Real estate markets everywhere are coming off a frenzied spring season. Tulsa was no exception, and according to Chinowth & Cohen Realtors’ President Leland Chinowth, buyers and sellers shouldn’t expect much of a slow down through the summer.
Chinowth said, “Many buyers have been frustrated with low inventory in recent months, however new listings hit the market at a much quicker pace starting in May. The number of sales in our market in May through August is often multiple times higher than the number of sales in some of the winter months. It’s also a particularly good time for sellers with great outdoor spaces and pools to list their homes. Those features bring a higher value to homes in the spring and summer, when buyers can more easily envision themselves utilizing those features.”
“A lot of our market in Tulsa, like anywhere, is often driven by inventory first,”Chinowth said. “Tulsa is a historically a very conservative market. When news comes out about potential shifts in the market, we have not typically overreacted to that news. We don’t have a big clump of sellers reacting to this market, but we have seen a trend towards more sellers putting their homes on the market.”
Looking at sales volume, Leland says Chinowth & Cohen has seen record sale this year, surpassing a record just set in 2020. Much like what buyers and sellers saw in the spring, houses are still flying off the market into the summer months. According to Chinowth, in every price range, the time it takes to sell a home is much lower this year than last year, which was much quicker than the year previous to that.
He says this is because of the unique situation happening in real estate right now. Baby boomers are downsizing after watching the market during the COVID-19 pandemic, and millennials, who have waited a lot longer to buy a home during the pandemic, are now pouncing on the chance to become a homeowner.
The President of Chinowth & Cohen said some analysts warned about a slowdown in 2022, but because of the current state of the real estate market, he thinks Tulsa will have a very healthy sales market for another two or three years and expects things to stay busy through 2024.
For more information visit ccoklahoma.com or call 918-392-9900.