The negative impact of the media relating to the sub-prime mortgage situation contributed to the slow down in the market. In the entire Tulsa metro area the real estate market remains strong. We anticipate that 2008 will be another year of growth for the real estate industry.
The close proximity to Tulsa has allowed Broken Arrow to serve as a "bedroom community" for many years and now the City of Broken Arrow is also seeing strong economic growth.
The average sales price for Broken Arrow was $159,069 in the 1st Qtr. 2008, a 3% decrease over the 4th Qtr. 2007 ($163,870) and a 5% increase over the 1st Qtr. 2007 ($151,262). 372 homes sold in Broken Arrow in the 1st Qtr. 2008, a 20% decrease over the 4th Qtr. 2007 (464) and a 9% decrease over the 1st Qtr. 2007 (409).
Days on the market averaged 64 in the 1st Qtr. 2008, 10% more than the 4th Qtr. 2007 (58) and was 10% more than the 1st Qtr. 2007 (58).
Growth in Broken Arrow continues with a strong emphasis on economic development. Housing in the area remains extremely affordable. There is a great deal of new construction in this area, particularly in the $150,00 - 250,000 price range.
ZIP Codes: 74011, 74012, 74014 Location Characteristics: Home to over 90,000 residents, Broken Arrow has been named one of America's "Most Livable Small Cities." Located southeast of Tulsa, it is encircled by major highways that provide easy access to Tulsa International Airport and downtown Tulsa. The city has its own downtown, a campus of Oklahoma's Northeastern State University, a venerable community theatre, and a mission to provide office, commercial, and industrial growth, in addition to residential growth.
