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.