What's the housing market like this year?

Residential real estate moves in cycles. Here's some insight for buyers and sellers in the Tulsa area.



Some years the markets move up, and some years the markets move down. This ebb and flow of home buying always happens, but can vary in length.

Tim Cochran, president of the Greater Tulsa Association of Realtors, says Tulsa’s full recovery from the last big recession was expected to take quite some time.

“Back then, all the economists figured it would take 8 to 10 years to get us back to where we were,” says Cochran, an agent with Keller Williams Preferred.

It has now been nine years since 2010 — the year Cochran remembers the Tulsa metro area hit bottom. Has the area fully recovered?

As of the end of 2018, the answer is a resounding yes. Although just 9,300 houses sold in 2010, home sales in the Tulsa metro area increased every subsequent year and topped 14,000 in 2018.

Many factors can influence home sales, but Cochran says the top factors are the overall economy and employment levels. Right now both are humming.

“Oil prices being down have affected the Oklahoma economy, but our overall economy is still strong,” he says.

Though the price of oil has dipped again in recent months, Cochran says the continued diversification of the area economy has greatly lessened our dependence on oil. Indeed, the oil bust of a few years ago wasn’t enough to stop home sales from growing every 12 months.

That said, local real estate professionals aren’t ready to rest easy. Certain pockets are better and worse than others. Although the tight inventory of homes now gives sellers an advantage, sellers can’t expect aggressive profits from their homes.

“In today’s market, it’s more important than ever that homes are priced right,” Cochran says. “Homes are taking a little longer to sell, so it makes it a little more important that homes are priced accordingly.”

At the same time, the long years of record-low mortgage interest rates have finally edged upward, though Chris Odom, senior vice president and director of lending at Mabrey Bank, says that rise hasn’t been steady.

“Interest rates went up through 2018, though toward the end of the year, they started trending slightly back down,” he says. “In 2019, they’re likely to go up.”

Though the Federal Reserve has drawn some political scrutiny for raising its prime lending rates over the past year, Odom says residential mortgages are more influenced by U.S. Treasury interest rates, since both are longer-term.

Odom says he expects rising interest rates to impact home buying, as he has noticed home builders are seeking fewer speculative construction loans.

“Local builders are being more cautious, and there’s not as much speculative construction since they don’t want to keep as much inventory,” he says.

Heather Van Hooser, senior vice president and director of private banking at Mabrey Bank, says mortgage-related activity at the bank has not slowed.

“We didn’t see things slowing down,” she says. “In fact, with interest rates going up, we had more people coming in.”

Van Hooser says she suspects that rising interest rates have encouraged indecisive people to go ahead and buy, since no one expects rates to drop again in the near future.

She adds that although she has seen steady traffic for purchase and home renovation loans, mortgage refinances have plummeted, especially for those individuals who were able to secure historically low rates over the past 10 years.

Overall, Cochran says he’s hopeful this year will be another strong one for Tulsa-area home sales, though the first few months will likely set the tone.

“I’m anxious to see what 2019 holds,” he says. “I’m optimistic things will continue to improve.”

 

Tulsa County 2018 Housing Market Statistics

Closed Sales: 10,196

Average List Price: $209,751

Average Sale Price: $204,022

Average Days on Market to Sale: 43.83

Source: Greater Tulsa Association of Realtors, MLS Technology Inc.

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August 2019

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Senior Star Round-Up - August 18 - Cain's Ballroom - 2 to 5 p.m. The annual Senior Star Round-Up is Sunday, August 18, at the Cain's Ballroom, 423 N. Main Street in Tulsa. This popular...

Cost: $10

Where:
Cain's Ballroom
423 N. Main St.
Tulsa, OK
View map »


Sponsor: Senior Star Living
Telephone: (918) 664-9000
Contact Name: Emily Fox

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BROKEN ARROW COMMUNITY PLAYHOUSE Presents “The Wizard of Oz” (R.S.C.1987) By L. Frank Baum With Music and Lyrics by Harold Arlen and E. Y. Harburg Background Music by...

Cost: $22-$25

Where:
Broken Arrow Community Playhouse
1800 S Main St
Broken Arrow, OK  Broken Arrow
View map »


Sponsor: Broken Arrow Community Playhouse
Telephone: 918-258-0077
Contact Name: 74012
Website »

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Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
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You're invited to our new store Grand Opening Celebration in Broken Arrow, August 21st for an all day event! As you know, this year marks our 30 year anniversary of serving business minded...

Cost: Free

Where:
Stow's Office Furniture
3604 S Elm Place
Broken Arrow, OK  74011
View map »

More information

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
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Sign up now for the Tulsa Area United Way's 9th Annual Golf Scramble – a local tradition that pairs an enjoyable morning of golf with helping your community.

Cost: $400 per team

Where:
LaFortune Park Golf Course
5501 S Yale Avenue
Tulsa, OK  74135
View map »

More information

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

  The biggest sporting event in history for Broken Arrow is set to happen on Friday, August 23rd. The event will take place outside in Downtown Broken Arrow near the intersection of...

Cost: $52.00

Where:
Downtown Broken Arrow
The intersection of Commercial and Main streets
Broken Arrow, OK
View map »


Website »

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Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
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Wings, Wheels & Wishes is a fly-in, car and bike show benefitting the Make-A-Wish Foundation of Oklahoma in loving memory of Collinsville Wish Kid, Bill Campbell. Our event features vintage...

Cost: Free to the public

Where:
Airman Acres Airport
12600 N. 73rd E. Ave.
Collinsville, OK  74021
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Telephone: 918-510-3423
Contact Name: Cindi Conner
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  Our 17th Annual CimTel Classic 5K is August 24, 2019! The registration begins at 6:30am and the race begins at 8am at Cleveland High School 600 N Gilbert Cleveland, OK. The entry fee is $25 for...

Cost: 25.00

Where:
Cleveland High School
600 N Gilbert
Cleveland, OK  74020
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Sponsor: CimTel
Contact Name: Allee Pearson
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Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Maker Faire Tulsa is an award-winning, family-friendly event celebrating technology, education, science, arts, crafts, engineering, food, sustainability, and making of all kinds. The 7th...

Cost: Free

Where:
Central Park Hall at Expo Square
1701 S Sandusky Ave
Tulsa, OK  74112
View map »


Sponsor: Fab Lab Tulsa
Telephone: 918-779-6025
Contact Name: Nathan Pritchett
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Maker Faire Tulsa is an award-winning, family-friendly event celebrating technology, education, science, arts, crafts, engineering, food, sustainability, and making of all kinds. In 2019, Fab Lab...

Cost: FREE

Where:
Central Park Hall @ Expo Square
4145 East 21st Street
Tulsa, OK  74114
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Bobby O’s Slices + Pies, located in the Meadow Gold District along Route 66, will host a day of meal deals, merchandise giveaways, and kids activities for their Back-to-School Bash. The...

Cost: Free

Where:
Bobby O's
1502 E. 11th St.
Tulsa, OK  74120
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Sponsor: Bobby O's
Telephone: 918-586-2455
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Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

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America’s LARGEST interactive comedy murder mystery dinner show is now playing at the Hilton Garden Inn Tulsa Broken Arrow! At The Dinner Detective, you’ll tackle a challenging crime while you...

Cost: 59.95

Where:
Hilton Garden Inn Tulsa- Broken Arrow
420 W Albany St.
Broken Arrow, OK  74012
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Telephone: 866-496-0535
Contact Name: The Dinner Detective
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DIVAS JUMP THE POND - THE BRITISH INVASION!! DIVAS 4 H.O.P.E. features live music from Tulsa’s diverse local artists along with cocktails, dinner, and one-of-a-kind live and silent auction...

Cost: $15,000 - $250

Where:
Assembly Hall - Cox Business Center
100 Civic Center
Tulsa, OK  74103
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Sponsor: Health Outreach Prevention Education, Inc.
Telephone: 918-688-5022
Contact Name: Kathy L Williams
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Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
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