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

For

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.


Tuesday, April 12, 2016

Grand Lake Real Estate report for March, 2016


Grand Lake Real Estate Report
1st Quarter, 2016





Grove, Oklahoma was just ranked the #1, best town (under 100,000 population) to retire in Oklahoma.  Niche.com did the ranking and they rank and have data with local rankings and stats on virtually every city in the United States.  Vinita was ranked #9.

Rankings are based on Residents over 65, Retiree new comers, monthly housing costs, crime and safety stats, Property tax levels, weather, and access to doctors, golf, grocery stores, libraries, recreation & fitness and places to eat.



The 1st Quarter of 2016 showed a 4.4% increase in residential sales at the lake over 2015.  Pending sales for the same period are up 13.7% showing the lake area has not been hurt too badly by declining oil prices and employment in the energy sector in Oklahoma.

The average price of a home sold in March and the 1st quarter of 2016 was higher than the same period in 2015.  $139,223 for the 1st quarter 2015 compared to an 16.62% increase to $162,360 for this year.  Average days on the market of sold listings has remained constant around 6 months.  There currently is a 12 month supply of homes for sale at the lake compared to 3-5 months in most metro areas in the 4 state areas.  Total listings are down 4% year over year and new listings coming on the market are barely up 2.3% for the 1st quarter of 2016.  These numbers should continue to stabilize prices for the rest of the year.
Contact Wayne "SHORTY" Short for specific real estate information for the Grand Lake area in NE Oklahoma. Cell: 918-218-6011 and wayne.short@remax.net.




Monday, March 7, 2016

Grand Lake, OK Real Estate Update, March 1, 2016


Grand Lake area real estate activity

for the 1st two months of 2016
 
 

Real estate activity for the 1st two months of 2016 is better than the same time in 2015.  There is some concern for future months with all the layoffs in the oil sector but the recent stabilization of oil prices, low gas prices for travel and boating, stock market increase the 1st of March, 242,000 new jobs in February and the 4.9% unemployment rate bodes well for the rest of the year.

Sold listings in 2016 were 10% more than the 1st two months of 2015.

Pending sales are up about 20% over 2015

Average sales price is up 28.79% to $172,431.  This does NOT mean home values have increased but that we are selling higher $ homes.

Average days on the market dropped 10% to 183 days.

There still is 11.5 months of inventory around the lake but that is down 11% from a year ago.

Total active listings and new listings added January and February are both down from last year.  Less homes to choose from but this should stabilize prices.  The average price of a home listed in 2016 is 8% higher than in 2015.

The biggest concern is the sell to list price ratio which is still less than 90% of the last list price.  We still have a lot of our more expensive lake homes being listed to high for market conditions.

Information provided by Wayne “SHORTY” Short with RE/MAX Grand Lake and the NE Oklahoma Multiple Listing Service, 3-7-2016

 

Wednesday, February 10, 2016

Economic update fro the Grand Lake, OK area, February, 2016


Economic update for the Grand Lake area

of NE Oklahoma.
 

New businesses and expansions coming to the Grand Lake area creating up to 500 new jobs over the next 4 years.

A new 120 room hotel is being added to the Shangri-La Golf Resort on Monkey Island at Grand Lake.  The new hotel will be accessible by land and water and will have a casual dining restaurant, convention space, resort pool plus a indoor & outdoor bar/grill.  The hotel will replace the previous Shangri-La hotel that was closed and demolished in 2006.

The Cherokee Nation has announced plans for their 10th Casino in Oklahoma….The new Cherokee Casino at Grove, OK.  The new casino’s first phase will start this year and be built just North of Sail Boat Bridge north of Grove, OK.  The initial phase of the casino is suppose to be 39,000 sq ft and have 400 Electronic games plus dining, dancing and Lots of FUN. The initial phase should provide 175 new jobs to the area.

Ferra Aerospace is building a 6 million dollar expansion in Grove, OK close to the Regional Airport on HWY10.Plans are to hire an additional 100 workers over the next 4 years in High quality/High paying jobs.  There is several other businesses in the Grove Business Park that work for and with Ferra Aerospace on aircraft components.  Two major U.S. programs the company works on are the F35 Strike Fighter and the Black Hawk Helicopter.

How important are manufacturing jobs to the community?  The 100 new jobs Ferra Aerospace will create generate another 250 service sector jobs in the immediate area.
Information provided by
Wayne Short
RE/MAX Grand Lake