Tulsa Condo Market
September 18, 2008
The rest of the country may be seeing a soft market, and yes, Tulsa real estate is seeing a soft market as well, however, condos are still selling.
We all realize that there is a nationwide housing slump; however, in Tulsa the new construction and quick sales are bringing about a change in the homes that Tulsans are purchasing. A rise in Tulsa condo sales.
Even though overall the number of Tulsa condos sold last year is just a tad higher than the same time this year, condos are not staying on the market as long as single family homes. As a matter of fact, over the last six months, instead of selling one or two condos in a month the average has escalated to six sold in a month for some properties.
In a few of the communities, we are also seeing less rentals and more owner occupied with at least 70% of the units being in this group. The majority of the condo communities are not seeing any rentals available or very few and as soon as one is up for sale it is gone rather quickly.
Mike Cotril, chief operating officer of Northeast Oklahoma Real Estate Services stated that 201 condos were sold during the month of July whereas only 241 were sold during the first seven months of 2007.
In June, the average Tulsa area condo sold for $97,791 and single-family homes sold for an average of $135,000.
In the Tulsa area, the condo communities have been considered a niche market with what is known as tenant owned interiors and manager owned exteriors. The Tulsa County Assessor’s Office has estimated the number of condos in Tulsa County to be at 6,823 at this time.
Tulsa may be a bit behind the times with these types of communities and many moving here from other large cities are looking for condo communities. Tulsa has not seen the construction of the condo communities since the 1980’s and does have a smaller ratio than most other metropolitan areas.
The majority of homebuyers seeking to purchase condos in the Tulsa area are younger professionals that desire a home but like the idea of a cheaper home with all the amenities and older citizens that like the idea of less maintenance.
Along with the attention condos are getting for many reasons, the tighter mortgage market is a key factor. The price of condos are so much less than single-family homes, homebuyers enjoy paying less even if they have a higher interest rate. A low monthly mortgage payment is a huge determining factor for many that wish to stay in a budget while purchasing a home.
New construction is underway in various locations around Tulsa converting, renovating older buildings, or building from the ground up for new condo communities throughout the Tulsa area.
