NEWS RELEASE
FOR IMMEDIATE RELEASE
DATE: January 26, 2009
Contact: Mike Cotrill, RCE
Chief Operating Officer
(918) 663-7500
mcotrill@tulsarealtors.com
2008 YTD Numbers for Tulsa Housing Market Outperform National Averages TULSA, OK (January 26, 2009) –
In 2008, amid what most consider the worst financial crisis of our time, Tulsa home values remained stable. The local 2008 YTD average price outperformed the national market. The Tulsa MSA average price YTD showed a slight increase from $146,354 in 2007 to $147,118 in 2008. Nationally, the average price of homes sold in 2008 fell 8.6%; it should also be noted that nationally the average price of $243,100 is almost $100,000 more than the local average of $147,118. GTAR noted that as one major strength of the local market; Tulsa has always had significantly lower prices than most of the country which allows buyers to get more house for their money.
Although prices have fallen nationally, lower prices are the stability of the local market. When other markets experienced rapid price increases, we remained steady at reasonable growth rates. The number of closed transactions in December 2008 were 3 fewer than that of a year ago; nationally, sales increased 6.5%.
National Average Real Estate Prices compared to Tulsa Area Real Estate Prices
The Greater Tulsa Association of REALTORS® (GTAR) statistics are published monthly by GTAR based on the Northeast Oklahoma Real Estate Services (NORES) multiple listing service data. The statistics are based on residential properties in the Tulsa MSA (Metropolitan Statistical Area), which is defined as a standard government based area. The Tulsa MSA currently includes seven counties: Tulsa, Creek, Osage, Rogers, Pawnee, Okmulgee, and Wagoner.
The Greater Tulsa Association of REALTORS® is a real estate organization whose Northeast Oklahoma members are united to provide services; to promote education, professionalism, and ethical standards in order to assist members in better serving the public and protecting the free enterprise system and private property rights.
For comments on the statistics, contact NORES President, Gloria Allred at 481-8200 or GTAR President, Harriett Dunham at 825-2847.
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