Wednesday, October 25, 2017

Fall, 2017 Real Estate Update for Grand Lake, OK

2017, 1st 8 months of real estate activity for

The Grand Lake area of NE Oklahoma.

Data provided by the NE Oklahoma MLS

The 1st 8 months of real estate activity for the Grand Lake area in 2017 has been a busier sales year than 2016.  2017 has had 788 residential sales (avg. 98.5 per month) compared to the 678 sales (84.5 per month) in 2016.  This was a 16.5% increase in real estate activity for the three county areas.

During the most recent 6 month period ending October 1, 2017 there were 29 residential closings in Grove, Ok; 50 closings in Delaware County and 88 closing in the entire MLS area for Grand Lake.  The latest 6 months show a total of 618 in 2017 closings compared to just 534 for 2016.  This continues a trend started two years ago..

Average Days on the market for listing have reduced from 177 days in 2016 to 154 days in 2017.

Absorption rate (months to sell all listed homes) has dropped from 13.4 months in 2016 to 11.19 months in 2017.

There are fewer listing for sale now than a year ago, 872 compared to last year’s 990 as of Oct. 1, 2017.  New listing in 2017 kept pace with 2016 showing a 1.8% increase in listing.

Pending sales continue strong with 90 listed as of Oct. 1, 2017 compared to 87 a year ago.

Active listings Oct.1, 2017 were 872 compared to almost 1,000 this time a year ago.

Activity in various Price ranges.

350 homes sold in 2017 below the $100,000 price range compared to 322 a year ago for the 1st 8 months of the year.

226 homes sold in the $100,000 to $200,000 price range in 2017 compared to 186 last year.

105 homes were sold in the $200,000 to $300,000 price range compared to 75 during the 1st 8eight months of 2016

$300,000 and up saw 107 homes sold in 2017 compared to 91 homes in 2016.

What the rest of the year should bring:  Prices should start rising; inventories and supplies of homes need to rise and sales will lesson a bit this fall and winter with less lake visitors.

Thursday, August 3, 2017

Grand Lake O'Cherokees, Summer real estate update, 2017

Summer Real Estate report for the Grand Lake and NE Oklahoma MLS served areas.

August, 2017

Year to date there have been 15.6% more sold listings than the 1st ½ of 2016 (579 compared to 501 sales last year) but last month business finally slowed down and there were 21.2% less closings (85 down to 67 this June).

Total new listings so far in 2017 were 1303 compared to 1277 last year, a 2% increase.  Because of this year’s sales increase we only have 895 active listings compared to 1034 a year ago, a 13.4% decrease.  What this means is that we only have 11.23 months of inventory if nothing else went on the market compared to 13.38 months on inventory last year……What we need at the lake is more inventory of existing and new built homes and we need them now.

The median list price of listings is constant with last year at almost $160,000.  The average price is closer to $250,000 at the lake.  We are not yet seeing an increase in values at the lake but should start seeing an uptick if inventory levels do not start increasing.

The biggest increase in sales this year was in the $159,999 to $199,999 price range (over a 50% increase).  The $200,000 to $400,000 price range saw around a 20% increase in total sales.

Even with this increase in sales it is amazing how many new listings do not sell.  There were 1303 new homes listed in the 1st 6 months of 2017 but closings were only 579.  There are 669 pending sales as of July 1, 2017 but many of the closings and pending sales were listings that occurred in 2016.  Well priced, well conditioned and decorated homes sell and the others do not.

Interested in a new home or selling the one you now have? Give me a call, text or email and let’s get together.

Wayne “SHORTY” Short, 918-218-6011

RE/MAX Grand Lake,

Monday, July 10, 2017

Some visitors to our home at Grand Lake in NE Oklahoma

What the average 1st time home buyer looks like in the U.S.

First time buyers make up 35% of all buyers.  The median age is 32 with a median income of $72,000.

Married couples (58% f buyers) purchase a $208,500 median priced home.  Single Males (8% of buyers) purchase a $157,000 home, Single females (18% of buyers) purchase a $146,300 home and unmarried couples (14% of buyers) purchase a $165,500 home.

The median home price the 1st time buyers purchase is $182,500. The median down payment is 6%.  Prior to buying a home, 74% rented and 21% lived with their parents.   The median down payment is 6%.  13% of 1st time buyers in the US were foreign born.

What are 1st time buyers looking for in a home:  82% want a single family detached home, 9% are looking for a townhome, 2% want a home in a duplex or 4-plex and 1% want in a condo building?

Ethnic background of buyers: 70% are white, 9% are Hispanic, 8% are Asian or Pacific Islander, 7% are black and 3% are not identified.

60% of 1st time buyers have no children, 19% have one child, 15% have two children and 5% have three or more children.
Data from NAR, 2017

Monday, May 15, 2017

Grand Lake, OK Real Estate Update, May, 2017

Grand Lake Real Estate Update

May, 2017

Real Estate activity in the Grand Lake area has been robust for the 1st 4 months of 2017.  Total listings sold were 291 residential units up from 241 a year ago.  That is a 20.7% increase.  There are also 349 listing under contract compared to 309 listings in 2016.  That is also a 12.9% increase.

With the increase in sales, average “days on the market” have gone down 4.55% to 168 days.  In April of 2016 it would take 13.4 months to sell the entire inventory if no new homes came on the market.  April, 2017 only showed 10.75 months to deplete all inventory….a decrease of 19.78%.

Buyers are buying more expensive homes on average than they did in April 2016.  April, 2017 showed a average sales price of $199,764 compared to $149,554 a year ago.

The previous trends should continue as the market tightens up.  Total homes for sale this April were 853 compared to 1005 at the end of April, 2016.  That was a 15.1% decrease in available properties for buyers to look at. 

What to expect in the future:  Inventory will remain lower and prices will start going up.  Now is the time to buy or sell real estate in the Grand Lake area.

Data supplied by the NE Oklahoma MLS.

Monday, March 13, 2017

Real Estate and Economic news for the Grand Lake area.

March, 2017

Good news and bad news for real estate buyers and sellers at Grand Lake.

Good news for sellers:  Listings are selling a little faster than a year ago and the inventory levels are down 10% from last year and about 20% from 2015.

Good news for sellers:  Pending sales for Feb. are up 45% from a year ago and up 24% for the 1st two months of 2017 compared to 2016.

Good news for sellers:  Twice as many homes in the $250,000 to $500,000 range sold in the 1st two months of 2017 as last year (17 to 9) but no homes closed above $500,000 compared to 8 last year.  Total closings in all price ranges were down about 5% in 2017 compared to 2016.

Good news for buyers:  Interest rates are still in the mid 4% range for fixed rate loans.  There has not been much inflation in home prices at Grand Lake. Historically there should be an increase in listings to view as we move into spring and we see more new home activity than any time in the last 4 years.

Grove, OK:  The city has just completed their construction project at Main and 3rd street down town.  New sidewalks, curbs and drainage have been added.  The 1909 Restaurant has opened and seems to be doing very well along with The Wolf Creek Diner at the North end of downtown Grove.

Grand Lake area:  Shangri-La Resort Hotel at Grand Lake is projected to open spring, 2017.  It has been over 6 years since the area has had a convention center and hotel.  This project will definitely fill a void the lake area has had plus introduce Grand Lake to a whole new group of future visitors and home buyers.

The Cherokee Casino is now open just north of Grove.  They offer slots, dining and entertainment for our residents and many visitors.

The 15 Million dollar Performing arts center by Grove High School will soon be open.  This state of the art, 1200 seat facility will be used by the Grove school system and the local community.  It also will be a storm shelter for up to 800 individuals.

Wednesday, January 11, 2017

Grand Lake, Oklahoma Real Estate Statistics.

Grand Lake Real estate report and statistics for 2016

Total sold properties in 2016 reported from the NE Oklahoma MLS (serving Grand Lake) were slightly above 900 units, a 3% increase over 2015.  Pending sales waiting to close were also up 3.1% over 2015 totals.

The average list price for all listings taken in 2016 was $236,497, almost identical to 2015.  Average sales price of all sales in 2016 was about 1% higher than 2015 averaging $167,000.

Total sold residential units in 2016 were 846 units.  At the start of 2017 there were only 750 residential properties on the market, one of lowest totals in years. This indicates a potential rise in sales prices over 2016.

Below is data for Delaware County and a breakdown of 2016 residential sales.

There were 525+/- residential sales in Delaware County with 439 residential listing starting 2017, again lower than many past years.  During 2016 the average sales price for all residential units was $217,200.

2 or less BR units averaged $92,191

3 BR sales averaged $197,878

4 or more BR sales averaged $379,409

Sales by financing type in 2016:

Cash sales                   44% of total sales

Conventional loans     44%

FHA loans                    5%

VA loans                      3%

All other types             4%

Unit Sales by Time on the Market:

1-30 days                    5% of all sales

31-60 days                  14%

61-90 days                  16%

91-120 days                12%

Over 4 months            54%

Thoughts for 2017:  The Federal Reserve has raised the Fed Discount rate for the 1st time in years ¼%.  They have said the plan to do 3 more increases of around ¼% this year.  If regular 30 years rates rise the same it will cost you $117 a month more on a 3$200,000 30 year mortgage than it did last fall.  Lower inventories, more jobs, higher rates coming…….Buyers, now is the time to purchase that new home.