease https://en.wikipedia.org/wiki/Frederic_Remington https://en.wikipedia.org/wiki/Thomas_Moran http://www.worldwideerc.org

Mobility - June 2020

Table of Contents for the Digital Edition of Mobility - June 2020

Mobility - June 2020 - Cover1
Mobility - June 2020 - Cover2
Mobility - June 2020 - 1
Mobility - June 2020 - 2
Mobility - June 2020 - 3
Mobility - June 2020 - 4
Mobility - June 2020 - 5
Mobility - June 2020 - 6
Mobility - June 2020 - 7
Mobility - June 2020 - 8
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Mobility - June 2020 - 12
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Mobility - June 2020 - 17
Mobility - June 2020 - 18
Mobility - June 2020 - 19
Mobility - June 2020 - 20
Mobility - June 2020 - 21
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Mobility - June 2020 - 29
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Mobility - June 2020 - 34
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Mobility - June 2020 - 59
Mobility - June 2020 - 60
Mobility - June 2020 - Cover3
Mobility - June 2020 - Cover4
https://www.nxtbook.com/ygsreprints/WERC/mobility-june-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-may-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-april-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-march-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-february-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility_122020
https://www.nxtbook.com/ygsreprints/WERC/mobility_112020
https://www.nxtbook.com/ygsreprints/WERC/mobility_102020
https://www.nxtbook.com/ygsreprints/WERC/mobility_092020
https://www.nxtbook.com/ygsreprints/WERC/mobility_082020
https://www.nxtbook.com/ygsreprints/WERC/mobility_072020
https://www.nxtbook.com/ygsreprints/WERC/mobility_062020
https://www.nxtbook.com/ygsreprints/WERC/mobility_052020
https://www.nxtbook.com/ygsreprints/WERC/mobility_042020
https://www.nxtbook.com/ygsreprints/WERC/mobility_032020
https://www.nxtbook.com/ygsreprints/WERC/mobility_022020
https://www.nxtbook.com/ygsreprints/WERC/mobility_012020
https://www.nxtbook.com/ygsreprints/WERC/mobility_122019
https://www.nxtbook.com/ygsreprints/WERC/mobility_112019
https://www.nxtbook.com/ygsreprints/WERC/mobility_102019
https://www.nxtbook.com/ygsreprints/WERC/mobility_092019
https://www.nxtbook.com/ygsreprints/WERC/mobility_082019
https://www.nxtbook.com/ygsreprints/WERC/mobility_072019
https://www.nxtbook.com/ygsreprints/WERC/mobility_062019
https://www.nxtbook.com/ygsreprints/WERC/mobility_052019
https://www.nxtbook.com/ygsreprints/WERC/mobility_042019
https://www.nxtbook.com/ygsreprints/WERC/mobility_032019
https://www.nxtbook.com/ygsreprints/WERC/mobility_022019
https://www.nxtbook.com/ygsreprints/WERC/mobility_012019
https://www.nxtbookmedia.com