Monday, May 15, 2017

Grand Lake, OK Real Estate Update, May, 2017

Grand Lake Real Estate Update

May, 2017

Real Estate activity in the Grand Lake area has been robust for the 1st 4 months of 2017.  Total listings sold were 291 residential units up from 241 a year ago.  That is a 20.7% increase.  There are also 349 listing under contract compared to 309 listings in 2016.  That is also a 12.9% increase.

With the increase in sales, average “days on the market” have gone down 4.55% to 168 days.  In April of 2016 it would take 13.4 months to sell the entire inventory if no new homes came on the market.  April, 2017 only showed 10.75 months to deplete all inventory….a decrease of 19.78%.

Buyers are buying more expensive homes on average than they did in April 2016.  April, 2017 showed a average sales price of $199,764 compared to $149,554 a year ago.

The previous trends should continue as the market tightens up.  Total homes for sale this April were 853 compared to 1005 at the end of April, 2016.  That was a 15.1% decrease in available properties for buyers to look at. 

What to expect in the future:  Inventory will remain lower and prices will start going up.  Now is the time to buy or sell real estate in the Grand Lake area.

Data supplied by the NE Oklahoma MLS.

Monday, March 13, 2017

Real Estate and Economic news for the Grand Lake area.

March, 2017

Good news and bad news for real estate buyers and sellers at Grand Lake.

Good news for sellers:  Listings are selling a little faster than a year ago and the inventory levels are down 10% from last year and about 20% from 2015.

Good news for sellers:  Pending sales for Feb. are up 45% from a year ago and up 24% for the 1st two months of 2017 compared to 2016.

Good news for sellers:  Twice as many homes in the $250,000 to $500,000 range sold in the 1st two months of 2017 as last year (17 to 9) but no homes closed above $500,000 compared to 8 last year.  Total closings in all price ranges were down about 5% in 2017 compared to 2016.

Good news for buyers:  Interest rates are still in the mid 4% range for fixed rate loans.  There has not been much inflation in home prices at Grand Lake. Historically there should be an increase in listings to view as we move into spring and we see more new home activity than any time in the last 4 years.

Grove, OK:  The city has just completed their construction project at Main and 3rd street down town.  New sidewalks, curbs and drainage have been added.  The 1909 Restaurant has opened and seems to be doing very well along with The Wolf Creek Diner at the North end of downtown Grove.

Grand Lake area:  Shangri-La Resort Hotel at Grand Lake is projected to open spring, 2017.  It has been over 6 years since the area has had a convention center and hotel.  This project will definitely fill a void the lake area has had plus introduce Grand Lake to a whole new group of future visitors and home buyers.

The Cherokee Casino is now open just north of Grove.  They offer slots, dining and entertainment for our residents and many visitors.

The 15 Million dollar Performing arts center by Grove High School will soon be open.  This state of the art, 1200 seat facility will be used by the Grove school system and the local community.  It also will be a storm shelter for up to 800 individuals.

Wednesday, January 11, 2017

Grand Lake, Oklahoma Real Estate Statistics.

Grand Lake Real estate report and statistics for 2016

Total sold properties in 2016 reported from the NE Oklahoma MLS (serving Grand Lake) were slightly above 900 units, a 3% increase over 2015.  Pending sales waiting to close were also up 3.1% over 2015 totals.

The average list price for all listings taken in 2016 was $236,497, almost identical to 2015.  Average sales price of all sales in 2016 was about 1% higher than 2015 averaging $167,000.

Total sold residential units in 2016 were 846 units.  At the start of 2017 there were only 750 residential properties on the market, one of lowest totals in years. This indicates a potential rise in sales prices over 2016.

Below is data for Delaware County and a breakdown of 2016 residential sales.

There were 525+/- residential sales in Delaware County with 439 residential listing starting 2017, again lower than many past years.  During 2016 the average sales price for all residential units was $217,200.

2 or less BR units averaged $92,191

3 BR sales averaged $197,878

4 or more BR sales averaged $379,409

Sales by financing type in 2016:

Cash sales                   44% of total sales

Conventional loans     44%

FHA loans                    5%

VA loans                      3%

All other types             4%

Unit Sales by Time on the Market:

1-30 days                    5% of all sales

31-60 days                  14%

61-90 days                  16%

91-120 days                12%

Over 4 months            54%

Thoughts for 2017:  The Federal Reserve has raised the Fed Discount rate for the 1st time in years ¼%.  They have said the plan to do 3 more increases of around ¼% this year.  If regular 30 years rates rise the same it will cost you $117 a month more on a 3$200,000 30 year mortgage than it did last fall.  Lower inventories, more jobs, higher rates coming…….Buyers, now is the time to purchase that new home.

Monday, December 5, 2016

Grand Lake, Oklahoma Real Estate Report

November-December, 2016

Commercial construction at the North end of Grand Lake has picked up this year with 4 projects finishing this year and early in 2017.  The Cherokee Casino will be opening in a few weeks just north of Grove and Sail Boat bridge.  This casino will have 400 slots, bar restaurant and meeting rooms.  In addition the Cherokee Nation is building a 120 room hotel and convention center on Monkey Island by the Shangri-La Golf Course. Plans are for this facility to open in 2017.

In Grove, Ferra Aerospace has just completed their new manufacturing facility by the Grove Airport.  Ferra manufactures parts for the Militaries Black Hawk helicopter and the F-35 Fighter. 

The new Performing Arts Center is under construction by Grove high school.  This 1,200 seat facility will be available for both school and area events.  Opening is also in 2017.

Ferra Aerospace
Performing Arts Center

Cherokee Casino
Shangri-La Hotel and Resort

Tuesday, October 11, 2016

Grand Lake, OK Real Estate Report, Fall 2016

FALL, 2016 Real Estate Report


Grand Lake, OK

Real Estate activity has been stable for the 1st nine months of 2016.  Total sales were 673 units, a decrease of 2.7% from the same period in 2015.  That difference is made up by the 88 pending sales that were 15.8% ahead of the same total Sept. 30, 2015.

The listing market continues to tighten and selections are down.  There were 891 listing available at the end of September compared to 1013 in 2015.  That is a decrease of 12%.

Average list price of all homes on the market is $271,195.  This # is on par with 2015.  The average home sold was priced at $160,041, again on par with 2015.

For homes sold in the 1st nine months of 2016 the average DOM, Days on Market, was 177 days…..the same as 2015.

In all price ranges there is 12.6 months of inventory based on Homes sold and homes on the market.  In the $250,000 to $500,000 range the inventory level goes to 19.6 months and in the $500,000 to $1,000,000 price range there is a 2 year supply of homes available based on the 1st nine months of sales in 2016.

We should see an increase in activity at the lake in the coming year.  New businesses being built, a new casino and the new hotel and convention center on Monkey Island should introduce more potential buyers to the “Grand” life at Grand Lake, OK.

Thursday, July 21, 2016

2016 Mid-Year Real Estate Report for the Grand Lake, OK Market

Mid-year Real estate report, 2016

Grand Lake area of NE Oklahoma

Data by NE Oklahoma MLS

Residential sales/Closings were 409 units, 4.66% less than 2015

Average sales price of sold homes was $156,869 a 1.5% increase over 2015

Average sales price over last listed price was 92.84%...slightly above 2015

There were 129 less homes on the Market at the end of June than a year ago.  This was a 12% decline in inventory.  With no new listings added to the market there is a 13+ months of Inventory in the Grand Lake area.  This compares to 4-5 months of inventory in Tulsa, Wichita and KC.

Median days on the market is a more accurate measure of how long it takes to sell a home in the Grand Lake area.  Median days on the Market (DOM) were 118 days compared to 123 the end of June, 2015.

1091 homes were listed in the 1st 6 months of 2016 compared to 1137 homes in 2015.   June, 2016  there were around 990 residential properties listed for sale

HUD Reports Continued Progress for Housing Recovery.

HUD’s analysis of the U.S. market showed continued progress in the Nation’s housing recovery with growth in existing-home sale, homeowner’s equity and home value appreciation.

According to the national Association of Realtors existing home sales rose at the highest pace in nine years in May 2016.  Sales were 4.5% higher year-over-year and have been above 5 million units for 14 of the last 15 months.

Homeowner equity has increased by $6.5 trillion since the end of 2011.

The Federal Housing Finance Agency reports home values nationally rose 5.9% over the previous year.  The FHFA index reports U.S. home values have rose 30.2% above the low point reached in March 2011.

Wednesday, May 11, 2016

Real Estate and Economic update for the Grand Lake area in NE Oklahoma, May, 2016

Real Estate and Economic update for the Grand Lake area in NE Oklahoma, May, 2016

Homes under contract and waiting to close are 12% higher than one year ago and the average sales price of homes sold are up almost 15% from a year ago (higher priced homes are selling).  Total home sales are identical for the 1st 4 months of 2016 compared to 2015 at 235 sales but total listings available for sale are down 4.5% to 1570 properties.  Average days on the market for sold homes are still 6 months and there is 12 months of inventory available to sell.  A balanced market is 6 months or less of inventory so we still have a long way to go before we will start seeing a rise in home values in the lake area.

Fastest Markets in the U.S. for days on the market:  Top 5 are Kansas, Colorado, Minnesota, Washington and Oregon at up to 30 days.  Texas and Nebraska were 30-45 days and Oklahoma, Iowa and South Dakota were 46 to 60 days.  North Dakota, the hottest Market starting 2015, was one of the slowest markets in early 2016 based on the price collapse of oil at over 90 days.  Grand Lake in comparison was averaging 180 days average market time.

The Shiller Housing report showed that nationally home prices grew at 5.1% February 2015 to February, 2016.

Other good news that should affect the housing industry:  The national unemployment rate in 2010 was 9.6%, March of 2015 it was 5.5% and march , 2016 it stood at 5%.Unemployment claims are at the lowest level since 2006.