Tulsa Real Estate Appreciation in Recent Years

[Hometown]

We've owned our home here in Tulsa for 3-1/2 years now.  My sense is that home prices have increased quite a bit since we purchased.  Does anyone know the percentage amount that homes have appreciated in Tulsa over the past 3-1/2 years?

[Conan71]

HT, you may have already stumbled on to it, but look up zillow.com.  It compiles stats by zip code and city and I believe you can set it by neighborhood.

It's not a perfectly scientific tool, but it's pretty good for market comparison.  It also tends to throw out market anomalies like a house selling for $30K that is surrounded by $150K homes.

This is a good resource which continues to grow.

[cannon_fodder]

Zillow data for the Tulsa area:
http://www.zillow.com/local-info/OK-Tulsa-home-value/

Over the last 5 years the average home sale price went from $82,000 to $108,500.

       Tulsa /   National
Zillow Home Value Index:       $108,500 /   $205,174
1-Yr. Change:       $1,500 /    -$23,705
Zestimate Per Sq. Ft.:       $80 /   $258
Flips (Sold Twice Within the Last Yr.):       1.0% /   2.3%
Turnover (Sold Within Last Yr.):       3.8% /   2.2%
Property Tax:       $1,416 /   $2,861
Median Condo Value:       $73,000 /   $216,500
Median Single Family Home Value:       $111,500 /   $234,000

[rwarn17588]

I just did my neighborhood, and my house (bought for $57,000) is up to nearly $80,000 in less than five years.

Up nearly 40 percent in less than five years isn't like the crazy real-estate bubble areas. But that's still well in excess of inflation and is a healthy increase.

[Hometown]

Sorry, I can't make this darn Zillow thing work.  Appraisers have had to go to Maple Ridge near the River to get comparables to our home in the past.  I think Maple Ridge is 74114.  Can someone please tell me how to calculate the last three years for 74114?  I'm feeling extra stupid today.

Say a home bought for $200,000 three years ago.

Is that possible?

I thought this was going to be easy, like Tulsa=35%

[sgrizzle]

I think it's 6-7% per year. So 238,000 - 245,000 if it's had a full 3 years of appreciation.

[Hometown]

Thank you for the help SGrizzle.  

RWarn, When my mother sold her house in Lortondale in about 1969 she got $32,000.  Today that house is worth about $110,000.  I would guess your 40 percent appreciation is more than healthy.  I would guess it's a matter of a little bubble spill over.

[RecycleMichael]

According to Zillow, my home in east Tulsa has appreciated 9% in 30 months.

[TheArtist]

Bought my little place for 114,000 bout 3 years ago. Zillow says its now 148,000. The neighborhood ranges from 110,000 to 188,000. Though I wish they would get the houses off there that are listed really cheap and no longer exist because its a park and bike trail where they widened the highway lol. I still think the houses in my neighborhood are a great value. Street view one street over from me.

http://www.zillow.com/homedetails/birds-eye-view-map/22143103_zpid/#street-view

Notice the multi-story parking garage just up the street. Very handy as overflow parking when you have those wild parties []. Not an amenity you often find in Tulsa. Half a mile over to the west and the same house is about 40,000 more. And no over flow parking, and its a longer walk to the stores, movies, coffee shop etc. Go figure[8D].

[Double A]

Zillow is unreliable. There's a house on the market down the street from me they have appraised at $164,000. Last time I checked(a few months back), it was listed at $130,000 and it hasn't generated any buyers, yet.

[TheArtist]

Yes, when I refinanced and had mine appraised recently, it was appraised for 131,000. Zillow had it listed higher. So yea they do seem to overprice things. However, you can get a general sense of what comparables are. And they do list what asking prices are for and recently sold prices. Just check out what the recent sales prices are per foot, and look at comparables and bring down the price accordingly lol.

[Conan71]

One thing Zillow does not do is a walk-through inspection of the property like an appraiser does.  It's an objective tool which can't take into account things like new hardwoods, new windows, roof condition, water damage, structural problems, overall market appeal, etc.

Case-in-point.  There's a house three blocks north of the fairgrounds on S. Marion which is listed as almost 3000 sq ft because there's a full basement, enclosed rear porch, and a sunroom added beyond that.  Zillow listed it as around $200K.  It's got great curb appeal and yes, it is that big.

Reality is, it's not sold at $135K because there's about $60K worth of serious overhaul and damp basement remediation needed.  Even the flippers are scared of this place.

Inteller- I looked at a Lortondale house a week or so back for $112K.  Awkward garage to family room conversion, structurals that are half-completed, and well, just filthy.  Those people are dreaming or upside down in it.  

$120 to $130K for well-redone or well-preserved at about 1500 sq. ft. Size in there seems to range from 1300 to almost 1800.

[waterboy]

HT, Maple Ridge is 74119 for comparison.

I suspect $80 per foot would have been on the low side for that zip and yours. But now, who knows?

[midtownnewbie]

Most of Maple Ridge, if not all, is 74114.  Not sure where 74119 is...

[nathanm]

quote:Originally posted by midtownnewbie

Most of Maple Ridge, if not all, is 74114.  Not sure where 74119 is...

The Google will happily tell you where the geographic center of a zip code is. 74114's geographic center is nowhere near Maple Ridge.

Of course, when you're talking about a linear thing like a zip code, geographic centers can be misleading.