Grand Lake O’ Cherokees, Oklahoma
Real estate news and update.
There is Good news and bad news for the Grand Lake area real estate market this spring.
The Good News: 1st Inventory levels are down 13% compared to the same time last year. Dom or Average Days on Market for sold properties were down almost 10% from March 2014 and down 24% from last month.
The absorption rate in Months of total residential inventory is down 17.4% from a year ago. There is now LESS than one year of inventory available to sell compared to 15 months at this time last year.
Interest rates are still holding at historic low levels. 30 year fixed rate loans are in the 3.75% to 4% range and 15 year fixed rate loans are in the 3% to 3.25% range.
Not so good news: Quality homes for 1st time buyers ($80,000 and below) availability are down 23% from a year ago. $80,000 to $160,000 homes for sale are down 10% from a year ago.
Less inventory has resulted in less sales for the area. Total sales for all price ranges for the 1st three months of 2015 are down 23% compared to the same period in 2014. Pending sales (homes with a contract but not closed) are doing better than 1st quarter sales. There are 183 homes waiting to close, just a 12% drop from a year ago
Not only are sales down but the average price of homes sold YTD was down 20% from the same period in 2014.
What we need: We need quality inventory that has been updated and priced to the market.
Regional and National news: Year over year sales increased 2.2% nationally and 5.5% in price at the end of February, 2015. 34 of the major 53 U.S. Metro markets saw an increase in total sales compared to last year and 48 of the markets saw an increase in average sales price.
Tulsa area homes sold were at the highest level in seven years and 2% higher than last year. Pending contracts were up over 20% compared to last year while average days on the market held steady at two months. There was 6 months of available inventory in the Tulsa metro area compared to around 1 year of inventory in the Grand Lake area.
Interested in sales data for specific areas or homes…..Give me a call.
Wayne “SHORTY” Short, Broker
CELL: 918-218-6011, firstname.lastname@example.org, Office: 918-786-9888