Newspaper article THE JOURNAL RECORD

Claremore Needs More Housing, Promotion, Analysts Say

Newspaper article THE JOURNAL RECORD

Claremore Needs More Housing, Promotion, Analysts Say

Article excerpt

CLAREMORE - Residential housing demand in the Claremore area can absorb 633 new single-family homes and 163 rental units over the next two years, according to a market study by Houston's CDS Market Research.

This follows strong demographic and economic patterns uncovered by CDS surveys of Claremore, the Rogers County seat, CDS Senior Market Analyst J. Kirby Sniderman said. But home development isn't keeping up with demand.

While the CDS survey charted improvement in home sales prices and volume, with average time on the market running 40 days, Sniderman said construction of new units remains limited. Claremore has 30 lots available within the city, with five new homes completed, he said. Another 177 development lots are sprinkled around the city, with 16 new homes available for sale.

This compares to 8,232 existing housing units in the city, 30 percent of which have been built since 1990. That inventory charts just 7.9-percent vacancy, well below U.S. and state marks.

CDS recorded 36,502 housing units in the county, with 27 percent built since 2000. Rogers County's home vacancy rate runs 9.3 percent.

About 4,200 homes in Rogers County are being rented, Sniderman said. The county also offers 2,567 multifamily units, less than 200 of which were added over the last five years. Despite 97-percent occupancy among existing units, Sniderman said construction proposals remain limited to 98 units over the next two years.

The city's estimated 7,491 population has exceeded state growth rates by 20 percent over the last decade, Claremore Industrial and Economic Development Authority Executive Director Jeri Koehler said during that group's quarterly luncheon Tuesday at the city's new Holiday Inn and Suites Convention Center. The city also has attracted several expansion efforts over the last two years, from major investments by Baker Hughes and AXH Air-coolers to steady expansion by Rogers State University and three health care providers.

But Claremore home construction, like many areas around metropolitan Tulsa, has been squeezed over the last decade by recessionary pressures and competition from popular suburbs such as Owasso and Broken Arrow. …

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