Local Housing Market Doing Okay

Wednesday, October 3rd 2007, 6:36 am
By: News On 6

Tulsa is bucking the national trend in real estate markets. Recent national headlines warn of a crumbling market and a dark future for people who invest in property. And while that may be true in some markets, News On 6 anchor Jennifer Loren reports local numbers show Green Country investors are in a steady market.

For Steve and Kathy Quay, a one-acre plot of land in Sand Springs represents a lifetime of planning and a dream come true. The Quay's have bought and begun building a 3,000-square-foot home, made just the way they want it.

"We got to pick the lot we want. We have huge pecan trees in our yard and we're very excited about our house," says Steve Quay.

But as they're going over details of their new home, they're also beginning to think about selling their current home. They've heard the rumors about a slowing market.

"Oh it may be a situation, maybe it will take a little longer than we thought. But it'll sell. Homes sell around here," says Steve Quay.

Steve Quay is right. They are selling. According to newly-released numbers from the Greater Tulsa Realtors Association, there were 1,329 home sales in August of this year. That's up 7.3% from July of this year. But overall, home sales numbers for 2007 are 1.6% lower than last year's numbers.

"But last year was the best year we've ever had in Tulsa real estate. So if you're down just a little bit from an all-time record year then the market is still very good," says Ron Sumner.

Ron Sumner is the president of the Greater Tulsa Realtors Association. Sumner says the steady local numbers speak for themselves. But he hopes buyers and sellers will continue to do business here with confidence, despite national stories.

"We have not had the same circumstances that you're hearing reported on the national news," says Ron Sumner.

A new survey by Coldwell Banker shows the Tulsa metro area is the eighth most affordable housing market in the country.

Watch the video: Bucking The National Trend