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.