January, 2014 Real estate update for
Mortgage rates for home purchases have remained stable over the last year and should be stable for the 1st half of 2014. You can expect toget a 30 year fixed rate loan in the 4.375% range and a 15 year fixed rate loan in the 3.5% range.
Home values in most major metropolitan area increased last year but resort areas continued to lag behind. Prices in 2014 should stabilize but still be below the highs of 2008.
Below will be un-audited statistics provided by the NE Oklahoma MLS which covers Delaware county and most of the Grand Lake area.
Total active listings in 2012 and 2013 were identical with around 1258 properties listed active. There were 3% more new listings in 2013 than 2012 and there were 5% more properties placed under contract in 2013 over 2012. Only ¼ of active listings were placed under contract. “not every home/property finds a buyer in this market”. In 2012, 342 properties closed and there was a 7% increase in sold properties in 2013 to 367 units.
The average sales price in 2013 declined 2% to $191,226.
Price Range report and Financing options in Delaware County
There were 430 single family homes sold in Delaware county (90% of the Grand Lake area) and 40 Condominiums sold. Surprisingly over 1/3rd of all sales reported were for cash. 48% of all single family homes sold with conventional loans. Other types of financing used were rural development, FHA, VA, Private, Commercial, assumption and owner carry.
Activity in various price ranges for SF homes:
$100-120,000 27 sales
$120-140,000 28 sales
$140-160,000 46 sales
$160-200,000 40 sales
$200-250,000 42 sales
$250-300,000 30 sales
$300-400,000 50 sales
$400-500,000 17 sales
$500,000 and up 32 sales
Time on the market for various homes sold:
1-30 days 23 sales
31-60 days 58 sales
60-90 days 59 sales
91-120 days 36 sales
Over 120 days on the market……254 sales or 59% of all SF homes sold in Delaware County.
Data interpreted by Wayne “SHORTY” Short
Associate Broker, RE/MAX Grand Lake in Grove, OK
Direct # at 918-218-6011, Email at firstname.lastname@example.org
www.Move2GrandLake.com for area and real estate information.