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