Thursday, December 6, 2018


December, 2018 Real Estate update for NE Oklahoma



National sales data was still VERY strong with the average home selling in 19 days at 99% of listed price.  The data for NE Oklahoma was 153 days at 91% according to the NE Oklahoma MLS. Homes in the $100,000 to $300,000 range are selling much faster.



Nationally time on the market is expected to increase to 30 days.  Higher interest rates and prices pushing many potential buyers out of the market will cause this.  Surprisingly only 7% of all listings are FSBO and this # is expected to decrease to below 4% in the next couple of years.





Oklahoma is ranked in 2018 as the second lowest median price of a home in the United Sates and that is to be the case again in 2019.  2019's median price is expected to be $127,220 a $6,500 rise over 2018.



Oklahoma is also the cheapest state in the U.S. to build a home according to a “GoBankRates” Study.



The average home price in the Grand Lake area of NE Oklahoma is about 50% higher than the rest of OK.  $191,635 the 1st of November, 2018



Closer to home.



900 homes have been sold in the last year according to the NE Oklahoma MLS service.  545 were sold in Delaware County of that number and 288 were in the Grove/74344 zip code.

Active listings are down 12.5% from November, 2017.  Total for the entire MLS were 866 listings, 437 listings in Delaware County and only 171 in the Grove area.



Interest rates as of the 1st week in December, 2018



30 year fixed rates are 4.75%

15 year fixed rates are 4.25%



30 year Jumbo fixed rates are 4.875%

15 year Jumbo fixed rates are 4.375%

A 720+ credit score usually qualifies you for the best rates.



The Future!



There is still a strong demand for more inventories around and on Grand Lake.  Active listings of the NE Oklahoma MLS are down around 300 units over the last 4-5 years.

Spring buyers start looking right after the holidays so sellers wanting a quick sale cannot wait till March to start getting their homes ready to sell. Well priced and good condition homes are what buyers want.  Do not expect top dollar for properties that need updating or repairs.



Data provided by Wayne “SHORTY” Short, RE/MAX Grand Lake, NE Oklahoma MLS and Google news. December, 2018




Cherokee Queen coming back Spring, 2019

RE/MAX Agents enjoying Grand lake

Thursday, September 13, 2018

Wichita, KS office building for sale or lease.




10100 W. Maple, Wichita, KS 67209

West Wichita, KS office building next to the Rolling Hills Country Club

$847,500

11,400 sq ft on main and Garden level

Perfect for Doctor office, insurance, attorney, real estate, lender, title company...any professional enterprise.

Presently 80% leased, great for a 101 tax deferred exchange

https://my.matterport.com/show/?m=QTUSe2JxE4g&brand=0
Above link is a 3D tour of the building...best viewed using a touch screen computer or tablet.


























Monday, August 13, 2018


August, 2018 Housing report for the


Grand Lake area of NE Oklahoma.





The average list price of homes listed  I July, 2018 was up 3% while the average sales price of July sold homes was  up 25% this month/  YTD List prices average 4.2% higher than 2017 and Sold prices were up almost 10%.  What this means are more expensive homes were selling than in the previous reporting period.  This reflected in looking at the price breakdown homes sold below $120,000.  Every price range had less homes sold YTD in 2018 than 2017.  Conversely, every price range but two above $120,000 to $500,000+ had more sales.

Total sold listing are still down in 2018 from 2017.  The MLS reported 596 residential properties sold YTD in 2017 compared to only 543 homes sold YTD this year.  That is 9.1% less than last year.  There was some good news on this July closing this year were up 27% over last year and pending sales are up 17% over the same period last year.



Listings continue to be down and less than what we need in the Grand Lake area.

There are 9.6% less homes for sale in July of 2018 than last year.  This trend is not looking to change anytime soon.  July of 2018 showed 23.9% less homes listed during the month and there were 5.6% less new listing YTD compared to last year.

Some good news:

Interest raes have settled down a bit.  FHA and VA 30 year rates are 4.375%

15 Year conventional rates are 4.125% and 30 year rates are 4.625%

Jumbo loan rate are 4.125% for 15 year terms

Loans for modular and doublewide homes

A couple of lenders are starting to make minimum down loans for manufactured homes.

They need to have a permanent foundation and FHA approved tie downs  3.5 to 5% down payments are being accepted.

Data provided by Wayne Short with RE/MAX Grand Lake in Grove, OK and the NE Oklahoma MLS.




Thursday, July 12, 2018

Wichita, KS office building for sale

FOR Sale or Lease

10100 W. Maple

Wichita, KS 67209












Price has been reduced to $847,500
Almost 12,000 sq ft in this west side office building next to the Rolling Hills country club.

Contact Wayne Short at 918-218-6011
or
shorty@realtor-shorty.com


Wednesday, June 20, 2018


“MORE OF THE SAME”

January to June, 2018

Grand Lake Real Estate activity



Not every listing sells…even in a good and fast market. The total time it would take to sell the 899 residential listings on the market now is down to 9.75 months compared to almost a year this same time in 2017. 

So far in the 1st 5 months of 2018, 348 residential properties have sold in the Grand Lake area compared to 400 during the 1st 5 months of 2017.  There were 963 new listings added to the market during this same time period meaning less than ½ of the properties listed in 2018 have sold.

Why would this happen?  #1 is over-pricing, #2 is not staging the properties for a good showing or not being available when the buyer’s want to show.  #3 is dated homes or homes with defects that are not being addressed, #4 is homes not easily accessible (no lockboxes or keys allowed) and #5 is poor or inadequate marketing.  Notice that the seller controls 4 of the 5 reasons homes do not sell.

What is and is not being listed in the Grand Lake area. The under $100,000 homes are down 15% from a year ago.  There are 16% more homes listed this year than last in the $160,000 to $300,000 price range and the top market from $300,000 up has about 2% less homes listed than last year.

Sale to original price ratio:  All homes in all price ranges were averaging about 90% of sales price to Original list price during May, 2018.  This number fluctuates widely but overall is down about 5% from a couple of years ago.

What we really need more of:

 Nice lakefront homes below $500,000 on navigable water with their own docks and stick built homes below $120,000 for the 1st time buyers.

Data derived from the NE Oklahoma MLS by Wayne Short, CRB, CRS, Associate Broker,

RE/MAX Grand Lake.


Monday, January 15, 2018

2017 residential Real Estate sales at Grand Lake, Oklahoma


2017 Sales Analysis for the NE Oklahoma MLS and Selected Areas.
January, 2018
Grand Lake O'Cherokees



                                                                 Winter at the Lake




Entire MLS:        

1040 residential sales compared to 918 in 2016, a 13%

increase.  $178,400 average price in the 4 county areas.



Delaware County:

584 homes sold with an average price of $220,100.

Total residential sales exceeded $128 million in value.  1/4th    of all sales

were homes over $300,000.  1/3rd of all sales were homes from

$140,000 to $300,000.  40% of all sales were for cash. 48% sold with 

conventional loans and 9% sold either FHA or VA.



Grove:

313 homes sold compared to 291 in 2016, a 7% increase in sales.  Over

$68,000,000 residential sales in Grove during 2017…1/2 of Delaware

counties total sales.  The time to sell all active listing in the area (the

absorption rate) has dropped from around 12 months in 2016 to less

than 9 months last year.

The consensus is that homes are selling faster, there is less inventory to

choose from, prices are starting to finally increase and

homes are selling for a higher % of their last listed price.



Now is the time for more new construction in the area.  Now is the time

For sellers to get their properties listed so that buyers have a greater

choice.  2018 looks like a great year for buyers and sellers in the Grand

Lake area.





Data by the NE Oklahoma MLS.  Not audited, Analysis provided by Wayne Short, Broker, RE/MAX Grand Lake




Wednesday, October 25, 2017

Fall, 2017 Real Estate Update for Grand Lake, OK


2017, 1st 8 months of real estate activity for

The Grand Lake area of NE Oklahoma.

Data provided by the NE Oklahoma MLS





The 1st 8 months of real estate activity for the Grand Lake area in 2017 has been a busier sales year than 2016.  2017 has had 788 residential sales (avg. 98.5 per month) compared to the 678 sales (84.5 per month) in 2016.  This was a 16.5% increase in real estate activity for the three county areas.



During the most recent 6 month period ending October 1, 2017 there were 29 residential closings in Grove, Ok; 50 closings in Delaware County and 88 closing in the entire MLS area for Grand Lake.  The latest 6 months show a total of 618 in 2017 closings compared to just 534 for 2016.  This continues a trend started two years ago..

Average Days on the market for listing have reduced from 177 days in 2016 to 154 days in 2017.

Absorption rate (months to sell all listed homes) has dropped from 13.4 months in 2016 to 11.19 months in 2017.

There are fewer listing for sale now than a year ago, 872 compared to last year’s 990 as of Oct. 1, 2017.  New listing in 2017 kept pace with 2016 showing a 1.8% increase in listing.

Pending sales continue strong with 90 listed as of Oct. 1, 2017 compared to 87 a year ago.

Active listings Oct.1, 2017 were 872 compared to almost 1,000 this time a year ago.

Activity in various Price ranges.

350 homes sold in 2017 below the $100,000 price range compared to 322 a year ago for the 1st 8 months of the year.

226 homes sold in the $100,000 to $200,000 price range in 2017 compared to 186 last year.

105 homes were sold in the $200,000 to $300,000 price range compared to 75 during the 1st 8eight months of 2016

$300,000 and up saw 107 homes sold in 2017 compared to 91 homes in 2016.



What the rest of the year should bring:  Prices should start rising; inventories and supplies of homes need to rise and sales will lesson a bit this fall and winter with less lake visitors.