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.