Real Estate Market Summary
Grand Lake area of NE Oklahoma
Stormy weather and job losses in the “oil patch” may have contributed to a slower than hoped for 1st four months of Grand Lake area real estate activity.
Historically 2nd home and vacation area markets do not rebound as fast as metro area. They usually lag at least 1-2 years behind the overall economic recovery. While Wichita, Tulsa, Kansas City and Oklahoma City are having record spring activity, The Grand Lake area is behind last year’s total sold listings by 10.7%.
The average list price of homes is higher than last year at this time but we are selling less expensive homes. YTD we are selling homes priced at 17.80% below what was selling last year. The good news is there is a HIGH demand for entry level, stick built homes. The problem is they are not available in good condition that would allow GRDA, FHA and VA minimum down loans. There are a number of double wides available but they require permanent foundations and a minimum of 20% down. This down payment is out of reach for most 1st time buyers.
YTD active listings are 7.8% less than 2014. Total new listing added to the market YTD are down 8.9%. This means there are fewer homes to choose from. The good news is the absorption rate is around 12 months, down from 16 months a year ago. Days of the Market (DOM) of sold listings are at the lowest level in 12 months. Homes are selling faster and at a higher list to sold price. Homes are selling at 90% of list price compared to 88% last month.
Interest rates continue to remain low. The Federal Reserve is worried that the economy is recovering at a very low rate, less than ½ of 1% for the 1st quarter of 2015. We should continue to see historically low rates thru the summer.
Contact Wayne "SHORTY" Short at 918-218-6011 for more specific real estate and market information for the Grand Lake area. Visit www.Move2GrandLake.com.